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Insurance Adjuster Exam - Questions And Answers
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Insurance Adjuster Exam - QuestionsAnd Answers
Which kind of losses are covered under a standard fire policy? Correct Ans
➡ Direct
All fires are not covered by the Standard Fire policies, only those that:
Correct Ans ➡ are hostile and have a flame or glow
At what time does a fire policy go into affect? Correct Ans ➡ 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? Correct Ans ➡ $5,000
A fire burning in the middle of the living room would be considered:
Correct Ans ➡ 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: Correct Ans ➡ subrogation
Which of the following statements are true concerning requirements of the
standard fire policy? Correct Ans ➡ 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? Correct Ans ➡ accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy? Correct Ans ➡ the named
insured and his legal representatives
An agreement which affords temporary insurance protection until the policy
is issued is called: Correct Ans ➡ a binder
,as a general rule, a complete fire insurance policy would be made up of:
Correct Ans ➡ 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 Correct Ans ➡ over-insurance
replacement cost minus depreciation: Correct Ans ➡ Actual Cash Value
(ACV)
The Standard Fire policy with an extended coverage endorsement attached
covers which of the following: Correct Ans ➡ riot
A loss due to order of Civil Authority: Correct Ans ➡ 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 : Correct Ans ➡ 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? Correct Ans ➡ 60 days after April 30th
For recovery under the Standard Fire policy, a party must: Correct Ans ➡
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? Correct Ans ➡ None
Once elected, how long is the insurance commissioner's term? Correct Ans
➡ 4 years
, Is there a limit on the number of terms an insurance commissioner can serve?
Correct Ans ➡ No
Who is Georgia's current insurance commissioner? Correct Ans ➡ Ralph
Hudgens
What two capacities does Georgia's insurance commissioner serve? Correct
Ans ➡ 1. Chief Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early? Correct
Ans ➡ No election; the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia? Correct Ans
➡ 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? Correct Ans ➡ once every 5 years
Only one court in Georgia has the right to overturn the decision of the
Insurance Commissioner. Which is it? Correct Ans ➡ Superior Court of
Fulton County
What certificate is required for a company to be an authorized insurer in
Georgia? Correct Ans ➡ Certificate of Authority
Surplus Lines Risk Correct Ans ➡ 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? Correct Ans ➡ if they're under
financial distress
What are the requirements to be a licensed producer in Georgia? Correct
Ans ➡ 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"? Correct Ans ➡
the applicant submits an application to the company with payment
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