Exam (elaborations)
MISSISSIPPI INSURANCE ADJUSTER TEST QUESTIONS AND ANSWERS
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MISSISSIPPI INSURANCE ADJUSTER TEST QUESTIONS AND ANSWERS
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1-197 of 197The original occurrence
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, causes damage that then damage. is the proximate cause of all resulting
losses.
A car crash starts a fire, and the fire department causes water damage
while putting out the flames
The car crash is the proximate cause of the structural damage , fire and
smoke damage and water damage.
Joe's driveway has a very steep grade with several sharp turns, and it gets very muddy
during rains. To an insurance company, Joe's driveway might be considered:
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hazard.
Problems with Adverse Selection
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Insufficient premiums for level of risk exposure
Leads to higher premiums, which might cause people to cancel policies
What best describes the insurance concept of "exposure"?
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, The possibility of damage or loss
Insuring Agreement
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Essence of the contract. Summarizes what the insurer will cover and how.
Adjustment:
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the final disposition of a claim
Sarah is driving carelessly through the streets of Tallahassee when she hits a puddle
and loses control of her car. She crashes into a telephone pole and the car is
completely wrecked. To her insurer, Sarah's car is considered a:
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loss.
Occurrence
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, An event or circumstance that loss
Bill purchased a policy from ABC Insurance. Several months later, he filed a claim
which was denied. While reviewing his policy, he found several ambiguities in the
policy and decided challenge the insurer's decision. When the dispute went to trial,
the court ruled in Bill's favor. This is because insurance policies are
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aleatory contracts
Sally cigarette butt into Neal's dumpster, starting a fire on Neal's property that costs
him $10,000. Neal files a claim with his insurer. The insurer Neal and then pays
demands $10,000 from Sally to pay for the loss she caused. What the insurer the right
to collect payment from gives Sally?
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Subrogation
4 methods of valuation:
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