Weeks 1 & 2 (First Party Claims/Veh Assignments) - January
- 1.
According to the policy, "You" and "Your" refer to?
- A.
Family member
- B.
Household Member
- C.
Named Insured
- D.
All of these are correct
Correct Answer
C. Named InsuredExplanation
According to the policy, "You" and "Your" refer to the Named Insured. This means that the policy coverage and terms apply specifically to the person or entity named as the insured on the policy. The Named Insured is the individual or organization that has purchased the insurance policy and is responsible for paying the premiums. Therefore, any references to "You" or "Your" in the policy would be referring to the Named Insured.Rate this question:
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- 2.
According to the policy, "your covered auto" means
- A.
Any vehicle shown in the Declarations
- B.
Any trailer you own
- C.
Any newly acquired auto
- D.
All of these are correct
Correct Answer
D. All of these are correctExplanation
The policy states that "your covered auto" includes any vehicle shown in the Declarations, any trailer owned by the insured, and any newly acquired auto. Therefore, all of these options are correct and fall under the definition of "your covered auto" according to the policy.Rate this question:
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- 3.
According to the policy under Part D, what is the most we will pay for any "non-owned auto" which is a "trailer" under policy 0698 ___________ and under policy 0611 or 1215 ___________?
- A.
500, 1500
- B.
1500, 500
- C.
1000, 2000
- D.
2000, 1000
Correct Answer
A. 500, 1500 -
- 4.
According to the policy, We will pay, without the application of a deductible up to a maximum of $________ for temporary transportation expenses not exceeding $__________ per incurred by you in the event of a loss to "your covered auto". We will pay for such expenses if the loss is caused by Collision or Comprehensive only if the declarations indicate that coverage is provided for "your covered auto".
- A.
750, 25
- B.
900, 30
- C.
1200, 40
- D.
1500, 50
Correct Answer
A. 750, 25Explanation
The policy states that the insurance company will cover temporary transportation expenses incurred by the policyholder in the event of a loss to their covered auto. The maximum amount they will pay for these expenses is $750, and the expenses should not exceed $25 per day. This coverage is applicable only if the loss is caused by Collision or Comprehensive, and if the declarations indicate that coverage is provided for the policyholder's covered auto.Rate this question:
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- 5.
If the insured runs over a nail in the road and blows the tire, we will pay for damage to the tire.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because if the insured runs over a nail in the road and blows the tire, the insurance company will cover the damage to the tire. This is typically covered under comprehensive or collision insurance, depending on the policy. It is important for the insured to report the incident to the insurance company and follow their guidelines for filing a claim.Rate this question:
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- 6.
Which type of losses get sent to EFW for review? Select all that apply.
- A.
Fire
- B.
Hail
- C.
Vandalism
- D.
Deer
- E.
Theft
- F.
All losses that are suspicious
Correct Answer(s)
A. Fire
C. Vandalism
E. Theft
F. All losses that are suspiciousExplanation
The losses that get sent to EFW for review include fire, vandalism, theft, and all losses that are suspicious. This means that any loss related to a fire incident, any damage caused by vandalism, any stolen property, and any loss that raises suspicion will be reviewed by EFW.Rate this question:
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- 7.
How many days do we pend for an appraisal?
- A.
1 B/D
- B.
2 B/D
- C.
4 B/D
- D.
5 B/D
Correct Answer
C. 4 B/DExplanation
The correct answer is 4 B/D. This means that we pend for an appraisal for four business days.Rate this question:
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- 8.
How many days do we pend for vehicle pickup when the vehicle is assigned to Copart?
- A.
1 B/D
- B.
2 B/D
- C.
4 B/D
- D.
7 B/D
Correct Answer
B. 2 B/DExplanation
The correct answer is 2 B/D. This means that when a vehicle is assigned to Copart, it takes 2 business days for the vehicle pickup to be completed. Business days typically refer to weekdays, excluding weekends and public holidays. Therefore, it can be inferred that the process of vehicle pickup at Copart takes approximately 2 working days.Rate this question:
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- 9.
