Claims Adjuster Tests Bundle Set

Which kind of losses are covered under a standard fire policy? CORRECT ANSWER Direct All fires are not covered by the Standard Fire policies, only those that: CORRECT ANSWER are hostile and have a flame or glow At what time does a fire policy go into affect? CORRECT ANSWER 12:01am standard tim...

Insurance adjuster CORRECT ANSWER Any person who, as an independent contractor, or as an employee of an independent contractor, adjustment bureau, association, insurance company or corporation, local recording agent, managing general agent, or self-insured, investigates or adjusts losses on behalf o...

The following are basic characteristics of a property or liability insurance contract, EXCEPT: A. Personal Contract B. Conditional Contract C. Loss Settlement Contract D. Contract of Adhesion CORRECT ANSWER C. Loss Settlement Contract The Insurers responsibility to pay for a property loss m...

What is ACV equation? CORRECT ANSWER Replacement cost-depreciation What is the coinsurance formula? CORRECT ANSWER Cov you did have / cov should've had x loss = claim payment - deductible To serve in The Director's position they must ? CORRECT ANSWER Appointed by governor, member of governor...

Which type of coverage relates to damage to or destruction of detached structures in a typical homeowners policy? Coverage B Coverage A Coverage D Coverage C CORRECT ANSWER Cov B The unfair trade practice of offering inducements for the purchase of insurance is called? controlled b...

Liability Insurance PAP (Part A) CORRECT ANSWER Pays all the sums and insured must legally pay as damage due to BI/PD caused by an accident and resulting from the ownership, maintenance or use of a covered auto. Coverage Part A through F of a PAP CORRECT ANSWER A. Liability B. Medical Payments ...

What coverage does Community Eligibility apply to? CORRECT ANSWER Flood insurance through FEMA What's the difference between Emergency Program and Regular Program in the National Flood Insurance Program? CORRECT ANSWER Emergency applies to homes in communities that are a normally not a flood haz...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests CORRECT ANSWER D. ...

Which of the following best describes insurance? A)Restoration to the previous financial condition, no more, no less B)An economic device used to protect against the risk of unforeseen and extraordinary financial loss C)Transfer of right to collect a debt from one entity to another D...

Severability CORRECT ANSWER Insurance applies separately to each insured as if other insureds did not exist. Abandonment CORRECT ANSWER Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* ...

A single Declarations page common to all coverages A single conditions section common to all coverages CORRECT ANSWER A commercial package policy always includes Send the insured a reservation of rights letter CORRECT ANSWER If the insured fails to report claim in a timely fashion, the adjuster ...

Frank owned a home that was destroyed by a hurricane. Both TD Bank and Bank of America were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, TD Bank B. The Insured C. Jointly to TD Bank and Bank of America D. All listed...

Resident License CORRECT ANSWER Before issuing a claims adjuster license to an applicant under this section the commissioner of insurance must find that the applicant is eligiable -designate LA as his or her home state or is a non-resident eligible for a license resident -Has not committed any ...

This optional provision states that if the insured becomes totally disabled, premiums are waived but the coverage remains in force: A. Waiver of Subrogation B. Waiver of Premium C. Waiver of Value D. None of the Above CORRECT ANSWER B. Waiver of Premium "premiums are waived" Frank owne...