INSURANCE ADJUSTER EXAM 2024 ACTUAL QUESTIONS AND VERIFIED CORRECT ANSWERS ALREADY PASSED GRADED A++
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INSURANCE ADJUSTER EXAM 2024 ACTUAL QUESTIONS AND VERIFIED CORRECT ANSWERS ALREADY PASSED GRADED A++
Which kind of losses are covered under a standard fire policy?
Direct
All fires are not covered by the Standard Fire policies, only those that:
are hostile and have a flame or glow
At what ti...
INSURANCE ADJUSTER EXAM 2024 ACTUAL QUESTIONS AND
VERIFIED CORRECT ANSWERS ALREADY PASSED GRADED A++
Which kind of losses are covered under a standard fire policy?
Direct
All fires are not covered by the Standard Fire policies, only those that:
are hostile and have a flame or glow
At what time does a fire policy go into affect?
12:01am standard time at the location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A fire
causes $10,000 worth of damage. What is the maximum amount the insured may
collect under each policy?
$5,000
A fire burning in the middle of the living room would be considered:
a hostile fire
An insured's house is damaged by fire caused by a neighbor's negligence. The
insurance company will attempt to recover damage from the neighbor. This is
called:
subrogation
Which of the following statements are true concerning requirements of the
standard fire policy?
The insured must separate damaged from undamaged property in the event there is a
loss AND If a loss occurs, the insured normally has 60 days to file a proof of loss with
the insurer
Which types of property are excluded from coverage under the basic fire policy?
accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy?
the named insured and his legal representatives
,An agreement which affords temporary insurance protection until the policy is
issued is called:
a binder
as a general rule, a complete fire insurance policy would be made up of:
the Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
c) over-insurance
d) concealment
over-insurance
replacement cost minus depreciation:
Actual Cash Value (ACV)
The Standard Fire policy with an extended coverage endorsement attached
covers which of the following:
riot
A loss due to order of Civil Authority:
is excluded unless the loss occurs because of an order by Civil Authorities for the
purpose of controlling a fire
The term "unoccupancy" refers to the absence of :
persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance company
notifies the mortgagee the insured has not filed a proof of loss. To protect their
interest, the mortgagee must file a proof of loss within _________ days after what
date?
60 days after April 30th
For recovery under the Standard Fire policy, a party must:
be named in the policy and show an insurable interest in the property at the time the
loss occurs
What is the requirement on how much experience one must have to be elected
the insurance commissioner in Georgia?
, None
Once elected, how long is the insurance commissioner's term?
4 years
Is there a limit on the number of terms an insurance commissioner can serve?
No
Who is Georgia's current insurance commissioner?
Ralph Hudgens
What two capacities does Georgia's insurance commissioner serve?
1. Chief Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early?
No election; the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia?
must have a bond in the amount of $15,000
If you are a domestic insurer in Georgia, how often does code say your financials
must be examined?
once every 5 years
Only one court in Georgia has the right to overturn the decision of the Insurance
Commissioner. Which is it?
Superior Court of Fulton County
What certificate is required for a company to be an authorized insurer in Georgia?
Certificate of Authority
Surplus Lines Risk
has been rejected by 3 authorized insurers
What is the primary reason the state of Georgia would revoke an insurance
company's certificate to authorize?
if they're under financial distress
What are the requirements to be a licensed producer in Georgia?
must be at least 18 years old, take a 40 hour course, pass licensing exam, apply for
license, pass background check
Which of the following would be considered an "offer"?
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