Arizona Adjuster Practice Exam

Which covered auto symbol is used to designate owned autos on the business auto policy?

1. Symbol 1

2. Symbol 2

3. Symbol 3

4. Symbol 4

The correct answer is: Symbol 2

The correct choice represents the symbol that designates "owned autos" on a business auto policy. In the context of a business auto policy, owned autos are specifically those vehicles that are owned by the insured and used for business purposes. The designation of these vehicles is critical because it affects how coverage is applied in the event of an accident involving these vehicles. Choosing this specific symbol correctly communicates that the coverage applies to all vehicles owned by the business rather than rental or non-owned vehicles. The terminology and classifications used ensure clarity in coverage during claims processing and risk evaluation. Understanding the specifics of symbols in a business auto policy helps insured parties and adjusters identify the extent of coverage available, which is essential for effective risk management and compliance with insurance regulations.