Claims Adjuster Final (Multiple Choice Questions and Correct Answers)

Claims Adjuster Final (Multiple Choice Questions and Correct Answers) An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - Correct Answer: The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? - Correct Answer: A Promise The interest of the insured and all other persons in the property involved in a claim is found in - Correct Answer: A Proof of Loss An insured rear-ends another driver's vehicle. The auto policy that pays damages to repair the damaged vehicle is a _______? - Correct Answer: Liability Policy Your insurance company wrote an auto insurance binder for an owner who said that he did not have any prior accidents. Immediately thereafter it was discovered that he did not tell the truth. The company now wants to cancel the binder as quickly as possible. What is true? - Correct Answer: 5 days notice required For insurance to pay damages, an insurable interest must exist: - Correct Answer: When the loss takes place Texting while driving is best described as a: - Correct Answer: Hazard A covered loss is $90,000. Policy A has a limit of $100,000. Policy B has a limit of $200,000. Both policies are pro-rata policies. How much will policy B pay for this loss? - Correct Answer: $60,000 I sold my home yesterday, signed a deed and transferred title. Last night there was a house fire. I had not yet cancelled my homeowner's insurance. The purchaser also had a homeowner's policy. Which policy should pay to pay the claim? - Correct Answer: Purchaser's policy Giving prompt notice of loss is best described as a policy: - Correct Answer: Condition