Stu has a collection of rare comic books. He wants to purchase theft insurance for his
collection, separate from his home and other property. What term most accurately
describes the type of policy Stu would purchase?
Monoline Policy
Which of the following statements does NOT apply to the ...
Adjuster Pro Practice Exam
WITH 100% CORRECT
ANSWERS 2024
Stu has a collection of rare comic books. He wants
to purchase theft insurance for his
collection, separate from his home and other
property. What term most accurately
describes the type of policy Stu would purchase? -
answer Monoline Policy
Which of the following statements does NOT apply
to the Standard Fire Policy? - answer It
automatically covers wind and vandalism.
Which of the following refers to being restored to
the financial condition you were in
before a loss? - answer Indemnification
The fee paid by the insured in exchange for an
insurance policy is called a: - answer premium
Haley takes a bottle of water into a store, pours
some of it on the floor when no one is
,looking, and then pretends to slip and fall. She
cries out for help in apparent pain
until someone comes to her aid. She then sues the
store for her fake injury in an
effort to collect an insurance settlement. What has
Haley committed? - answer Hard fraud
Which settlement option is most often used when a
claimant misses work because of
bodily injury, but a settlement has not yet been
reached? - answer Advance payment settlement
Cindy and her insurer cannot reach an agreement
for her property claim, and have
gone back and forth for weeks without coming
within $10,000 of each other. At this
point, since both believe they are offering a fair
settlement, a third party is needed to
help facilitate the negotiation. Both parties still
want to retain their ability to "walkaway" if they
cannot reach an agreement. What is the next best
step for Cindy and her insurer? - answer Mediation
When Jeanette shows up to handle a claim on
behalf of ABC Insurance, she evaluates
the claim and negotiates a settlement. Maintaining
her integrity and acting ethically,
,Jeanette is fulfilling her: - answer fiduciary duty.
Many adjusters prefer arbitration to litigation,
because professional arbitrators tend to
be more ___________ than civil juries. - answer
knowledgeable
Which of the following is NOT true of the no-
release settlement? - answer It's also called an
"advance payment settlement."
Why should litigation be considered a last resort
option? - answer It can be costly and unpredictable
Which of the following steps would occur LAST in
the processing of a claim? - answer Negotiate a
settlement with the claimant
As an adjuster for KLM Insurance, Chrystal has the
important role of fiduciary agent.
While acting in this capacity, Chrystal's primary
responsibility is to: - answer protect the financial
and property interests of KLM Insurance
Bobby is adjusting a complicated auto claim. Which
of the following is TRUE? - answer Because the
, policyholder (Jane) is 84 years old and seems to
have trouble remembering what
happened before the accident, Bobby should feel
free to contact her 45-year-old caretaker for
clarification.
Jim is an insurance adjuster working a theft claim.
As part of his investigation, Jim
might want to do all of the following, EXCEPT: -
answer look for ways to lower the settlement for
the claimant.
Adjuster Alice is trying to determine the final
settlement amount for Ted's claim. Ted's
house was damaged in a covered loss, and Alice
has estimated that it will cost
$25,000 to make the necessary repairs. Ted's
homeowners policy has a $100,000 limit
and a $2,000 deductible. Typically, how much
would Adjuster Alice calculate Ted's
final settlement amount to be? - answer $23,000
As an insurance adjuster, Heather is responsible
for updating and maintaining an
accurate record of all the information pertinent to
an individual's insurance claim,
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