Virtual Aida Assessment For Allan

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  • 1/50 Questions

    “Family liability protection has Higher limits than guest medical protection”

    • True
    • False
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About This Quiz

This assessment, titled 'Virtual AIDA Assessment for Allan,' evaluates knowledge on insurance principles and risk management. It covers topics like coverage limits, types of risks, and insurance contracts, aiming to validate understanding relevant to industry standards.

Virtual Aida Assessment For Allan - Quiz

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  • 2. 

    Homeowner policies typically cover how many months?

    • 3 months

    • 6 months

    • 9 months

    • 12 months

    Correct Answer
    A. 12 months
    Explanation
    Homeowner policies typically cover a period of 12 months. This is because homeowner policies are annual contracts that provide coverage for a full year. During this time, the policyholder is protected against various risks such as damage to the property, theft, liability claims, and more. The 12-month coverage period ensures that homeowners have continuous protection for their property and belongings throughout the year.

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  • 3. 

     What is Actual cash Value?

    • Replacement Cost+ Depreciation Value

    • Replacement Cost - Depreciation Value

    • Scrap value of the property

    • None of the above

    Correct Answer
    A. Replacement Cost - Depreciation Value
    Explanation
    Actual cash value is the value of an asset or property after taking into account depreciation. It is calculated by subtracting the depreciation value from the replacement cost. This means that the correct answer is "Replacement Cost - Depreciation Value".

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  • 4. 

    Which of the following best describes the claim handling process?

    • Investigation, Negotiation, Settlement 

    • Investigation, Valuation, Negotiation

    •  Investigation, Valuation, Negotiation & Settlement

    • All of the above 

    Correct Answer
    A.  Investigation, Valuation, Negotiation & Settlement
    Explanation
    The claim handling process involves several steps. First, there is an investigation to gather all the necessary information about the claim. This is followed by a valuation, where the value of the claim is determined. After that, negotiation takes place between the parties involved to reach a settlement. Finally, the claim is settled, which means that the agreed-upon compensation or resolution is provided. Therefore, the best description of the claim handling process is "Investigation, Valuation, Negotiation & Settlement."

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  • 5. 

    Which of the vehicle is not off road vehicle? 

    • Golf cart

    • Bicycle

    • Trial Bike

    • Snowmobiles

    Correct Answer
    A. Bicycle
    Explanation
    The correct answer is Bicycle because it is not designed or intended for off-road use. While a golf cart, trial bike, and snowmobiles are all capable of navigating off-road terrain, a bicycle is typically used on paved roads or designated bike paths. It lacks the necessary features such as rugged tires, suspension, and power to handle off-road conditions.

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  • 6. 

    Which cover can help to protect the landlord's assets If someone sues their landlord  over an accident and the settlement exceeds the liability limits on the land lord package policy?

    • Personal Umbrella Policy

    •  Legal expense policy

    •  Building Code coverage

    • Attorney policy

    Correct Answer
    A. Personal Umbrella Policy
    Explanation
    A Personal Umbrella Policy can help protect the landlord's assets if someone sues them over an accident and the settlement exceeds the liability limits on the landlord package policy. This policy provides an additional layer of liability coverage that goes beyond the limits of the underlying policies, such as the landlord package policy. It helps to cover any excess liability and protects the landlord's personal assets in case of a large settlement.

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  • 7. 

    Under Rental Reimbursement, Allstate bears the cost of renting a car while the insured vehicle is in the shop being repaired due to covered accident for up to how many days?

    • 30 days

    • 60 days

    • 90 days

    • 120 days

    Correct Answer
    A. 30 days
    Explanation
    Under Rental Reimbursement, Allstate covers the expenses of renting a car when the insured vehicle is undergoing repairs due to a covered accident. The coverage is provided for a maximum of 30 days.

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  • 8. 

    A garage outside the house would be protected under which of the following coverages?

    • Auto storage protection

    • Dwelling Protection

    • Dwelling Extension

    • Vehicle Storage Unit 

    Correct Answer
    A. Dwelling Extension
    Explanation
    A garage outside the house would be protected under Dwelling Extension coverage. This coverage extends the protection provided by the dwelling policy to other structures on the property, such as garages, sheds, or fences. It ensures that any damage or loss to these structures is covered, just like the main dwelling. Therefore, if there is any damage to the garage, such as from a fire or a storm, the Dwelling Extension coverage would provide financial protection for the repairs or replacement of the garage.

