Fall 2018 Underwriter Scenarios

Insurance Underwriting

Risk Management

NAIC

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| By KMayne1

KMayne1

Community Contributor

Quizzes Created: 3 | Total Attempts: 512

| Attempts: 86 | Question: 1

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1. Equipment Breakdown coverage. What is the key component needed to trigger a covered loss on equipment breakdown?

Power Failure

Sudden and Accidental Event

Rust and Corrosion

All of the Above

The key component needed to trigger a covered loss on equipment breakdown is a sudden and accidental event. This means that the damage or malfunction must occur unexpectedly and unintentionally. Power failure alone would not be enough to trigger a covered loss, as it is a common occurrence and not necessarily sudden or accidental. Rust and corrosion are also not sufficient, as they are gradual processes rather than sudden events. Therefore, the correct answer is sudden and accidental event.

Explanation

About This Quiz

This quiz engages with scenarios in underwriting for home, auto, and umbrella insurance, focusing on risk assessment and policy decisions for the Fall 2018 period.

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Current Version
Jan 31, 2023

Quiz Edited by
ProProfs Editorial Team
Oct 26, 2018

Quiz Created by
KMayne1

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Equipment Breakdown coverage. What is the key component needed to...