Claims Adjuster Revision Exam Questions And All Correct Answers.
7 views 0 purchase
Course
Devoted Agent Certification
Institution
Devoted Agent Certification
Adjusters Authority - Answer An agent's authority can bind.
● What the agent says or does can bind the insurer
Agent's Responsibilities - Answer 1. Adhere to or follow the contract
2. Use reasonable judgment and care at all times
3. Provide all necessary information and documentation ...
Claims Adjuster Revision Exam
Questions And All Correct Answers.
Adjusters Authority - Answer An agent's authority can bind.
● What the agent says or does can bind the insurer
Agent's Responsibilities - Answer 1. Adhere to or follow the contract
2. Use reasonable judgment and care at all times
3. Provide all necessary information and documentation to the insurer
Express Authority - Answer Authority that is directly granted to the agent in writing via the agent's
contract
Agents usually have express authority to:
● Sell policies
● Collect premiums
● Issue binders
● Offer discounts (such as multi-policy discounts)
● Cancel insurance
Implied Authority - Answer Reasonable for public to believe, not expressly granted in writing
Because an agent portrays himself as a representative of the insurer, anything the agent says or does is
implied to be the action of the insurer.
● Portraying oneself as a representative
● Wearing a name tag with company logo
● Handing out company business cards
● Words and actions that go "hand-in-hand" with express authority and are usual in order to perform an
agent's duties
, Apparent Authority - Answer another form of indirect authority
when the agent does something to rep the insurer AND the insurer goes along with it.
MEANING even if the agent does something he wasn't supposed to do, the insurer will still be
accountable for his actions IF they don't say or do anything about it.
If an adjuster issues payment to a claimant for more than the claimant actually lost—such as classifying
something of greater value when in reality it was of lesser value—the insurer still issues the check for the
consumer.
The adjuster appears to have the authority because the check was issued.
This was a mistake but the insurer typically won't make the consumer pay back the money simply
because of an agent's mistake.
The Four Types of Sales Agents: - Answer 1. Independent Insurance Sales Agent:The Independent Sales
Agent is self-employed and able to represent and offer insurance products from more than one company
at the same time.
2. Exclusive Agent: Also called " Captive Agent " He is paid on a commissioned basis. He represents one
insurer at a time and provides quotes and policies from only that company.
3. General Agent: The General Agent also works for only one company. He trains and supervises the
Exclusive Agents for that company.
4. Direct Writer: works for only one company, selling insurance directly to customers; they're are salaried
employees.
What is the Claims Adjusters Primary Role - Answer CLAIMS FUNCTION:
• The process of handling claims for coverage
• The part of the insurance contract that lets the insurer fulfill its promises to the insured.
Two main goals:
● Comply with the terms of the contract
● Support the insurer's financial stability
What is an Insurance Adjuster? - Answer Adjusting
The process of comparing a claimant's losses to the promises made in an insurance policy
Insurance Adjuster
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestSolver9. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
