Claims Adjuster Final (Multiple Choice Questions) & Answers Fully Solved
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Course
Claims Adjuster
Institution
Claims Adjuster
An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - ANSWER-The insured and insurer
An insurer gives which of the following as Consideration for an insurance policy? - ANSWER-A Promise
The interest of the insured and all other persons in the property involved...
Claims Adjuster Final (Multiple Choice
Questions) & Answers Fully Solved
An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of -
ANSWER-The insured and insurer
An insurer gives which of the following as Consideration for an insurance policy? -
ANSWER-A Promise
The interest of the insured and all other persons in the property involved in a claim is
found in - 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 _______? - 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? - ANSWER-5 days notice required
For insurance to pay damages, an insurable interest must exist: - ANSWER-When the
loss takes place
Texting while driving is best described as a: - 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? -
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? - ANSWER-Purchaser's
policy
Giving prompt notice of loss is best described as a policy: - ANSWER-Condition
If there is a total loss by an insured peril to a FL building, the insurer must pay: -
ANSWER-Actual Cash Value
A Loss Payable Clause refers to - ANSWER-Lenders interest in personal property
,My coin collection was appraised and my insurance company specifically insured the
valued of that collection. That is an example of: - ANSWER-A Valued Policy
An insurance contract is based on the Principle of: - ANSWER-Utmost Good Faith
The two kinds of waivers are: - ANSWER-express and implied
Proximate Cause is the unbroken connection between the occurrence and ____ that
grows out of the occurrence. - ANSWER-Damages
Which loss settlement valuation may be a violation of the Principle of Indemnity? -
ANSWER-Replacement Cost
If the policy limit is $60,000; 80% coinsurance requirement; loss of $60,000 and the
value of the property is $100,000, what loss amount will the insurer pay? - ANSWER-
$45,000
The insured has a Homeowner's insurance policy with a 5% Hurricane deductible. If
a hurricane loss of $6,000 occurs to the home that is valued and insured for $100,000,
how much will the policy pay? - ANSWER-$1,000
A waiver is defined as - ANSWER-Giving up a known right voluntarily
An insured signs a release to settle a claim. In the event the insured discovers injuries
or damages that were unknown at the time of settlement, what is generally true? -
ANSWER-Release extinguished all causes of action
Which of the following is not a tort: - ANSWER-Breach of contract
The type of damages that pays medical bills is known as: - ANSWER-Special
A marine policy has a $1 million limit and a $100,000 franchise deductible. A covered
loss is $110,000. How much will the policy pay? - ANSWER-$110,000
Which of the following is NOT included in a proof of loss? - ANSWER-Replacement cost
of each item
Property and Liability policies cover: - ANSWER-Persons
What type of tort arises from a negligent act? - ANSWER-Unintentional
A car crash victim sued the negligent-drunk driver for damages 5 years after the
accident. What is true in FL? - ANSWER-Statute of Limitations applies
The best statement regarding the Appraisal process is: - ANSWER-Appraisal
determines the value of a loss
, Florida is a ____Negligence state. - ANSWER-Comparative
Rule 69B-220.201 prohibits adjusters from - ANSWER-giving legal advice
A defense to a claim made by a person who knowingly competes in an extreme sport
and is injured would be: - ANSWER-Assumption of Risk
In Florida property claims must be paid within __ days of notice of claims. - ANSWER-
90
'Liability' refers to: - ANSWER-The merits of the claim
Self-interest or self-dealing is a violation of an adjuster's: - ANSWER-Fiduciary duty
A single claimant was injured in an accident with a FL State Employee. What is true? -
ANSWER-The maximum recovery is $200,000
An insured has a split limit auto policy with limits of 10/20/10. What is true? - ANSWER-
The insured can never recover any money from this policy
Replacement cost less depreciation is the definition of: - ANSWER-Actual Cash Value
The FL Unfair Insurance Trade Practices Act penalizes all of the following, EXCEPT: -
ANSWER-Keeping accurate records of complaints
An insured has an auto policy with a single limit of $30,000. What is true? - ANSWER-
This is both a liability and property damage policy.
A insured and two family members were hospitalized for injuries suffered in an
auto crash caused by a drunk driver. The insured carried a basic auto liability
policy of 10/20/10. What is the maximum that the insured's own liability will pay
for these injuries? - ANSWER-0
An insured had a 50/100/50 auto policy that was the subject of lawsuit.
Judgment in the amount of $50,000 with interest was entered against the insured.
What is true? - ANSWER-The insurer must pay interest
An insured had a 10/20/10 auto policy. The insured was at-fault for two accidents
on two consecutive days: One on Friday morning, and another on Saturday
afternoon. The property damage in the Friday accident was $5000; the property
damage on Saturday was $15,000. What will the policy pay for each property
damage claim? - ANSWER-Friday claim-$5000/Saturday claim-$10,000
The No Fault Law requires: - ANSWER-PIP only
Form SR-22 certifies that: - ANSWER-Liability coverage is in effect
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