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  • 9. 

    Gambling is classified as which type of risk?

    • Pure Risk

    • Impure Risk

    • Speculative Risk

    • Non-Speculative Risk

    Correct Answer
    A. Speculative Risk
    Explanation
    Gambling is classified as speculative risk because it involves the possibility of gaining or losing something of value based on chance. In gambling, there is uncertainty about the outcome, and the potential for both gain and loss exists. Unlike pure risk, which involves only the possibility of loss, speculative risk includes the potential for both profit and loss. Therefore, gambling falls under the category of speculative risk.

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  • 10. 

    Flooding is a type of________?

    • Peril

    • Hazard

    • Causality

    • Loss exposure

    Correct Answer
    A. Peril
    Explanation
    Flooding is a type of peril because it refers to the occurrence of excessive water in an area, which can cause damage and destruction. Perils are events or situations that pose a risk or threat to people, property, or the environment. Flooding fits into this category as it presents a potential danger and can result in significant losses. Hazards, causality, and loss exposure are not accurate descriptions for flooding.

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  • 11. 

    Which of the following is not a part of insurance contract?

    • Acknowledgement

    • Declaration

    • Conditions

    • Exclusions

    Correct Answer
    A. Acknowledgement
    Explanation
    The correct answer is "Acknowledgement." In an insurance contract, an acknowledgement refers to the receipt or confirmation of the contract's existence or terms. It is not considered a formal part of the contract itself, but rather a document or communication that acknowledges the agreement. On the other hand, declarations, conditions, and exclusions are all essential components of an insurance contract. Declarations outline specific details about the insured and the policy, conditions establish the rights and responsibilities of both parties, and exclusions specify what is not covered by the policy.

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  • 12. 

    If Driver has $200,000 limit per person for bodily injury liability and bodily injury damages occurred for $114,000, then how much is driver going to pay from his pocket towards claimant’s medical expenses?

    • $200,000

    • $114,000

    • $86,000

    • $0

    Correct Answer
    A. $0
    Explanation
    The driver is not going to pay anything from his pocket towards the claimant's medical expenses because the bodily injury damages occurred are less than the driver's $200,000 limit per person for bodily injury liability. Therefore, the driver's insurance will cover the full amount of $114,000, and the driver will not have to pay anything out of pocket.

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  • 13. 

    If the condo unit is damaged by fire, one may have to rent a place until your home is rebuilt or repaired. Which coverage helps pay for the cost of hotel/Rental place, food and other reasonable expenses?

    • Family liability protection

    • Building property expense

    • Rental liability protection

    • Additional living expenses

    Correct Answer
    A. Additional living expenses
    Explanation
    The correct answer is "Additional living expenses." This coverage helps pay for the cost of hotel or rental place, food, and other reasonable expenses if the condo unit is damaged by fire and one has to rent a place until their home is rebuilt or repaired.

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  • 14. 

    The policy period for Motorcycle & ORV is usually …………………. Months

    •  6 months

    • 12 months

    • 18 months

    • Premium due date

    Correct Answer
    A. 12 months
    Explanation
    The policy period for Motorcycle & ORV is usually 12 months. This means that the policy coverage for motorcycles and off-road vehicles typically lasts for a year. This allows the policyholder to have continuous coverage and protection for their vehicle throughout the year without the need to renew the policy frequently.

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  • 15. 

    What are Allstate Catastrophic claims

    • These Claims do not include damages of properties

    • These Claims include damages of properties through natural calamities

    • These Claims include damages of properties through collision

    • All of the above

    Correct Answer
    A. These Claims include damages of properties through natural calamities
    Explanation
    Allstate Catastrophic claims refer to claims that involve damages to properties caused by natural calamities. This means that if a property is damaged due to events such as hurricanes, floods, earthquakes, or wildfires, it would be covered under Allstate Catastrophic claims. These claims do not cover damages caused by collision or any other non-natural calamity.

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  • 16. 

    Who are the parties involve in Life insurance?

