Aic 304 Study Questions And Answers Latest Update

The filed classes of inland marine business are those for which the {Ans: A. List of insured properties must be filed with the state insurance department. B. Insured must file in advance with the insurer the list of properties to be insured. C. Applicable rates are maintained on file by the insurer for review by the insured. D. Policy forms and/or rates must be filed with the state insurance department. D}Which one of the following is most accurate regarding courts' determination of whether an insured's notice of loss is unreasonably late and unexcused? {Ans: A. Courts generally consider claims reported after more than 30 days to be unreasonably late. B. Most courts consider late notice unexcused unless caused by a disability due to the loss. C. The interpretation of what is unreasonably late and unexcused varies by state. D. Courts generally agree that most policy language clearly resolves such issues. C}Under the BPP coinsurance provision, if an insured does not carry enough insurance, loss payments are reduced proportionately, an outcome known as the {Ans: A. Coverage adjustment. B. Underinsurance surcharge. C. Coinsurance penalty. D. Insurance-to-value provision. C}Adam is adjusting a claim for fire damage to insured property