ACE Documentation & Reporting 2

Question 1

Which ACORD form is specifically used to document property insurance binders in the United States?

Accepted Answer

ACORD 75

Answer

ACORD 75 is the Insurance Binder form used to document temporary property insurance coverage.

Question 2

In ACORD data standards, what does the element 'InsuredMailingAddress' primarily capture?

Accepted Answer

The insured's address for correspondence and billing

Answer

InsuredMailingAddress captures the address where the insured receives correspondence, which may differ from the physical risk location.

Question 3

When an insurer issues a Certificate of Liability Insurance, which party typically requests this document?

Accepted Answer

A third party requiring proof of coverage

Answer

Certificates of Liability Insurance are typically requested by third parties (certificate holders) who need proof that the insured carries adequate coverage.

Question 4

What is the primary purpose of the ACORD Loss Run Report (ACORD 867)?

Accepted Answer

To summarize an insured's prior claims history

Answer

ACORD 867 is used to request or provide a summary of an insured's historical claims (loss runs) for underwriting purposes.

Question 5

In ACORD XML, which namespace is required to ensure proper schema validation of ACORD P&C messages?

Accepted Answer

http://www.ACORD.org/standards/PC_Surety

Answer

ACORD P&C XML messages must reference the official ACORD namespace (http://www.ACORD.org/standards/PC_Surety) for schema validation.

(ACE) ACORD Certified Expert Practice Test

(ACE) ACORD Certified Expert Practice Test

ACE Documentation & Reporting 2