Insurance Adjusting- LA Questions and Answers (100% Pass)
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Module
Insurance Adjuster
Institution
Insurance Adjuster
Adhesion
Insurance policies are contracts of adhesion, which means that one
party (the insurer) dictates the terms, and the other party (the inured)
simply accepts or rejects them. One implication of this arrangement is
that any ambiguities in the contract will be interpreted in the favor o...
Which of the following statements applies to actual cash value?
✓ Actual cash value generally reflects the fair market value of an item.
franchise deductible
✓ With a franchise deductible, the policyholder only pays for damages
that are less than his deductible. If the cost of damages equals or
exceeds his deductible, the insurer pays the full amount and the
policyholder pays nothing.
Jack's home is valued at $950,000. How much insurance does he need to
carry on his home in order to be fully insured under a typical insurance
policy?
✓ Jack must carry at least $760,000 (80% of the value of his home) in
insurance in order to be fully insured.
Joe is looking for information in his Standard Fire Policy, relating to policy
cancellation, assignment, and subrogation. In which section would he find
this information?
✓ Conditions
Master01 | October, 2024/2025 | Latest update
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