System And Product Quiz #1 (6/12/2014)
- 1.
Are Allstate Agents required to obtain a social security number for the named insured and spouse when quoting?
- A.
No, but we are required to ask for it
- B.
Yes, we are required to input all social security numbers for the insured and spouse.
- C.
No, the system does not ask for social security numbers
- D.
Yes, we are required to obtain social security numbers for all drivers in the household.
Correct Answer
A. No, but we are required to ask for itExplanation
Allstate agents are not required to obtain a social security number for the named insured and spouse when quoting. However, they are required to ask for it. This means that while it is not mandatory to have the social security numbers, agents must still inquire about them during the quoting process.Rate this question:
-
- 2.
Which tier rating factors offer the prospect a better tier?
- A.
3+ years with prior carrier, named insured or spouse is the owner of a residential property, greater than 100/300 prior BI limits
- B.
1 Year with prior carrier, named insured or spouse rents, state minimum 25/50 BI limits
- C.
5+ years with prior carrier, named insured and/or spouse rent, greater than 100/300 prior BI limits
- D.
5+ years with prior carrier, named insured or spouse is the owner of a residential property, greater than 100/300 prior BI limits
Correct Answer
D. 5+ years with prior carrier, named insured or spouse is the owner of a residential property, greater than 100/300 prior BI limitsExplanation
The answer is 5+ years with prior carrier, named insured or spouse is the owner of a residential property, greater than 100/300 prior BI limits. This is because having 5+ years with a prior carrier shows loyalty and a good driving history, while being the owner of a residential property suggests stability and responsibility. Additionally, having prior BI limits greater than 100/300 indicates a higher level of coverage, which is seen as favorable by insurance companies.Rate this question:
-
- 3.
What is the ratio on ordering MVRs on an auto quote? (MVR:Policies Written)
- A.
1:2
- B.
1:4
- C.
2:1
- D.
1:1
Correct Answer
C. 2:1Explanation
The ratio on ordering MVRs on an auto quote is 2:1, which means that for every 2 MVRs ordered, there is 1 policy written. This suggests that the company is more cautious and thorough in obtaining driving records (MVRs) before issuing a policy, as they order twice as many MVRs as the number of policies written.Rate this question:
-
- 4.
Why do we capture driving behavior when quoting a homeowner's policy?
- A.
We do not rate for it, just gather the driving behavior for general fact finding purposes.
- B.
There is a direct correlation between auto and home claims. Driving behavior is reflective of claim behavior.
- C.
Driving behavior is not captured when quoting a homeowner's policy.
- D.
Driving behavior is used to determine qualification for a homeowner's policy.
Correct Answer
B. There is a direct correlation between auto and home claims. Driving behavior is reflective of claim behavior.Explanation
Capturing driving behavior when quoting a homeowner's policy is important because there is a direct correlation between auto and home claims. The way a person drives can be reflective of their claim behavior, meaning that someone who has a history of reckless driving may also be more likely to file claims for damages to their home. Therefore, gathering information about driving behavior helps insurers assess the risk profile of the homeowner and make more accurate underwriting decisions.Rate this question:
-
- 5.
True or False: It is necessary to obtain the number of occupants in the household, including all children.
- A.
True; all occupants, including children, need to be accounted for.
- B.
False; only occupants over the age of 18 need to be accounted for.
Correct Answer
A. True; all occupants, including children, need to be accounted for.Explanation
It is necessary to obtain the number of occupants in the household, including all children. This is because the number of occupants in a household can affect various factors such as the amount of resources needed, the size of living space required, and the allocation of services and benefits. Therefore, it is important to have an accurate count of all occupants, regardless of their age.Rate this question:
-
- 6.
A billing notice is mailed out _____ days before the bill is due.
- A.
7
- B.
14
- C.
20
- D.
30
Correct Answer
C. 20Explanation
A billing notice is typically mailed out 20 days before the bill is due. This allows the recipient enough time to receive the notice, review the bill, and make the necessary payment before the due date. This timeframe also allows for any potential delays in mail delivery, ensuring that the customer has ample time to respond to the billing notice.Rate this question:
-
- 7.
True or False: Future Effective Items are tied to the Future Effective Date discount.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Future Effective Items are not tied to the Future Effective Date discount. The statement implies a connection between Future Effective Items and the Future Effective Date discount, but this is not true. Future Effective Items refer to items that will take effect in the future, while the Future Effective Date discount refers to a discount that will be applied on a specific date in the future. These two concepts are unrelated and do not depend on each other. Therefore, the correct answer is False.Rate this question:
-
- 8.
True or False: When quoting a homeowner's policy, the age of the roof automatically defaults to being 7 years old.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false. The age of the roof does not automatically default to being 7 years old when quoting a homeowner's policy. The age of the roof is determined based on the actual age of the roof, which can vary for each individual homeowner. The age of the roof is an important factor in determining the premium and coverage of the homeowner's policy.Rate this question:
-
- 9.
If an add car endorsement is processed during the renewal period, the effective date of the change is _____.
- A.
The renewal date
- B.
Immediate
- C.
Backdated 7 days
- D.
The following business day
Correct Answer
A. The renewal dateExplanation
If an add car endorsement is processed during the renewal period, the effective date of the change is the renewal date. This means that the change will take effect on the same day that the policy is renewed.Rate this question:
-
- 10.
In order to qualify for the Early Signing Discount, how many days must the policy be effective after the bind date for a Line 10 auto policy?
- A.
3 days
- B.
7 days
- C.
10 days
- D.
30 days
Correct Answer
B. 7 daysExplanation
To qualify for the Early Signing Discount for a Line 10 auto policy, the policy must be effective for 7 days after the bind date. This means that the policyholder must keep the policy active for at least 7 days in order to be eligible for the discount.Rate this question:
-
Back to top