8/29/24, 2:47 PM CA ADJUSTERS LICENSE PSI EXAM 2024-2025 MOST TESTED QUESTIONS WITH DETAILED VERIFIED ANSWERS AND…
CA ADJUSTERS LICENSE PSI EXAM 2024-2025
MOST TESTED QUESTIONS WITH DETAILED
VERIFIED ANSWERS AND EXPLANATION GET IT
RIGHT / GRADED A+
Terms in this set (200)
Which of the following The correct answer is: The Basic, Broad and Special
dwelling forms provides Form.
coverage for loss of rental
income? EXPLANATION:
All of the forms provide for rental value coverage. In
- The Basic, Broad and the DP-2 and DP-3, it is 20% of the Coverage A limit
Special Form and is additional coverage. With the DP-1, the 20%
- The Basic and Broad coverage reduces the available Coverage A amount on
Forms only the dwelling. (Note: in North Carolina the percentage
- The Broad and Special is 10%.)
Forms only
- The Special Form only
Which of the following can The correct answer is: All of the Responses are
be categorized as liability Correct.
doctrines?
EXPLANATION:
Vicarious All of these terms can be categorized a liability
Res Ipsa Loquitur doctrines. Res Ipsa Loquitur means "the thing speaks
Strict for itself."
All of the Responses are
Correct
,8/29/24, 2:47 PM CA ADJUSTERS LICENSE PSI EXAM 2024-2025 MOST TESTED QUESTIONS WITH DETAILED VERIFIED ANSWERS AND…
Under an HO-3 form The correct answer is: Only if they are lost due to an
materials and supplies to insured peril.
be used in construction,
alteration or repair of the The items would be covered if destroyed by an insured
structure and kept next to peril. Note that the items must either be on the
the residence premises are insured's residence premises or next to the residence
covered: premises such as in a neighbor's garage.
If they have been at the
location more than 30
days.
If they have been at the
location less than 30 days.
Only if they are lost due to
an insured peril.
Only if they are lost due to
fire.
,8/29/24, 2:47 PM CA ADJUSTERS LICENSE PSI EXAM 2024-2025 MOST TESTED QUESTIONS WITH DETAILED VERIFIED ANSWERS AND…
Under an Equipment The correct answer is: $505,000.
Breakdown Protection
policy with $500,000 in EXPLANATION:
coverage, a covered The maximum that can be paid is the limit of the policy.
"accident" resulted in the Legal expenses are in addition to the limit of coverage.
following:
I. $500,000 worth of
damage to the property.
II. $10,000 damage to the
property of another in the
insured's care.
III. $5,000 in legal fees to
defend the insured in this
case.
, 8/29/24, 2:47 PM CA ADJUSTERS LICENSE PSI EXAM 2024-2025 MOST TESTED QUESTIONS WITH DETAILED VERIFIED ANSWERS AND…
The insured is insured The correct answer is: Coverage is included under the
under a DP-3 dwelling building coverage and would apply since the materials
form and is remodeling the are next to the insured's premises.
dwelling. He does not
have a place to store the EXPLANATION:
materials. His next door The policy would respond to pay the loss because the
neighbor permits the policy covers building materials located on or next to
insured to store the the insured premises.
materials in his garage. The
garage is destroyed by fire
and the materials are also
destroyed. Which of the
following applies?
- The policy has a special
limit under an extension of
coverage that applies.
- Coverage is included
under the building
coverage and would apply
since the materials are next
to the insured's premises.
- The policy would not pay
the claim since the
materials were off the
insured's residence
premises.
- The materials must be in
an enclosed structure for
coverage to apply.
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