Ad Banker Exam Personal Lines Questions And Answers Rated A+

Loss Payment {Ans: Specifies how the insurer will make payment for loss and any applicable time frames that must be honored when submitting proof of loss and other claim documents.}Loss Reserves {Ans: The net premiums plus interest reflects possible future contract obligations. An accounting measurement of an insurer's future obligation to its policyholders.}Personal Articles Floater {Ans: Used to insure 'individual' personal property on an itemized or scheduled basis. Coverage is worldwide.}Punitive Damages {Ans: Damages assessed in addition to specific and general damages as a punishment for extreme, objectionable conduct by a negligent party, as in the case of gross negligence}Intentional Loss {Ans: Loss arising out of any act committed by or at the direction of the named insured or any additional insured, with the intent to cause a loss.}Abandonment of Property {Ans: Specifies that the insured may not abandon or relinquish ownership of damaged property to the insurer for disposal or repair}Umbrella Policy {Ans: Designed to provide coverage on a worldwide basis to third parties and does not pay benefits directly to an insured.}Insured {Ans: The party to an insurance contract whom the insurer agrees to indemnify for losses, to provide benefits