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Insurance Adjuster Exam/203 Complete Questions and Answers
Insurance Adjuster Exam/203 Complete Questions and Answers
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Insurance Adjuster Exam/203Complete Questions and Answers
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"? - -the applicant
submits an application to the company with payment
-All of the following are true about insurable risk except:
a) the loss must not be catastrophic in nature
b) the loss must be large enough to create hardship
c) the loss must not be definite and definable
d) the law of large numbers should apply - -c) the loss must not be definite
and definable
-all of the following are parts of the insurance contract except:
a) declarations
b) insuring agreements
c) conditions
d) inclusions - -d) inclusions
-something that increases the chance of a peril occurring is known as a(n): -
-hazard
-open peril, or "all risk", forms: - -name the exclusions and limitations
-When a person decides not to buy insurance because of the cost, what
method of handling risk has been undertaken? - -risk retention
-the insurance industry deals with those areas of risk where the chances of
loss are: - -anywhere between 0% and 100%
-which of the following is not an element for the formation of a valid
contract?
a) consideration
b) legal purpose
c) agreement
d) incompetent parties - -d) incompetent parties
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