Documentation & Reporting Flashcards
7 cards from real ACE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Documentation & Reporting flashcards as text
Under ACORD standards, which element in a homeowners submission captures the year the dwelling was constructed?
Answer: YearBuilt
The 'YearBuilt' element is the ACORD standard field used to capture the construction year of a dwelling.
Which ACORD form is the standard Vehicle Schedule used when documenting multiple vehicles on a commercial auto policy?
Answer: ACORD 165
ACORD 165 is the Commercial Auto Vehicle Schedule used to list and describe multiple vehicles on a commercial policy.
When documenting a workers' compensation policy using ACORD forms, which form captures the employer's payroll by classification code?
Answer: ACORD 133
ACORD 133 is the Workers Compensation Schedule of Locations used to document payroll by classification code and location.
In ACORD data exchange, what is the function of a 'TransactionEffectiveDate' versus a 'PolicyEffectiveDate'?
Answer: TransactionEffectiveDate marks when a mid-term change takes effect; PolicyEffectiveDate marks policy inception
TransactionEffectiveDate indicates when a specific transaction (endorsement, change) takes effect, while PolicyEffectiveDate reflects the original policy inception date.
Which ACORD standard report format is most commonly used for EDI transactions between agencies and carriers in personal lines?
Answer: ACORD AL3
ACORD AL3 is the legacy standard format widely used for personal lines EDI transactions between agencies and carriers.
What is the significance of the 'PolicyNumber' field being marked as a required element in ACORD renewal transaction schemas?
Answer: It links the renewal to the expiring policy for continuity tracking
A required PolicyNumber in renewal transactions ensures the new term is linked to the expiring policy, maintaining continuity in policy records.
When completing an ACORD Cancellation/Reduction in Coverage form, which reason code indicates cancellation at the insured's request?
Answer: 02
ACORD reason code 02 indicates cancellation at the insured's own request, distinguishing it from insurer-initiated cancellations.