Insurance Operations Processing a Policy

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Insurance ops basics

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Lisa

United States

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Insurance Operations Processing a Policy


Insurance Operations Processing a PolicyOnline version Insurance ops basics by Lisa 1 What is the primary purpose of liability coverage in an insurance policy? a To pay for the insured's medical expenses b To cover damage to the insured's property c To protect the insured from financial loss due to third-party claims. d To provide a cash payout to the insured 2 Which statement describes 'defense within limits' in liability policies? a Defense costs are never covered. b Only settlements are covered; defense costs are separate. c Defense costs are paid in addition to limits. d Defense costs are included within the policy's liability limits or aggregate. 3 In a 'defense within limits' state, what is required on a policy if liability coverages have defense included within the limit of liability? a Cannot write a policy with defense within the limits b The policy is canceled. c Attach a copy of the signed DWL Rider d Attach a copy of the signed application 4 What is a duplicate endorsement in insurance? a Two endorsements that provide overlapping or identical coverage. b An endorsement attached multiple times with different fill ins. c An endorsement that cancels another endorsement d A temporary endorsement issued during policy renewal 5 What is a common method to prevent duplicate endorsements on a policy? a Limiting the number of endorsements allowed per policy b Issuing a new policy for each endorsement c Drafting policies for review, and conducting regular policy audits. d Allow Underwriter to review every policy prior to issuance. 6 In what state must an agent hold a license to conduct business with Chubb (insurance carrier)? a All states. b State which agency resides. c Licenses are not required by Chubb. d The Insured's state of residence. 7 What is the purpose of the declaration page in an insurance policy? a To list the exclusions of the policy b To provide a receipt for premium payments c To summarize key details like coverage limits and premiums. d To outline the claims process 8 What information is required to match when finding a properly appointed agency or individual in Producer Admin System? a Underwriter, Resident State, Producer Status, Producing Branch b Producer Address, Producer Name, Producing Branch, Category Code c Producer Name, Legacy Chubb Code d A temporary license for new agents 9 What licensing information is required if the insured is located in state of Oregon? a No further action required. Agency only state b Find appropriate individual for insured state and writing company. c Not enough information, It depends on where the agent is located. d none of the above 10 What is the role of an underwriter in processing a policy? a Create and send policy to the agent requesting. b Handle agent complaints only. c Confirm policy details and answer coverage specific questions. d Provide assistance with system errors and changes. 11 True/False - A binder is a temporary insurance contract issued before the policy is issued. a True b False 12 A standalone Crime policy (no other coverages) on The Forefront Portfolio for Private Companies form will reflect what as Extended Reporting Period on the dec page? a 150% at 1 Year b N/A % at 1 Year c There is no Extended Reporting Period on this dec page. d none of the above 13 What are examples of liability coverage? Select most true answer Choose one or more answers a Directors & Officers b Employment Practices c Workplace Violence d Crime 14 What would you do if your proof policy contained this information? a Ask Underwriter via Teams for permission to delete duplicate of PF 55082 endorsement. b No action required, process binder and policy as usual. c Ask team lead for proper steps to address potential error. d none of the above 15 What would you do if your proof contained this information? a Ask the Underwriter to confirm no fill ins. b Request underwriter provide the fill in for Final Payment. c No action needed, endorsement has no empty bookmarks. d None of the above 16 What is called in the attached screenshot? a Limit b Bookmark c Retention d Space saver 17 What would you do if your submission screen looked like attached? a Delete the 'issue' transaction and recreate to remove the additional charge. b Process 'issue' policy and turn over to the help desk c Ask Underwriter for assistance with premium change. d none of the above 18 What should you confirm when the Renewal Endorsement is on a quote, but not on the Binder/policy? a Ask Underwriter if this is expected behavior. b Nothing renewal endorsement should never carry to Binder. c The policy is in 2nd year of renewal in FLDC and on submission dashboard. d none of the above 19 True/False: You can amend Fill Ins during the Issue Transaction in FLDC. a True b False 20 True/False: Changing commission prior to binding will amend the total premium charged. a True - you will need to seek UW approval of new amount prior to binding. b False - no change to premium, you can proceed with binding.

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Insurance Operations Processing a Policy

Quiz

About this activity

Created by

Download the paper version to play

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Insurance Operations Processing a PolicyOnline version

by Lisa

What is the primary purpose of liability coverage in an insurance policy?

Which statement describes 'defense within limits' in liability policies?

In a 'defense within limits' state, what is required on a policy if liability coverages have defense included within the limit of liability?

What is a duplicate endorsement in insurance?

What is a common method to prevent duplicate endorsements on a policy?

In what state must an agent hold a license to conduct business with Chubb (insurance carrier)?

What is the purpose of the declaration page in an insurance policy?

What information is required to match when finding a properly appointed agency or individual in Producer Admin System?

What licensing information is required if the insured is located in state of Oregon?

What is the role of an underwriter in processing a policy?

True/False - A binder is a temporary insurance contract issued before the policy is issued.

A standalone Crime policy (no other coverages) on The Forefront Portfolio for Private Companies form will reflect what as Extended Reporting Period on the dec page?

What are examples of liability coverage? Select most true answer

Choose one or more answers

What would you do if your proof policy contained this information?

What would you do if your proof contained this information?

What is called in the attached screenshot?

What would you do if your submission screen looked like attached?

What should you confirm when the Renewal Endorsement is on a quote, but not on the Binder/policy?

True/False: You can amend Fill Ins during the Issue Transaction in FLDC.

True/False: Changing commission prior to binding will amend the total premium charged.