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Louisiana Auto Adjuster Exam questions and answers
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Louisiana Auto Adjuster Exam questionsand answers
diminished value - Answer-a concept that states an automobile's market value has
decreased, even though it's been repaired after an accident; occurs because of the
theory that repairs can't be made to put the vehicle into its exact pre-loss condition
market value - Answer-a concept, which takes into account, what the property would
sell for on the open marketplace; utilized frequently when selling property such as
homes and auto
agreed value - Answer-the difference is that the agreed value provision states that it will
not pay any amount other than what's shown in the schedule in the event of a total loss;
this method of valuation is commonly used with items of significant value, such as
jewelry or furs
stated amount - Answer-most often used in auto insurance; requires a limit of insurance
to be listed for each vehicle; states that the insurer will pay the lesser of the actual cash
value of the loss, the amount necessary to repair or replace with property of like kind
and quality or the amount scheduled in the policy
actual cash value - Answer-a concept, which is based on the current cost new of the
property at the time of loss, with a deduction for depreciation on the property; this value
cannot exceed the limit of insurance on the property
estoppel - Answer-something is allowed to continue because all defenses against it are
stopped
waiver - Answer-giving up of any known right or advantage
reasonable expectations - Answer-a rule regarding insurance policies; since policies
can include complicated and technical language, many average consumers could not
understand them
aleatory - Answer-the performance of the contract is based on chance, rather than
certainty
direct losses - Answer-losses that occur when tangible property is damaged by a peril
Insurance - Answer-A means to transfer risk from one person or organization to a
company, thereby allowing a sharing of losses among all the insured persons or
organizations
loss - Answer-a reduction in quality, quantity or value of an asset
, risk - Answer-chance or uncertainty of loss
direct; indirect - Answer-losses are considered either ________________ or
________________
morale hazards - Answer-these hazards involve carelessness on the part of the insured
moral hazards - Answer-deal with situations that have the potential of creating false or
fraudulent claims or dishonesty in general
physical hazards - Answer-characterized by anything that is tangible
physical, moral, and morale - Answer-what three specific categories are hazards broken
down into?
hazards - Answer-anything that increases the chance that a loss will occur
peril - Answer-cause of loss
3rd party insurance - Answer-if the loss was covered by the policy, then payment is
made to the party that suffered the loss
casualty insurance - Answer-covers accidental losses resulting from bodily injury to a
person or damage to the property of someone else for which the insured is legally
responsible
1st party insurance - Answer-if the loss is covered by the policy, the payment for the
claim is made directly to the insured
property insurance - Answer-covers accidental losses resulting from damage to property
of the insured
premium - Answer-the insured pays a ____________ to the insurer in exchange for the
promise provided by the insurance contract to pay covered claims
Insured - Answer-A person, organization or business that is covered by an insurance
policy
consideration - Answer-a valid contract must involve ______________ (something of
value) from both parties; can consist of money, an act, a promise, or the giving up of a
legal right
Doctrine of Reasonable Expectations - Answer-this means that if an insurer constructs
the contract definitions in such a way as to substantially deviate from the accepted
definition, then the commonly accepted definition with prevail
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