ACE ACORD Expert Messaging & Forms Implementation 4

Question 1

In ACORD XML, which data type is used for monetary amounts to avoid floating-point precision errors?

Accepted Answer

xs:decimal

Answer

xs:float

Answer

xs:double

Answer

xs:integer

Question 2

An agency receives an ACORD IVANS download with a Policy Change transaction but the effective date is in the future. How should a compliant AMS handle this?

Accepted Answer

Store the pending change and apply it to the policy record on the specified effective date

Answer

Reject the transaction and request retransmission on the effective date

Answer

Apply the change immediately and backdate the policy record

Answer

Flag the transaction as an error due to a future-dated change

Question 3

What is the purpose of the ACORD 'Loss Information' section in the ACORD 125 Commercial Insurance Application?

Accepted Answer

Documents prior claims history and outstanding losses for underwriting purposes

Answer

Lists all coverage limits requested on the submission

Answer

Captures the applicant's credit score and financial statements

Answer

Identifies all named insureds and additional interest parties

Question 4

Which ACORD Real-Time transaction type allows an agency to retrieve a list of open claims for a specific policy?

Accepted Answer

ClaimStatusInqRq

Answer

ClaimInqRq

Answer

PolicyInqRq with claims flag

Answer

ClaimListInqRq

Question 5

In ACORD XML endorsement processing, what does a 'ChangeTypeCd' value of 'Add' signify within a coverage element?

Accepted Answer

A new coverage is being added to the policy mid-term

Answer

The coverage amount is being increased

Answer

The coverage was added at policy inception

Answer

A previously deleted coverage is being reinstated

Question 6

What ACORD standard defines the data dictionary for personal auto insurance data elements used across forms and electronic transactions?

Accepted Answer

ACORD Data Standards Manual

Answer

ACORD Data Model for Personal Lines Auto

Answer

ACORD P&C XML Schema — PersonalAuto namespace

Answer

ACORD Reference Architecture Auto Module

Question 7

When mapping an ACORD 126 form (Commercial General Liability Section) to XML, which element captures the 'Each Occurrence' limit?

Accepted Answer

CovLimitAmt with LimitAppliesToCd='PerOccurrence'

Answer

PerOccurrenceLimit

Answer

EachOccurrenceAmt

Answer

OccurrenceCovAmt