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Insurance Adjusting Questions and Answers (100% Pass)
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he difference between surety bonds and insurance contracts is surety bonds do not constitute a transfer of risk. Subrogation Clause This clause is used when the insurer has paid a covered claim on behalf of the insured that is caused by another party. The insurance company is entitled to t...

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  • October 12, 2024
  • 109
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • insurance adjusting questions and answers 100 p
  • he difference between surety bonds and insurance c

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  • Insurance Adjuster
  • Insurance Adjuster

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1 | P a g e | © copyright 2024/2025 | Grade A+




Insurance Adjusting Questions and
Answers (100% Pass)
The difference between surety bonds and insurance contracts is


✓ surety bonds do not constitute a transfer of risk.




Subrogation Clause


✓ This clause is used when the insurer has paid a covered claim on

behalf of the insured that is caused by another party. The insurance

company is entitled to the insured's right of recovery from the negligent

party. This clause is sometimes called "Transfer of Right of Recovery

Against Others to Us."




Cause of Loss Forms


✓ State the perils that are to be insured against.




Actual cash value


✓ The cost of replacement less depreciation.




Loss Evaluation Methods




Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ Actual cash value

Replacement cost


Functional replacement cost


Market value


Agreed value


Stated amount


Valued policy




Coinsurance/Loss Settlement Clause


✓ In property insurance: is a method of requiring the insured to carry

enough insurance to cover at least 80% of the replacement cost value

of the property at the time of the loss. Less than 80% coverage will

mean lower claim payments.




Standard mortgage clause (mortgagee rights)


✓ Protects the interest of the financial institution against loss to real

property caused by perils insured against.




Liability Losses




Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ Third party losses




Types of Liability Policies


✓ Personal auto policies ▪

Commercial auto policies ▪


General liability policies ▪


Professional liability policies ▪ Umbrella policies ▪ Personal liability (including

boats and yachts)




Loss payable clause


✓ Similar to the mortgagee clause but applies to chattel or movable

personal property on which the insured has a loan.




Constructive Total Loss


✓ Occurs when the cost to repair damaged property exceeds the value

of the property after repairs have been made.




Compensatory Damages


✓ Damages caused to a third party by the insured as a result of his/her

negligence. Two types: special and general.



Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

Special Damages


✓ Economic losses resulting directly from a loss and include medical

expenses etc.




General Damages


✓ Pain and suffering and disfigurement, and life-altering issues such as

loss of mobility and loss of consortium not readily defined by actual

incurred expenses that are directly caused by a covered loss.




Defenses Against Negligence


✓ Contributory Negligence




Comparative Negligence




Assumption of Risk




Intervening Cause




Statute of Limitationsh




Master01 | October, 2024/2025 | Latest update

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