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NJ Public Adjustment review questions fully solved & updated 2025.
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NJ Public Adjustment review questions fully solved & updated 2025.
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NJ Public Adjustment reviewquestions fully solved &
updated 2025
Public Adjuster License - answer A solicitors/adjusters license is
valid for two years and must be renewed every two years
Public Adjuster Bond - answer $10,000 bond is required for
solicitors/adjusters
Proof of Loss - answer documentation of loss required of a policy
owner by an insurance company; must usually be filed within 60
days after the request of the insured or according to policy
provision, 60 days after the date of loss
Loss to a Pair or Set - answer (1) repair or replace any part to
restore the pair or set to its value before the loss or
(2) pay the difference between actual cash value before and after
the loss
Insurer - answer company offering protection through the sale of
an insurance policy to an insured
Insured - answer party covered by an insurance policy
Policy Period - answer the inception date and expiration date of
the policy
, Limit of Liability - answer maximum amount of coverage available
under a liability insurance policy
Insurable Interest - answer expectation of a monetary loss that can
be covered by insurance. Owner of the property.
Mortgage Clause - answer attachment to a property insurance
policy to protect the interest of the mortgage in the mortgaged
property. If the property is damaged or destroyed the mortgage is
indemnified up to his or her stated interest in the property.
Market Value - answer value of property as established by the
price a willing buyer would pay for property purchased from a
willing seller
Agreed Value - answer a stipulated agreement between the
insurance company and the insured that the amount of insurance
coverage under the policy is sufficient to be in compliance with the
coinsurance requirement.
Depreciation - answer actual or accounting recognition of the
decrease in the value of a hard asset (property) over a period of
time
Recoverable Depreciation(Holdback) - answer although
replacement cost policies provide for replacement of damaged
property at current prices, certain conditions must be met before
you can collect the full amount for the loss. The insurance company
will make an offer of settlement, then withhold a portion of the
money until the repairs are actually made. You must provide
receipts showing that you incurred a cost of equal or greater than
the offer of settlement in order for you to receive all of the holdback
moneys.
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