    •  Insurance company, insured, claimant

    • Agency, insured, insurance company

    • Insurance company, insured, beneficiary

    • Agency, insured, beneficiary

    Correct Answer
    A. Insurance company, insured, beneficiary
    Explanation
    In life insurance, the parties involved are the insurance company, the insured, and the beneficiary. The insurance company provides the policy and agrees to pay a sum of money to the beneficiary upon the death of the insured. The insured is the person whose life is being insured and pays premiums to the insurance company. The beneficiary is the person or entity designated by the insured to receive the insurance proceeds after the insured's death.

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  • 17. 

     What is an ORV?

    •  According to Allstate ORVS are vehicles which are self-prep riled and principled designed to use off public road 

    • According to Allstate ORVS are vehicles which are self-prep riled and principled designed to use on public road

    • According to Allstate ORVS are vehicles which are self-prep riled and principled designed to use for public travel

    • According to Allstate ORVS are vehicles which are self-prep riled and principled designed to use for public transportation

    Correct Answer
    A.  According to Allstate ORVS are vehicles which are self-prep riled and principled designed to use off public road 
    Explanation
    According to Allstate, ORVs are vehicles that are self-prepped and specifically designed to be used off public roads.

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  • 18. 

    “_______ is the single family building structure identified as the insured property on the policy declarations, where insured’s reside and which is principally used as a private residence”

    • Bungalow

    • Condominium

    • Dwelling

    • Apartment

    Correct Answer
    A. Dwelling
    Explanation
    The term "dwelling" refers to a single family building structure that is insured on the policy declarations. It is the place where the insured individuals reside and is primarily used as a private residence. This term specifically applies to a single family home or house, distinguishing it from other types of residential properties such as apartments, condominiums, or bungalows.

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  • 19. 

    What is Coverage Limit?

    • Insured’s portion of out-of-pocket claim cost

    • Maximum dollar amount that insurer will pay

    • Reimbursement that Helps pay medical bills of the insured or any passengers

    • Possibility of loss

    Correct Answer
    A. Maximum dollar amount that insurer will pay
    Explanation
    The coverage limit refers to the maximum dollar amount that an insurer is willing to pay. This means that once the claim reaches this limit, the insurer will not provide any further reimbursement. The coverage limit serves as a cap on the amount of money that the insurer is obligated to pay for a particular claim or policy. It is important for policyholders to be aware of their coverage limits to ensure that they are adequately protected in the event of a claim.

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  • 20. 

    New customer can earn which discount for the first two years they are insured?

    • Welcome discount

    •  claim free discount

    • Early signing discount

    • Two-year benefit discount

    Correct Answer
    A. Welcome discount
    Explanation
    The correct answer is "Welcome discount" because it states that new customers can earn this discount for the first two years they are insured. This implies that the discount is specifically offered to new customers as a way to welcome them and incentivize them to stay with the insurance company for at least two years.

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  • 21. 

     How is underwriting income calculated?  

    • Incurred losses / Earned premium

    • Earned premium – incurred losses

    • Loss ratio + expense ratio

    • Gross income – net income

    Correct Answer
    A. Earned premium – incurred losses
    Explanation
    Underwriting income is calculated by subtracting the incurred losses from the earned premium. This calculation helps determine the profitability of an insurance company's underwriting activities. If the earned premium is higher than the incurred losses, it indicates a positive underwriting income, which means the company is making a profit from its underwriting activities. On the other hand, if the incurred losses are higher than the earned premium, it indicates a negative underwriting income, indicating a loss for the company.

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  • 22. 

    Which optional feature of Allstate Auto insurance allows Customer to install a small device into their cars diagnostic obd-ii port, which collects information related to miles driven, they are then charged based on a rate per day  and rate per mile  Pre-pay billing system ?

    • Drivewise

    • Milewise

    • Passive restraint reward

    • Your Choice Auto

    Correct Answer
    A. Milewise
    Explanation
    Milewise is the correct answer because it is the optional feature of Allstate Auto insurance that allows customers to install a small device into their car's diagnostic OBD-II port. This device collects information related to miles driven, and customers are then charged based on a rate per day and rate per mile. This feature is a pre-pay billing system, meaning customers pay for the miles they expect to drive in advance.

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  • 23. 

