IIA
IIA-CFSA · Question #413
IIA-CFSA Question #413: Real Exam Question with Answer & Explanation
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Question
You are auditing the claim handing of your branch office. You note that one of the claims is for lost revenue due to a windstorm damaging the building. The claim file states that the insured requested coverage for this type of loss. However, the independent agent failed to request the coverage though an oversight. Which action is required to appropriately handle the claim?
Options
- AThe claim should be denied since coverage was never present, and the claim should be placed
- BThe claim should be accepted and paid up to the policy limits since the insured meant to create
- CThe claim should be denied since repaying for business interruption and lost revenues would
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