Documentation & Reporting Flashcards
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Read the first 7 Documentation & Reporting flashcards as text
Which ACORD form is specifically used to document property insurance binders in the United States?
Answer: ACORD 75
ACORD 75 is the Insurance Binder form used to document temporary property insurance coverage.
In ACORD data standards, what does the element 'InsuredMailingAddress' primarily capture?
Answer: The insured's address for correspondence and billing
InsuredMailingAddress captures the address where the insured receives correspondence, which may differ from the physical risk location.
When an insurer issues a Certificate of Liability Insurance, which party typically requests this document?
Answer: A third party requiring proof of coverage
Certificates of Liability Insurance are typically requested by third parties (certificate holders) who need proof that the insured carries adequate coverage.
What is the primary purpose of the ACORD Loss Run Report (ACORD 867)?
Answer: To summarize an insured's prior claims history
ACORD 867 is used to request or provide a summary of an insured's historical claims (loss runs) for underwriting purposes.
In ACORD XML, which namespace is required to ensure proper schema validation of ACORD P&C messages?
Answer: http://www.ACORD.org/standards/PC_Surety
ACORD P&C XML messages must reference the official ACORD namespace (http://www.ACORD.org/standards/PC_Surety) for schema validation.
Which ACORD form is used to report a first notice of loss for commercial auto claims?
Answer: ACORD 20
ACORD 20 is the Commercial Auto Loss Notice used to report first notice of loss on commercial auto policies.
What does the 'EffectiveDate' field in an ACORD policy document represent?
Answer: The date coverage begins under the policy
The EffectiveDate field indicates when insurance coverage officially begins, which may differ from the issue or application date.