    Is guest medical protection covered under condo insurance?

    • Yes

    • NO

    Correct Answer
    A. Yes
    Explanation
    Guest medical protection is typically covered under condo insurance. This coverage helps pay for medical expenses if a guest is injured on the insured property. It can help cover costs such as hospital bills, doctor visits, and medication. This coverage is important as it provides financial protection for the condo owner in case of any accidents or injuries that may occur to their guests while on their property.

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  • 24. 

    Which of the Allstate Innovations is part of Digital Connections:

    • Fast mobile E-payment

    • Quick card Pay

    • QuickFoto Claim

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    All of the mentioned innovations, Fast mobile E-payment, Quick card Pay, and QuickFoto Claim, are part of Digital Connections. This means that they are all digital features or services offered by Allstate that allow customers to conveniently and quickly make payments, file claims, and complete transactions using their mobile devices.

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  • 25. 

    Which of the following is not covered under Allstate condo insurance?

    • Vandalism

    • Freezing of plumbing

    • Smoke water damage

    • Earthquakes

    Correct Answer
    A. Earthquakes
    Explanation
    Allstate condo insurance covers vandalism, freezing of plumbing, smoke water damage, but it does not cover earthquakes. This means that if your condo is damaged or destroyed due to an earthquake, you would not be eligible for coverage or compensation from Allstate. It is important to note that earthquakes can cause significant damage to a property, making it crucial to consider additional insurance coverage specifically for earthquakes if you live in an area prone to seismic activity.

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  • 26. 

    What are common perils covered under Renters Insurance

    • Theft, Vandalism, Fire, Smoke & Water Damage.

    • Theft, Vandalism, Fire, Smoke & Flood Damage.

    • Theft, Vandalism, Fire, Flood Damage.

    • None of the above

    Correct Answer
    A. Theft, Vandalism, Fire, Smoke & Water Damage.
    Explanation
    Renters insurance typically covers common perils such as theft, vandalism, fire, smoke, and water damage. These are the risks that renters commonly face and the insurance policy provides coverage for any potential losses or damages caused by these perils. Flood damage, however, is not included in the coverage mentioned in the answer.

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  • 27. 

    Which one of the following is a good example of Dwelling Extension/ other structure?

    •  Adding a new story onto the top of the house

    • An attached sunroom

    • An unattached garden shed

    • An attached 2-car garage

    Correct Answer
    A. An unattached garden shed
    Explanation
    An unattached garden shed is a good example of a dwelling extension/other structure because it is a separate structure that is not connected to the main house. It serves as an additional space for storage or other purposes, and is typically located in the backyard or garden area. Unlike the other options listed, adding a new story onto the top of the house, an attached sunroom, and an attached 2-car garage are all considered as extensions or additions to the existing dwelling, rather than separate structures.

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  • 28. 

    Getting your car insured under Allstate auto insurance policy can be classified as which method of risk management.

    • Transfer

    • Defiance

    • Avoidance

    • Acceptance

    Correct Answer
    A. Transfer
    Explanation
    Getting your car insured under Allstate auto insurance policy can be classified as the method of risk management known as transfer. By purchasing insurance, you are transferring the financial risk of potential car accidents or damage to Allstate. In exchange for regular premium payments, Allstate will cover the costs of any covered losses or damages, reducing the financial burden on the car owner. This method allows individuals to transfer the risk to an insurance company, providing them with financial protection and peace of mind.

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  • 29. 

     Insurable interest means-

    •  The cost to repair or replace property using new materials of similar kind and quality with no deduction for depreciation.

    • The right of a person or entity to property such that a loss to that property would cause a direct financial loss to that person or entity.

    • Insuring of property or entity from any financial losses cause by natural calamities 

    • None of the above

    Correct Answer
    A. The right of a person or entity to property such that a loss to that property would cause a direct financial loss to that person or entity.
    Explanation
    Insurable interest refers to the right of a person or entity to a property in such a way that if any loss occurs to that property, it would directly result in a financial loss for that person or entity. In other words, insurable interest ensures that the person or entity has a financial stake in the property being insured, which motivates them to protect and maintain the property. This concept is important in insurance contracts as it helps determine whether an individual or entity has a valid reason to insure a particular property.

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  • 30. 

