CALIFORNIA ADJUSTER EXAM PREP 2024 QUESTIONS WITH COMPLETE ANSWERS VERIFIED BY EXPERTS GRADED A++
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CALIFORNIA ADJUSTER
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CALIFORNIA ADJUSTER
CALIFORNIA ADJUSTER EXAM PREP 2024 QUESTIONS WITH COMPLETE ANSWERS VERIFIED BY EXPERTS GRADED A++
The process where by a mutual insurer becomes a stock company is called
Demutualization
The process whereby a stock company a mutual insurer is called
Mutualization
The provision in a property p...
CALIFORNIA ADJUSTER EXAM PREP 2024 QUESTIONS WITH
COMPLETE ANSWERS VERIFIED BY EXPERTS GRADED A++
The process where by a mutual insurer becomes a stock company is called
Demutualization
The process whereby a stock company a mutual insurer is called
Mutualization
The provision in a property policy which states that the insured has been paid up
to their insurable interest is
Valuation clause
The part of the policy that states the amount of coverage the insured property
policy period is
Declaration
Part of the policy that establishes limits upon the insurer and the insured with the
insurance policy
Conditions
Which are the characteristics of negligence
Duty, breach, proximate cause, damages
Which of the following is not a federal program
Worker' compensation
Absolute risk(liability) is imposed
When there is negligence whether proven or not
X is in an accident with Y. X suffers $5000 of damage but it is determined that X is
60% responsible for the accident. How much would X receive under
CONTRIBUTORY negligence rules?
$0
what is the main purpose of tort law
to determine financial responsibility for damage
what of the following is not considered an intentional tort?
Auto accident
,Which of the following statements is true regarding compensatory damages?
There is usually no direct correlation between the amount of general and special
damages awarded to the victim
The insurer decides not to renew an insured's personal auto policy. How much
notice must the insurer provide to the insured
30 days
an insured's loss reserve for a claim is an estimate of the amount insurer will pay
for present and future loss, which of the following is an example of loss
prevention
a homeowner decides not to install a pool in the backyard
which of the following describes the act of making a false entry in any book
statement of report of any insurer with the intent to device any examiner lawfully
appointed to examine the insured's
an unfair practice
a person can base his/her claim for liability on the basis of all of the following
EXCEPT
breach of liability
the term "assignment" refers to
the transfer of the insured's interest in a policy to another party
the term "subrogation" refers to
the insured's right to recover payment from a responsible 3rd party
insurer's right to recover the payment of the claim after they paid the insured for
their property losses a negligent 3rd party is know as,
subrogation
an insurance deductible is
the amount of covered expense that the insured pays before the insurer pays,
all of the following are requirements for a notice by mail to an insured by insurer
except
notice must be sent with return receipt required
which of the following is considered special damages
Compensation for time away from work
,Which advisory organization(s) develop forms for the standard market?
Insurance service office and American association of insurances
Which of the following would be considered special damages?
Lost wages
What do the initials S.T.A.R.R represent?
Methods of risk mamagement
All of the following would be considered benefits of insurance except
Retention of loss by the insured
What gives an insured party the right to seek compensation if it is proven that
another person with negligence contributed to the injury
Tort law
What of the following is NOT one the three main types of insurance losses
Financial loss
Under a special cause of loss form if a landslide is caused by an unnatural flow of
water due to improper grading, the loss is,
Excluded under the concurrent causation
An open peril policy protects against the loss from
Any peril, other than those specifically excluded
What factor support the principle of indemnity?
Insurable interest
All of the following are characteristics of an ideally insurable loss exposure"
except"
Losses that are catastrophic
The amount to replace property with " like property of the same quality and
construction" is the properties
Replacement value
All of the following are considered intentional torts
except, Assult
What is the difference between per accident limit in a split limit policy and single
limits
There is no difference
, The intentional relinquishment of known right is
Waivier
Which type of loss is a business retirement or disability of key employee,
exposed to death retirement or disability of key employee,
Personnel loss exposure
The amount to replace an insured's damaged property
less depreciation, is know as the, Actual cash value
The commercial property conditions included a condition called " liberalization".
The effect of this condition is
To automatically apply broader coverage to the commercial property coverage part if a
policy form revision would broaden coverage without an addition premium
In a commercial lines program policy common policy condition do not include
which of the following as a condition?,
Perils insured
A possibility of financially loss resulting from the ownership of property is know
as
insurable interest
Laura is driving her own car on behalf of her employer Laura's negligent
operation of her car injures a member of public. The employer may be held liable
because of what is called.,
Vicarious liability
Type of exposure can be best defined as a condition or situation where the
exposure to financial loss is presented to a business owner by the injury
disability, death, sickness, of valuable employee, Personnel loss exposure
Which of the following is also know as a human loss exposure
Personal loss exposure
Which of the following best characterize a speculative risk?
A situation that offers the possibility for a loss or gain
In the state of CA no rate will remain in effect if it is considered to be any of the
following, EXCEPT
Impartial
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