Arkansas Insurance Adjuster Practice Exam

In the Business Auto Policy, what does the symbol #2 mean?

1. Specifically Described Autos

2. Owned Autos Subject to No-fault Insurance

3. Owned Private Passenger Autos Only

4. Any Owned Vehicle

The correct answer is: Any Owned Vehicle

The symbol #2 in the Business Auto Policy specifically refers to "Owned Autos Subject to No-fault Insurance." This designation indicates that the coverage applies to owned vehicles that are required to have no-fault insurance coverage according to state law. This symbol is crucial for cases where an insured business operates in a no-fault state, as it ensures that any vehicle classified under this symbol will have the appropriate coverage in compliance with state regulations. The first choice pertains to vehicles that are explicitly listed in the policy, which is represented by a different symbol. The third choice defines coverage for personal cars only, and the fourth one refers to any owned vehicle without the specific context of no-fault insurance. Therefore, the distinction of symbol #2 is significant for understanding the types of coverage needed for owned vehicles in relation to state-specific insurance requirements.