Test No. 3 (Independent Study) Covers Studies 7-10 Flashcards
- a) Outline the key types of information requested on insurance applications. (20 marks)
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b) Explain the benefits of a written application versus an oral application for insurance. (5 marks)
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c) State what factors must be considered to arrive at the total premium for insurance. (5 marks)
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- a) Explain three problems that can arise from the use of temporary insurance coverage and especially oral binders. (6 marks)
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b) Describe five sections commonly found in insurance policies. (10 marks)
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c) State the difference between pro rata and short rate cancellation of insurance policies and when each would occur. (4 marks)
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- a) State the difference between direct and indirect losses and give an example of each. (5 marks)
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b) Describe what salvage is and provide an example of how salvage could impact an insurance claim. (10 marks)
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c) Describe what subrogation is and provide an example of how subrogation could impact an insurance claim. (10 marks)
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d) Outline the key functions and steps in the claims process. (15 marks)
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e) Describe the role of insurance adjusters, including the various types of adjusters that may work on a claim. (10 marks)
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