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Adjuster Pro 2 Questions And Answers 100% Correct!!! Latest Updated 2024
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Adjuster Pro 2 Questions And Answers 100% Correct!!! Latest Updated 2024
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Adjuster Pro 2 Questions And Answers100% Correct!!! Latest Updated 2024
Agent - ANSWER✔✔ one who recieves the authority to act on behalf of someone
else
Sales Agent - ANSWER✔✔ receives authority to sell
-authority given by written contract
Insurance Adjuster - ANSWER✔✔ receives authority to settle claims brought
against the insurer
- authority given by written contract
Three major responsibilities of contracted agents - ANSWER✔✔ 1. follow the
contract
2. always use reasonable judgement & care
3. provide all necessary information and documentation to the insurer
Express Authority - ANSWER✔✔ authority that is directly granted to the agent in
writing via the agent's contract
authority to: sell policies, collect premiums, issue binders, offer discounts, &
cancel insurance
Implied Authority - ANSWER✔✔ the authority that the public reasonably believes
the agent to have, based on the agent's representations:
portraying oneself as a representative, wearing a name tag with a company logo,
handing out company business cards
,Apparent Authority - ANSWER✔✔ indirect authority that is granted when the
insurer does NOT correct its agent, even though the agent may be acting in error
What is an Independent Insurance Sales Agent? - ANSWER✔✔ a self employed
agent that is able to represent and offer insurance products from more than one
company at a time.
-able to compare and give rate quotes from diff companies
- able to find a policy that bear fits the customer
Exclusive (Captive) Agent - ANSWER✔✔ paid on commission basis, represents
one insurer at a time
General Agent - ANSWER✔✔ works for one company and supervises/trains the
exclusive agents
Direct Writer - ANSWER✔✔ same as exclusive agent but works for salary
day-to-day activities of a sale's agent - ANSWER✔✔ sell insurance policies,
service policyholders' contracts, collect premiums, represent the insurer
Claim Function - ANSWER✔✔ the process of handling claims for coverage under
an insurance policy
-primary role of an adjuster
Two main goals in the Claims Function - ANSWER✔✔ - comply with the terms of
the contract
- support the insurer's financial stability
, What is Adjusting? - ANSWER✔✔ the process of comparing a claimant's losses to
the promises made in an insurance policy
What is an Insurance Adjuster? - ANSWER✔✔ an agent who processes insurance
claims for a salary, fee, or commission
Who can an Adjuster work for? - ANSWER✔✔ an insurer, a private company, an
adjusting company, or the claimant (insured)
Staff (Company) Adjuster - ANSWER✔✔ employed by one insurer, salaried, can
work locally, regionally, nationally
ex. State farm
Independent Adjuster - ANSWER✔✔ -can be called a fee adjuster or bureau
adjuster
- not contracted by any one insurer
- self employed
- processes claims for multiple insurers at the same time
- paid by fee schedule, daily rate, or time + expense
- sometimes paid on a commission basis
Public Adjuster - ANSWER✔✔ - hired by claimant
- charges on commission (usually 10% of settlement)
- hired when the insured knows the insurer will be making a payment for the claim
- helps determine the proper identification and valuation of a loss
- specializes in appraising and negotiating claims
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