    _______ is the Principle of insurance defining stake in the value of an entity or event for which an insurance policy is purchased.

    • Proximate cause

    • Contribution

    • Indemnity

    • Insurable interest

    Correct Answer
    A. Insurable interest
    Explanation
    Insurable interest is the principle of insurance that defines the stake in the value of an entity or event for which an insurance policy is purchased. This means that the policyholder must have a financial interest or potential loss in the insured entity or event in order to obtain insurance coverage. Without insurable interest, there is a risk of moral hazard, where individuals may be incentivized to cause harm or damage in order to collect insurance benefits. Insurable interest helps ensure that insurance policies are taken out for legitimate reasons and that the policyholder has a genuine financial interest in protecting the insured entity or event.

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  • 31. 

    If insured’s vehicle is quipped form factory with airbags and motorizes seat belts, they can qualify for this discount:

    • Safe drivers discount

    • Passive restraint Discount

    • Anti-Lock Brakes Discount

    • Defensive Driver Discount

    Correct Answer
    A. Passive restraint Discount
    Explanation
    If the insured's vehicle is equipped with airbags and motorized seat belts, they can qualify for the Passive Restraint Discount. Passive restraints refer to safety features in a vehicle that automatically protect occupants in the event of a collision, such as airbags and motorized seat belts. This discount recognizes the added safety provided by these features and rewards the insured for having them installed in their vehicle.

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  • 32. 

    The all perils deductible only applied to the Dwelling protection portion of the policy.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The all perils deductible does not only apply to the Dwelling protection portion of the policy. It applies to all covered perils in the policy, including both the Dwelling protection and other sections such as Personal Property or Liability coverage. Therefore, the correct answer is False.

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  • 33. 

    “group of individuals who insure each other and managed by attorney-in-fact” The statement defines which type of insurer?

    • Stock insurers

    • Mutual insurers

    • Reciprocal insurer

    • Reinsurers

    Correct Answer
    A. Reciprocal insurer
    Explanation
    A reciprocal insurer is a type of insurer where a group of individuals, known as subscribers, pool their resources to insure each other. The subscribers form an unincorporated association and appoint an attorney-in-fact to manage the insurance operations on their behalf. This structure allows for a mutual exchange of insurance coverage among the members of the reciprocal insurer. Therefore, the given statement accurately describes a reciprocal insurer.

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  • 34. 

    What coverage does Additional living expenses provides

    • If damaged house is not fit for stay due to recent damages, Hotel stay, Food & other expenses are not covered. 

    • If damaged house is fit for stay due to recent damages, Hotel stay, Food & other expenses are covered.

    • If damaged house is not fit for stay due to recent damages, Hotel stay, Food & other expenses are covered.

    • None of the above

    Correct Answer
    A. If damaged house is not fit for stay due to recent damages, Hotel stay, Food & other expenses are covered.
    Explanation
    The correct answer is that if the damaged house is not fit for stay due to recent damages, additional living expenses coverage will cover hotel stay, food, and other expenses. This means that if the house is uninhabitable due to the damages, the insurance policy will provide coverage for the necessary living expenses incurred while the house is being repaired or rebuilt.

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  • 35. 

    Who among the following is not one of the board of directors for Allstate Corporation?

    • Tom Wilson

    • Brian Bohaty

    • Kermit R. Crawford

    • Michael L. Eskew

    Correct Answer
    A. Brian Bohaty
    Explanation
    Brian Bohaty is not one of the board of directors for Allstate Corporation.

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  • 36. 

    Which of the following are the Types of Permanent Life Insurance?

    • Whole Life insurance, Term Insurance, Universal life insurance

    • Term Insurance, Whole life insurance

    • Whole life insurance, Universal Life insurance

    • All the above

    Correct Answer
    A. Whole life insurance, Universal Life insurance
    Explanation
    The correct answer is Whole life insurance, Universal Life insurance. Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured. It also includes a cash value component that grows over time. Universal life insurance is another type of permanent life insurance that offers flexibility in premium payments and death benefit amounts. It also includes a cash value component that can be invested.

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  • 37. 

    Which of the following statements applies to Term Insurance?

