Question

1. which is defined as the policyholders formal statement with details about a claim, including documentation to support the amount of the claim?

○ a. proof of loss
○ b. appraisal of damaged property
○ c. evidence of insurance
○ d. notice of a claim

1. a diligent effort to find coverage for a risk in the admitted market means receiving a rejection from how many different insurers?

○ a. five
○ b. one
○ c. three
○ d. two

Explanation:

• Question 3:
• Proof of loss: In insurance, a proof of loss is a formal statement by the policyholder that details a claim and includes documentation to support the claim amount.
• Appraisal of damaged property: This focuses on assessing the value of damaged property, not a comprehensive claim statement with supporting docs.
• Evidence of insurance: Shows that insurance exists, not a claim - related statement.
• Notice of a claim: Just informs about a claim, not as detailed as a proof of loss with supporting documentation.
• Question 4:
• In insurance regulations, a diligent effort to find coverage in the admitted market typically means receiving a rejection from three different insurers.

Answer:

1. A. Proof of loss
2. C. Three