Property and casualty adjuster Study guides, Class notes & Summaries

WV Adjuster Test Solved 100% Correct |2024/2025 Correct Questions and Answers

Property and casualty insurance Exam Questions and Answers Part one A banker is ready to close on a customer's loan. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. This is an example of - Coercion. A builder's risk form is most often written as which of the following? - Completed value form A building is insured, but no one has lived or worked in it for 10 years. The building is compl...

LA Claims Adjuster Property and Causality Practice Exam 1 Questions and Answers 100% Pass Insurable Interest - Answer- ______in the property and would suffer a financial loss if the property were damaged by an insured peril, their family members (names need not be listed in the policy), and others such as a lien holder, for example, the bank that holds the mortgage on a house. Cause of Loss Forms - Answer- ____establish and define the causes of loss (or perils) for which coverage is provi...

WV Adjuster Test 100% Solved 2024 What is the definition of a public adjuster? - Answer- An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - Answer- 30 Days Subrogation occurs when? - Answer- The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? - Answer- To provide additional liability coverag...

Property and Casualty Adjuster Exam Questions and Answers 100% Pass Staff Adjusters - Answer- are on the payroll of an insurance company Independent adjusters - Answer- Usually handle claims for more than one company and receive a fee based on time and expense. Contractors - Answer- May work for a comapny that furnishes adjusters for the handling of catasrophic losses. They are paid in the same manner as independent adjusters. Public Adjusters - Answer- Work on behalf of the insured in ne...

NH Adjuster for Property & Casualty Exam Questions and Answers 100% Pass Joe's 21-pound cat runs into the neighbor's yard and severely scratches the neighbor's arms and face. Which of the following would respond to the neighbor's emergency room bills? - Answer- Joe's homeowners policy under the Personal Liability section Bob is purchasing a commercial property policy to cover contents of a building valued at $100,000. The policy includes an 80 percent coinsurance clause. To avoid a c...

LA Claims Adjuster Property and Causality Practice Exam 2 Questions and Answers 100% Pass A single Declarations page common to all coverages A single conditions section common to all coverages - Answer- A commercial package policy always includes Send the insured a reservation of rights letter - Answer- If the insured fails to report claim in a timely fashion, the adjuster will immediately ___ $1000 per person - Answer- The basic limit for coverage F-medical payments of the standard home...

Review for property and casualty adjuster exam Questions and Answers 100% Pass What is a hazard? - Answer- Something that increases the chance of a loss How many of hours of ethics - Answer- 3 An insurance contract has how many parties? - Answer- 2 parties 1. List the time restraints for response and payment of claims in Texas: - Answer- - 15 days to acknowledge claim - 5 days to pay if adjuster takes responsibility - 15 day extension for all weather related damage - 15 days to affirm o...

Property and Casualty Adjuster Exam Questions and Answers 100% pass Indemnity - Answer- Insured restored to approximate financial condition as before loss occurred, no better or worse Independent Adjuster - Answer- must represent more than 1 company Binder - Answer- Commits company to act as if the policy has been issued, temporary contract, initiate coverage, oral or written, expires when policy coverages begins Consideration - Answer- insurer's promise to provide indemnity in the event...

Maine Adjuster Property and Casualty Exam 2 Questions and Answers 100% Pass The required minimum amounts of liability car insurance coverage in Maine - Answer- 50/100/25 Would a ferry crashing between the coast of Maine and Nova Scotia a be covered by the personal auto insurance policy - Answer- No Limit on Theft of Unscheduled Jewelry - Answer- $1500 When insurer and insured cannot agree on loss - Answer- they each hire an appraiser If the appraisers cannot agree on loss - Answer- they ...