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ae21 Insurance Adjuster License Final Exam Questions With Complete Solutions!!
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ae21 Insurance Adjuster License Final Exam Questions With Complete Solutions!!
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Name: Score:147 Multiple choice questions
Definition 1 of 147
The insured place of business including additions under construction along with in incidental
materials and supplies
Includes furniture, fixtures, etc used in the service of the business
Includes debris removal, preservation of property, fire department service charge, etc
Properties not covered - Money, cash and securities
Animals, unless part of business stock
Commercial Property Insurance
Premises and Operations Claims
Coverage C: Personal Property
Purpose of PIP for Auto-Insurance
Term 2 of 147
Limits of CGL Insurance
Inquiry, Verification, and Comparison
$10,000 total for all benefits (Excluding the death benefit)
$5,000 Death Benefit is paid in addition tot he medical and disability benefit.
$2,500 limit on medical and disability benefits if the individual is not diagnosed with an
"emergency medical condition"
$2,000,000 Aggregate
Pre Occurrence Limit
The failure, without legal excuse, of a promisor to perform the obligations of a contract.
"Bad Faith" verdict.
,Term 3 of 147
An insured employee is injured when he falls off a ladder. Is he eligible for compensation through
the insured General Liability carrier?
A resident of your insured's household accidentally cuts herself with a knife while preparing
dinner
the building is under construction or is being renovated
There is no coverage. Injuries to employees are covered under workers comp.
those individuals meeting the definition of an "insured" under the policy.
Definition 4 of 147
Falling Objects, Weather, theft, vandalism, contact with birds or animals
The best defense to a claim of defamation is
Liability Coverage cannot be used for:
Health Provider Organizations - HMO
Comprehensive Coverage Examples for auto
Definition 5 of 147
Claims adjustor who is a salaried employee representing only one company.
company adjustor
comp rate for ttd
Permissive Use
Which of the following is NOT a law that affects ones Legal Liability?
,Term 6 of 147
Which of the following symbols is used to provide coverage for "Specifically Described Autos"
under a business auto policy
7
Non-Cancelable
Jettison
19
Definition 7 of 147
limited to $150K to dependents and $7,500 for funeral
10/20/10 Split Limit Policy
Third-party claim
Worker's Comp Death Benefits
What does symbol 22 mean next to Liability, Physical Damage: Comprehensive and Physical
Damage: Collision Coverage mean?
Term 8 of 147
When a public adjuster is required to provide a bond to guarantee performance, the public
adjuster becomes which party to the bonding agreement?
Principal
Non-Cancelable
A principal and obligee
Inspection
, Term 9 of 147
Basic Adjustment Calculation
Repair Cost - Deductible = Payment
Payment = (Limit of Insurance / Expected completed value) x Loss Amount
Amount of loss - Deductible = Loss Payment
Establishing a dollar value for a claim
Definition 10 of 147
Customer is injured while in the showroom, manufacturing facility, or parking lot.
Hull Coverage
Actual Cash Value (ACV)
No Release/Walk Away
Premises Claim
Term 11 of 147
The Basic Premise of a General Liability insuring agreement states that:
The day the loss was discovered
A 5-Hour Law and Ethics Update Course
The policy will respond if an insured person or entity is legally liable for bodily injury or
property damage that occurs within the policy period and is not otherwise excluded from
coverage.
An insurance policy that covers loss from industrial equipment such as steam boilers.
Must be an accident or a sudden breakdown
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