SC Claims Adjuster questions with correct answers

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 governors cabinet, serve at governors pleasure, bonded by 50000 surety bond Powers and duties of the director CORRECT ANSWER Supervise and regulate rates and service of every insurer in state. Enforce insurance related laws in state.. Reports to Atty General. Acts as circuit judge for insurance matters. License individuals, agencies and companies Qualifications to be licensed adjuster CORRECT ANSWER At least 18; apply either on prescribed form or website, pass license exam, pay $80 license fee; not committed any immoral act grounds for license denial, suspension, or revocation Are nonresident applicants for nonresident license required to provide a SLED Background check? CORRECT ANSWER No What is a resident adjuster CORRECT ANSWER Authorized by SC Dept of insurance to represent insurance companies and write insurance policies to citizens of SC; resident of SC and consider it their home of record companies What is a non resident adjuster CORRECT ANSWER When director enters reciprocal agreement with director of another sta