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Adjuster Pro Exam Prep Questions And Answers With Verified Solutions 100% Correct!!!
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Adjuster Pro Exam Prep Questions And Answers With Verified Solutions 100% Correct!!!
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Adjuster Pro Exam Prep Questions AndAnswers With Verified Solutions 100%
Correct!!!
Common law is based upon - ANSWER✔✔ court decisions and customs.
cause of loss or damage - ANSWER✔✔ peril
Jim owns a home valued at $187,500, but he only has a $100,000 homeowner's
policy and is underinsured. During a storm, lightning strikes Jim's home
causing $45,000 in damages. The insurer decides to invoke a coinsurance
penalty. How much will Jim be required to pay for the penalty? -
ANSWER✔✔ The coinsurance requirement of 80% means that Jim should
have maintained a minimum policy of $150,000 in coverage. Instead, Jim
maintained a $100,000 policy, under-insuring himself by a third. When the
insurer invokes the coinsurance penalty, Jim is then responsible for a third of
the damages, which in this case totaled $45,000. So, Jim must pay $15,000.
In the context of insurance adjusting, who is the principal? - ANSWER✔✔ The
source of the adjuster's authority
What document do insurance companies give to claimants when they think
something in the claim is not covered by the policy, but they are not sure
yet? - ANSWER✔✔ Reservation of Rights letter
Which of the following is NOT a reason why an adjuster would collect written or
recorded witness statements during a claim investigation?
A. To fully comply with the Conditions section of the insurance policy
,B. To dispute an account provided by the claimant or another witness
C. To impeach a witness's credibility if he changes his story when the claim goes
to court
D. To expose data that may have been overlooked in the claim handling process -
ANSWER✔✔ A. To fully comply with the Conditions section of the
insurance policy
Nichole's car was damaged while it was being serviced at Don's Auto Shop.
Nichole's auto insurance policy covers physical damage to her vehicle, but it
will not cover the damage that occurred while the vehicle was under the
control of Don's Auto Shop. Which provision in her policy states this?
A. Control of Property
B. No Benefit to Bailee
C. Assignment
D. Severability of Interests - ANSWER✔✔ B. No Benefit to Bailee
Which of the following would NOT fall under the definition of "Residence
Premises" in Shannon's homeowners policy?
A. The beach house that Shannon and her family rent for a weekend getaway each
month
,B. Shannon's detached 4-car garage
C. The two-bedroom house that Shannon owns in town, which she rents out to four
college students
D. The vacant lot that Shannon owns, located right next to her own house -
ANSWER✔✔ C. The two-bedroom house that Shannon owns in town,
which she rents out to four college students
With a ____ deductible, the policyholder only pays for damages that are less than
his deductible. If the cost of damages equals or exceeds his deductible, the
insurer pays the full amount and the policyholder pays nothing. -
ANSWER✔✔ franchise
Which of the following does NOT apply to Tort Law?
A. The state charges the defendant
B. Only a simple majority is required to reward the claimant for damages
C. Tort law applies only to civil trials
D. The defendant is called the tortfeasor - ANSWER✔✔ A. The state charges the
defendant
Quincy is in court attempting to convince the jury through a preponderance of
evidence that his insurer is deliberately withholding his rightful
, indemnification for his property claim. In which type of legal proceeding are
Quincy and his insurer currently involved?
A. Criminal trial
B. Civil trial
C. Contributory negligence hearing
D. Comparative negligence hearing - ANSWER✔✔ B. Civil trial
XYZ Trucking Company has a franchise deductible policy with a deductible of
$100,000. When a tornado rips through their lot, the company sustains
$965,000 in damage. How much of the damage will XYZ Trucking
Company be responsible for paying?
A. $0
B. $965,000
C. $100,000
D. $865,000 - ANSWER✔✔ A. $0
HO-6 covers what? - ANSWER✔✔ the finished surfaces of the insured's unit, but
not the overall building, since this is owned collectively.
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