    • Temp Coverage typically for 10,20 or 30 Years

    • Lifelong protection and better value long term plus more flexibility

    • High initial premium with highest death benefits

    •  Both a & c

    Correct Answer
    A. Temp Coverage typically for 10,20 or 30 Years
    Explanation
    Term Insurance is a type of life insurance that provides coverage for a specific period of time, typically 10, 20, or 30 years. It offers temporary coverage rather than lifelong protection. This means that if the insured person passes away during the term of the policy, the death benefit will be paid out to the beneficiaries. However, if the insured person survives the term, there is no payout. Term insurance usually has lower premiums compared to other types of life insurance, making it a more affordable option for temporary coverage. Therefore, the correct answer is "Temp Coverage typically for 10, 20 or 30 Years."

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  • 38. 

    What all are covered under Renters insurance

    • Insured + Residence involved + Things owned by insured

    • Insured + Family + Residence involved + Things owned by insured

    • Insured + Family + Residence involved

    • None of the above

    Correct Answer
    A. Insured + Family + Residence involved + Things owned by insured
    Explanation
    Renters insurance typically covers the insured individual, their family members, the residence they are renting, and the belongings owned by the insured. This means that if any damage or loss occurs to the rented property or the insured's personal belongings, they can file a claim with their renters insurance to receive compensation for the damages. It is important to note that coverage may vary depending on the specific insurance policy and any additional coverage options chosen by the insured.

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  • 39. 

    In a motorcycle & ORV coverage “Lease Loan Gap” pays ………….

    • The difference between the value of a covered motorcycle and the balance of the loan or lease on the bike

    • The difference between the value of a covered motorcycle and the balance of the loan or actual cash value

    • The difference between the value of a covered motorcycle and the balance of the loan or rental cost of the bike

    • The difference between the value of a covered motorcycle and the outstanding loan amount

    Correct Answer
    A. The difference between the value of a covered motorcycle and the balance of the loan or lease on the bike
    Explanation
    Lease Loan Gap coverage in a motorcycle and ORV policy is designed to cover the difference between the value of a covered motorcycle and the balance of the loan or lease on the bike. This means that if the motorcycle is involved in an accident or is stolen, and the value of the bike is less than the remaining loan or lease balance, Lease Loan Gap coverage will help bridge that gap and cover the difference. It provides financial protection to the insured against potential financial loss in such situations.

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  • 40. 

        _____________ is the ability of an insurance company to meet its “long-term & short-term” financial obligations.  

    • Solvency

    • Regularization

    • Actuary

    • Adequacy

    Correct Answer
    A. Solvency
    Explanation
    Solvency is the ability of an insurance company to meet its long-term and short-term financial obligations. This means that the company has enough assets to cover its liabilities and is financially stable. It is an important factor for policyholders as it ensures that the insurance company will be able to fulfill its promises and pay out claims when needed. Regularization refers to the process of making something regular or conforming to a set of rules, and actuary is a professional who assesses and manages risks and uncertainties in the insurance industry. Adequacy refers to having enough or sufficient resources or qualities.

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  • 41. 

    Insurance that pays the medical expenses and the cost of health care of those in the insured's automobile that were injured, including the insured. 

    • Medical Payment Coverage

    • Collision

    • Bodily injury liability

    • Uninsured Motorist

    Correct Answer
    A. Medical Payment Coverage
    Explanation
    Medical Payment Coverage is an insurance policy that covers the medical expenses and healthcare costs of the insured and those injured in the insured's automobile. This coverage ensures that medical bills and related expenses are taken care of, regardless of who is at fault in the accident. It provides financial protection and peace of mind to the insured and their passengers in the event of an accident.

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  • 42. 

    The written contract effecting insurance that includes all forms associated with the agreement between the insured and insurer is referred to as:

    • Insurance policy

    • Insurance Claim

    • Insurance Agreement

    • Utmost good faith

    Correct Answer
    A. Insurance policy
    Explanation
    The correct answer is "Insurance policy." An insurance policy is a written contract that outlines the terms and conditions of the insurance agreement between the insured (the policyholder) and the insurer. It includes all the forms associated with the agreement, such as coverage limits, premiums, deductibles, and any exclusions or endorsements. The insurance policy serves as a legal document that specifies the rights and obligations of both parties, providing protection and coverage for the insured in exchange for the payment of premiums.

