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Claims Adjuster Exam 1 (Latest 2023 – 2024) Complete Solution
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Claims Adjuster Exam 1 (Latest 2023 – 2024) Complete Solution
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Claims Adjuster Exam 1 (Latest 2023 – 2024)Complete Solution
Actual Cash Value (ACV) - Cost to replace property with new property of like kind and quality less
depreciation.
Combined Single Limit - One limit per occurrence is what we pay up to
Split limit - What we pay up to per person and per occurrence
Deductible - What the customer will have to pay; we cover everything else
Declarations Page (Dec Page) - The basic information about a policy:
Who - names of insurer and insured
What - description of insured property
Where - address and legal description of insured property
When - effective and expiration dates.
How Much - limits of coverage, deductible, premium
Depreciation - Amount taken off for wear and tear
Earned Premium - The amount of the premium for which the policy protection has been given.
Risk - A chance or uncertainty of loss
,endorsement - Something you can add/change on policy; car, kid, etc
lapse - The insured did not pay so is not covered; will effect renewal
Named driver exclusion - Excluded from coverage and covered cars; cannot drive as they would be
considered 1st party coverage
Coverage A - Building and structures
Coverage B - Other structures (such as a detached garage, workshop, swimming pools, fences and
gazebos)
Coverage C - personal property
Coverage D - Loss of use
Coverage E - personal liability
Coverage F - Medical Payments
Personal Umbrella Policy - provides protection against a catastrophic lawsuit or judgment
What is covered through PUP? - Liability (property damage and bodily injury [excess])
Other- Personal Injury (libel & slander)
Dwelling Components - Construction of dwelling
, inflation protection - A rider in some insurance policies that automatically raises the benefit
amount or the maximum daily or annual payments, based on the rate of inflation, in order to ensure
that the amount of coverage remains adequate over time.
Market Value - the price at which property would sell
named peril basis - Covered for everything named on policy
open peril basis - It's covered for any loss unless it is specifically excluded
Replacement Cost - The cost to repair or replace property using new materials of like kind and
quality with no deduction for depreciation.
Scheduled Personal Property - endorsement - provides broader coverage for personal jewelry, furs,
cameras, musical instruments, silverware, fine arts, golf equipment, and stamp/coin collections.
must be insured on full value basis.
Special Limit - Covered up to a certain amount
unscheduled personal property - Property not specifically listed in the policy
bodily injury liability - insurance that covers physical injuries caused by a vehicle accident for
which you are responsible
property damage liability - insurance that protects a driver against claims if the insured's car
damages someone else's property and the insured is at fault
comprehensive - Covers theft, hitting an animal, weather, fire, etc.
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