What is the purpose of an insurance endorsement?

Motor Insurance (CH.7) RISK 112

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Other
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University
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Hard
Walaa Rezk
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To cancel the policy
To modify the policy by changing its coverage
To renew the policy automatically
To reduce the premium
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a type of change that can be made through an endorsement?
Vehicle changes
Coverage changes
Driver changes
Policy cancellation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When can most motor insurance endorsements be made?
Only at the inception of the policy
At any time during the policy period
Only at the renewal time
Only after a claim is filed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are standard endorsements primarily based on?
Unique situations for each insured
Templates provided by organizations like ISO
Personal requests from the insured
Court decisions only
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of non-standard endorsements?
They are widely used in the industry
They are drafted for specific insureds
They are mandatory by law
They cannot be changed once issued
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of endorsement is added voluntarily at the option of the insured or insurer?
Mandatory endorsement
Voluntary endorsement
Standard endorsement
Non-standard endorsement
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of a mandatory endorsement?
Adding a new driver to the policy
Including a professional liability exclusion
Requesting rental car coverage
Removing coverage for a specific driver
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