Adjusterpro Property And Casulty Test
Exam Questions And Answers With
Verified Solutions Latest Updated 2024
Staff Adjusters - ANSWER✔✔ are on the payroll of an insurance company
Independent adjusters - ANSWER✔✔ Usually handle claims for more than one
company and receive a fee based on time and expense.
Contractors - ANSWER✔✔ May work for a comapny that furnishes adjusters for
the handling of catasrophic losses. They are paid in the same manner as
independent adjusters.
Public Adjusters - ANSWER✔✔ Work on behalf of the insured in negotiating a
claim settlement.Work for the Insured
Temporary/Emergency licenses - ANSWER✔✔ Department allows temporary
licenses for the perposes of training and in cases of emergencies.
Adjuster -- Workers' compensation -- - ANSWER✔✔ this license allows a person
to adjust and/or supervise all workers' compensation, employers liability, United
States Longshore and Harbor Workers' Compensation Act, Jones Act, and all other
federal acts.
Adjuster -- Property and Casualty -- - ANSWER✔✔ This license allows a perons
to adjust and or/supervise claims in all areas of property and casualty insurance
except workers' compensation
,Adjuster -- All Lines -- - ANSWER✔✔ This license allows a person to adjust
and/or supervise claims in all lines of insurance included in workers' compensation
and peroperty and casualty
Domestic - ANSWER✔✔ an insurer organized, admitted, and writing insurance in
Texas (USAA) Example Gainsco, Fred Loya Insurance
Foreign - ANSWER✔✔ An insurer domiciled outside the state where it writes
inruance (State Farm) Example: Amica, Travelers, Progressive, Nationwide.
Alien - ANSWER✔✔ An insurence company organized and domiciled outside the
United States.(Tokyo Fire and Marine). Example: Zurich
An insured can endorse liab on a dwelling under what circumstance? -
ANSWER✔✔ Owners Occupancey
Which dwelling property form requires that the dwelling be owner occupied? -
ANSWER✔✔ DP3 Speical
Open perils for A,B,C,D+E broad perils for Cov C
What is a warranty?Why is it Important? - ANSWER✔✔ -a written conditin in the
policy that must be true at time of loss
- a breach will suspend covg. resulting in a claim denial
Define Advertising Injury - ANSWER✔✔ Copyright infringement, false statment
about the competitor in advertizements
What is pro-rate liability? How are claims paid? - ANSWER✔✔ -Shared coverage
between insurance carriers
, - paid propertionatly, equal or primary exess
What is the maximum an insured can collect from HO per tree for a covered loss? -
ANSWER✔✔ -$ 500
-$250 commerical
What covgs. are included in Standard Fire Policy(SFP)? - ANSWER✔✔ Fire,
lightning, explosion + removal
Named insured where at on policy? - ANSWER✔✔ Dec Page
Subrogation - ANSWER✔✔ -anytime an insurance company pays money on
behalf of insured that they do not owe
-they want it back, have a right to collect
How old does an adjuster have to be to obtain a license? - ANSWER✔✔ 18 years
old
Who has right of Salvage? - ANSWER✔✔ Insurer
Which HO policy has covg. fore theft? - ANSWER✔✔ All of them
Is the dirt/land under the dwelling covered on a dwelling policy? - ANSWER✔✔
NO
How many hours of ethics must you complete for continuing education? -
ANSWER✔✔ 2hours of ethics
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