Adjuster Property and Causality Exam Bundle

Multi-Peril-Package CORRECT ANS Any policy which provides property & liability coverage (not homeowner) ISO policy CORRECT ANS Sold in Texas, but not Texas form Only Texas DP 1 CORRECT ANS Mainly the only TDP sold, now with plethora of endorsements Texas Standard Fire Policy CORRECT ANS Gra...

Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: CORRECT ANS I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: CORRECT ANS Actual cash value When may an insured sue an insuran...

What is insurance? CORRECT ANS protection against financial loss what is a premium CORRECT ANS a scheduled amount to be paid for an insurance policy. What are premiums used for CORRECT ANS premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insuranc...

In GA, _____insurance cannot be written by a reciprocal type insurer. CORRECT ANS life No insurer or licensee doing business in Georgia may pay any commissions or valuable consideration to any person for services as an agent, subagent, or adjuster unless that person is duly licensed under the COR...

What is the definition of a public adjuster? CORRECT ANS 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? CORRECT ANS 30 Days Subrogation occurs when? CORRECT ANS The insurer steps into the...

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

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. CORRECT ANS $30,000 Which of the following statements best describes an inland marine policy? CORRECT ANS Pertains to Cargo ...

Jerome was shopping at ABC Imports when a light fixture fell from the ceiling and hit him on the head. Jerome's injuries resulted in an extended hospital stay, so he sued ABC Imports and was awarded $400,000. Assuming ABC Imports carries a CGL with a General Aggregate of $750,000 and a per occurren...

Liability Insurance PAP (Part A) CORRECT ANS 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 ANS A. Liability B. Medical Payments C. UM/...

Consequential also known as Indirect Loss CORRECT ANS an insured's business is damaged because of a fire and he is forced to close business temporarily for repairs. As a result, the insured lost income. What type of loss is this? Combined Single CORRECT ANS The insured crashes into a porch and t...

How many days does the insurer have to send out forms when notified of an incident? Correct Ans 10 days At what time is the policy effective? Correct Ans 12:01 am What is the main difference between a non-waiver agreement and a ror? Correct Ans -non-waiver is signed by the insured and insurer ...

The one who receives the authority to act on behalf of someone else? CORRECT ANS Agent what does a sale's agent receive authority for? CORRECT ANS to sell An insurance agent receives authority to what? CORRECT ANS Settle claims brought against the insurer How do agents receive their author...

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

On January 27, 2008, Ryan was using an exercise bike purchased from NusquamCycle when the chain broke, causing him to fall and severely bruise his knee. It seemed to heal just fine, but three years later, on January 25, 2011, Ryan's knee gave out while jogging. His doctor told him that he'll need ...