How many days do we pend to support for a police report?
- A.
Same day
- B.
1 B/D
- C.
2 B/D
- D.
No pend is needed
Correct Answer
A. Same dayExplanation
The correct answer is "same day." This means that there is no waiting period or delay in providing support for a police report. The support is given on the day the report is made.Rate this question:
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- 10.
How many days do we pend the file to no-fault when there are injuries in the insured's vehicle?
- A.
Same day
- B.
1 B/D
- C.
2 B/D
- D.
4 B/D
Correct Answer
A. Same day -
- 11.
What information is submitted to U/W department? Check all that apply.
- A.
Unlisted or Non-Rated drivers
- B.
DWI
- C.
Final Tol
- D.
Loss within 60 days of inception
- E.
Whenever there is questionable information relating to the policy such as insured does not appear to live at policy address.
Correct Answer(s)
A. Unlisted or Non-Rated drivers
B. DWI
C. Final Tol
D. Loss within 60 days of inception
E. Whenever there is questionable information relating to the policy such as insured does not appear to live at policy address.Explanation
The U/W department is submitted information regarding unlisted or non-rated drivers, DWI, final tol, loss within 60 days of inception, and whenever there is questionable information relating to the policy such as insured not appearing to live at the policy address.Rate this question:
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- 12.
Contact calls to the insured should always __________. Check all that apply.
- A.
Set the expectation for the customer
- B.
Include empathy
- C.
Confirm the method of inspection
- D.
Explain the deductible and rental information
Correct Answer(s)
A. Set the expectation for the customer
B. Include empathy
C. Confirm the method of inspection
D. Explain the deductible and rental informationExplanation
When making contact calls to the insured, it is important to set the expectation for the customer by informing them of what to expect during the process. Including empathy in the call helps to establish a rapport and show understanding towards the insured's situation. Confirming the method of inspection ensures that both parties are on the same page and there are no misunderstandings. Lastly, explaining the deductible and rental information provides transparency and clarity regarding the financial aspects of the claim.Rate this question:
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- 13.
Per Regulation 64, 216.1 under definitions, claimant shall mean:
- A.
Any person who attempts to obtain a benefit from an insurer
- B.
The other driver who submits a claim to the insurer
- C.
An adverse carrier who submits their subrogation demands
Correct Answer
A. Any person who attempts to obtain a benefit from an insurerExplanation
The correct answer is "Any person who attempts to obtain a benefit from an insurer." This definition is stated in Regulation 64, 216.1 under definitions. It encompasses all individuals who seek to receive benefits from an insurance company, regardless of whether they are the claimant, the other driver submitting a claim, or an adverse carrier submitting subrogation demands.Rate this question:
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- 14.
Per Regulation 64, Part 216.0, the Preamble states, Claim practice principles to be followed by all insurers:
- A.
Have as your basic goal the prompt and fair settlement of all claims
- B.
Assist the claimant in the processing of a claim
- C.
Do not demand verification of facts unless there are good reasons to do so and should be done expeditiously as possible
- D.
Clearly inform the claimant of the insurer's position regarding any disputed matter
- E.
Respond promptly, when response is indicated, to all communications from insureds, claimants, attorneys, and any other interested persons
- F.
Every insurer shall distribute copies of this regulation to every person directly responsible for the supervision, handling and settlement of the claims subject to this regulation, and every insurer shall satisfy itself that all such personnel are thoroughly conversant with and complying with, this regulation.
- G.
Every insurer shall distribute copies of Best Practices to every person directly responsible for handling claim files.
- H.
First 6 options
Correct Answer
H. First 6 optionsExplanation
The correct answer is the first 6 options. This is because the given passage states that insurers should have the goal of prompt and fair settlement of claims, assist claimants in the claim process, avoid unnecessary verification of facts, inform claimants of any disputes, respond promptly to communications, and ensure that all personnel handling claims are familiar with and following the regulation. These principles align with the first 6 options provided.Rate this question:
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