ACE Documentation & Reporting 3

Question 1

Under ACORD standards, which element in a homeowners submission captures the year the dwelling was constructed?

Accepted Answer

YearBuilt

Answer

The 'YearBuilt' element is the ACORD standard field used to capture the construction year of a dwelling.

Question 2

Which ACORD form is the standard Vehicle Schedule used when documenting multiple vehicles on a commercial auto policy?

Accepted Answer

ACORD 165

Answer

ACORD 165 is the Commercial Auto Vehicle Schedule used to list and describe multiple vehicles on a commercial policy.

Question 3

When documenting a workers' compensation policy using ACORD forms, which form captures the employer's payroll by classification code?

Accepted Answer

ACORD 133

Answer

ACORD 133 is the Workers Compensation Schedule of Locations used to document payroll by classification code and location.

Question 4

In ACORD data exchange, what is the function of a 'TransactionEffectiveDate' versus a 'PolicyEffectiveDate'?

Accepted Answer

TransactionEffectiveDate marks when a mid-term change takes effect; PolicyEffectiveDate marks policy inception

Answer

TransactionEffectiveDate indicates when a specific transaction (endorsement, change) takes effect, while PolicyEffectiveDate reflects the original policy inception date.

Question 5

Which ACORD standard report format is most commonly used for EDI transactions between agencies and carriers in personal lines?

Accepted Answer

ACORD AL3

Answer

ACORD AL3 is the legacy standard format widely used for personal lines EDI transactions between agencies and carriers.

(ACE) ACORD Certified Expert Practice Test

(ACE) ACORD Certified Expert Practice Test

ACE Documentation & Reporting 3