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Which of the following is NOT a reason that a court of law may find an insurer to be guilty of bad faith claim settlement practices if it has denied payment of a claim?
(D) Denying a claim for which coverage was neither provided nor intended in the contract of insurance.
(D) Denying a claim for which coverage was neither provided nor intended in the contract of insurance.
See lessWhich of the following is NOT included among an insurer’s claim representatives?
(C) Public claim adjusters. Public claim adjusters are NOT included among an insurer’s claim representatives.
(C) Public claim adjusters.
Public claim adjusters are NOT included among an insurer’s claim representatives.
See lessWhich of the following is NOT a reason why accurate premium audits are important to the insurer?
(A) Undetected premium audit errors may allow the insurer to retain the premium overcharges and boost profits.
(A) Undetected premium audit errors may allow the insurer to retain the premium overcharges and boost profits.
See lessWhich of the following statements about premium auditing is true?
(E) Premium auditing is a methodical examination of the insured’s operations, records, and books of account to determine the actual exposure units and premiums for insurance already provided.
(E) Premium auditing is a methodical examination of the insured’s operations, records, and books of account to determine the actual exposure units and premiums for insurance already provided.
See lessWhich of the following is an ethical obligation insurers have with regard to using their superior knowledge of loss control and prevention?
(E) Discourage risk-taking in business and personal activities.
(E) Discourage risk-taking in business and personal activities.
See lessWhich of the following is NOT a characteristic of umbrella and excess liability insurance?
(E) Loss frequency rather than loss severity is the primary concern in the underwriting umbrella and excess liability insurance. "Loss frequency rather than loss severity is the primary concern in the underwriting umbrella and excess liability insurance." is NOT a characteristic of umbrella and exceRead more
(E) Loss frequency rather than loss severity is the primary concern in the underwriting umbrella and excess liability insurance.
“Loss frequency rather than loss severity is the primary concern in the underwriting umbrella and excess liability insurance.” is NOT a characteristic of umbrella and excess liability insurance.
See lessWhich of the following policy provisions does NOT affect the determination of the amount an insurer is obligated to pay at the time of a covered loss to property?
(B) The insurable interest of all persons insured at policy inception. The insurable interest of all persons insured at policy inception does NOT affect the determination of the amount an insurer is obligated to pay at the time of a covered loss to property.
(B) The insurable interest of all persons insured at policy inception.
The insurable interest of all persons insured at policy inception does NOT affect the determination of the amount an insurer is obligated to pay at the time of a covered loss to property.
See lessWhat does COPE stand for?
(B) Construction, Occupancy, Protection, and External exposure. COPE stands for Construction, Occupancy, Protection, and External exposure.
(B) Construction, Occupancy, Protection, and External exposure.
COPE stands for Construction, Occupancy, Protection, and External exposure.
See lessNumerous factors help shape an insurer’s underwriting policy. Which of the following is NOT a constraint that would cause certain types of insurance or classes of business to be avoided?
(D) The underwriter is experiencing a high hit ratio on policies quoted. Numerous factors help shape an insurer’s underwriting policy. The underwriter is experiencing a high hit ratio on policies quoted is NOT a constraint that would cause certain types of insurance or classes of business to be avoiRead more
(D) The underwriter is experiencing a high hit ratio on policies quoted.
Numerous factors help shape an insurer’s underwriting policy. The underwriter is experiencing a high hit ratio on policies quoted is NOT a constraint that would cause certain types of insurance or classes of business to be avoided.
See lessWhich of the following actions must be taken by a line underwriter if policy limits on an application exceed the line underwriter’s binding authority?
(A) Seek approval from supervisory personnel within the underwriting department.
(A) Seek approval from supervisory personnel within the underwriting department.
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