CAIA Uninsured and Underinsured Motorist Claims 3

Question 1

After paying a UM/UIM claim, what right does the insurer typically acquire against the at-fault uninsured driver?

Accepted Answer

Subrogation rights to pursue reimbursement from the at-fault uninsured driver

Answer

The right to cancel the insured's policy

Answer

The right to increase the insured's premiums without notice

Answer

The right to void the UM/UIM coverage on renewal

Question 2

Which of the following best describes the 'phantom vehicle' doctrine in UM claims?

Accepted Answer

A UM claim where the alleged at-fault vehicle never made physical contact with the insured's vehicle

Answer

A claim arising from a vehicle that was reported stolen at the time of the accident

Answer

A claim involving a government-owned vehicle with sovereign immunity

Answer

A claim where the vehicle's identity was concealed through altered VIN numbers

Question 3

If an insured has stacked UM/UIM coverage on three vehicles each with $50,000 limits, what is the maximum available UM/UIM coverage in a stacking state?

Accepted Answer

$150,000

Answer

$50,000

Answer

$100,000

Answer

$200,000

Question 4

In most states, UM/UIM coverage does NOT apply to which of the following?

Accepted Answer

Bodily injury intentionally self-inflicted by the insured

Answer

Bodily injury sustained by the insured in another person's vehicle

Answer

Bodily injury caused by an underinsured commercial truck driver

Answer

Bodily injury suffered by a resident relative of the insured

Question 5

What is the statute of limitations concern unique to UM/UIM claims compared to standard third-party liability claims?

Accepted Answer

The contract statute of limitations (for the insured vs. their own carrier) may differ from the tort statute of limitations (for the insured vs. the at-fault driver)

Answer

UM/UIM claims have no statute of limitations

Answer

UM/UIM claims must always be filed within 90 days of the accident

Answer

The statute of limitations only begins when the insurer denies the claim

Question 6

An adjuster is handling a UIM claim where the insured received a $30,000 settlement from the at-fault driver's carrier. The insured's UIM limit is $100,000 and total damages are $120,000. In an offset state, what is the maximum UIM benefit payable?

Accepted Answer

$70,000

Answer

$100,000

Answer

$90,000

Answer

$120,000

Question 7

Which of the following would most likely prevent an insured from recovering UM benefits for a hit-and-run claim in states that require physical contact?

Accepted Answer

No physical contact occurred between the hit-and-run vehicle and the insured's vehicle

Answer

The insured was a passenger rather than the driver

Answer

The insured did not have collision coverage on the vehicle

Answer

The insured failed to photograph the scene after the accident