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  • 43. 

    When was the famed Allstate tagline “You’re in good hands” coined?

    • 1931

    • 1950

    • 1952

    • 1968

    Correct Answer
    A. 1950
    Explanation
    The famed Allstate tagline "You're in good hands" was coined in 1950.

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  • 44. 

    Net Income of the Allstate Corporation stands at:

    •  $1.76 Billion

    • $3.76 Billion

    • $1.07 Billion

    •  $3.07 Billion

    Correct Answer
    A.  $3.07 Billion
    Explanation
    The correct answer is $3.07 Billion. This indicates that the net income of the Allstate Corporation is $3.07 billion.

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  • 45. 

     ………………… Coverage can help pay for some of the Insured's medical costs or funeral expenses if the insured or anyone on their motorcycle is injured in an accident

    • Bodily Injury Liability

    • Guest Passenger Liability

    • Motorcycle Medical Payment/Personal Injury Protection

    • Uninsured/Underinsured Motorist

    Correct Answer
    A. Motorcycle Medical Payment/Personal Injury Protection
    Explanation
    Motorcycle Medical Payment/Personal Injury Protection coverage can help pay for some of the insured's medical costs or funeral expenses if the insured or anyone on their motorcycle is injured in an accident. This coverage is specifically designed to provide financial assistance for medical expenses and other related costs resulting from injuries sustained in a motorcycle accident. It ensures that the insured and their passengers receive the necessary medical treatment and support without incurring significant out-of-pocket expenses.

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  • 46. 

     Which of the following are the types of Compensatory damages?

    •  Property damage, punitive damage, general damage

    • General damage, property damage, special damage

    • General damage, special damage, punitive damage

    • All the above

    Correct Answer
    A. General damage, special damage, punitive damage
    Explanation
    Compensatory damages are awarded to a plaintiff in a civil lawsuit to compensate for the harm or loss they have suffered. General damages refer to non-monetary losses such as pain and suffering, emotional distress, or loss of enjoyment of life. Special damages are specific, quantifiable monetary losses such as medical expenses or lost wages. Punitive damages, on the other hand, are awarded to punish the defendant for their wrongful conduct and deter others from engaging in similar behavior. Therefore, the correct answer is general damage, special damage, and punitive damage as all three are types of compensatory damages.

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  • 47. 

    What is Life insurance contract

    • A contract Between two parties the insurance company (Insurer)And the customer (Insured)

    • A contract in which Insurer Collect premium payment from the named insured in exchange for protection against the loss of income that would result if the insured passed away

    • A contract in which the insured names a beneficiary who receives the proceeds upon the death of the insured

    •  All of the above

    Correct Answer
    A.  All of the above
    Explanation
    A life insurance contract is a contract between two parties, the insurance company (insurer) and the customer (insured). It involves the insurer collecting premium payments from the insured in exchange for protection against the loss of income that would result if the insured passed away. Additionally, the insured names a beneficiary who receives the proceeds upon the death of the insured. Therefore, all of the given options are correct and encompass different aspects of a life insurance contract.

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  • 48. 

    _________ is an independent general agency that brings expanded market capacity to Allstate Exclusive agencies.

    • Ivantage

    • Arity

    • SquareTrade

    • Answer Financials

    Correct Answer
    A. Ivantage
    Explanation
    Ivantage is an independent general agency that brings expanded market capacity to Allstate Exclusive agencies.

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  • 49. 

    Condo insurance does not cover in which situations?

    • Flood

    • Basic maintenance repairs

    •  Sewer backups

    •  All of the above

    Correct Answer
    A.  All of the above
    Explanation
    Condo insurance typically does not cover flood damage, basic maintenance repairs, or sewer backups. Flood insurance is usually a separate policy that needs to be purchased. Basic maintenance repairs, such as fixing a leaky faucet or replacing a broken window, are the responsibility of the condo owner. Sewer backups are also not covered by condo insurance and may require a separate policy or additional coverage. Therefore, the correct answer is "All of the above" as none of these situations are covered by condo insurance.

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Quiz Review Timeline (Updated): Mar 20, 2023 +

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
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  • May 04, 2020
    Quiz Created by
    Global Butclose

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