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Adjuster Pro 2 Questions & Answers
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Agent - ANSWERSone who recieves the authority to act on behalf of someone else Sales Agent - ANSWERSreceives authority to sell -authority given by written contract Insurance Adjuster - ANSWERSreceives authority to settle claims brought against the insurer - authority given by written cont...

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  • October 29, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Adjuster Pro 2 Questions & Answers
Agent - ANSWERSone who recieves the authority to act on behalf of someone else

Sales Agent - ANSWERSreceives authority to sell
-authority given by written contract

Insurance Adjuster - ANSWERSreceives authority to settle claims brought against the
insurer
- authority given by written contract

Three major responsibilities of contracted agents - ANSWERS1. follow the contract
2. always use reasonable judgement & care
3. provide all necessary information and documentation to the insurer

Express Authority - ANSWERSauthority 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 - ANSWERSthe 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 - ANSWERSindirect 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? - ANSWERSa 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 - ANSWERSpaid on commission basis, represents one
insurer at a time

General Agent - ANSWERSworks for one company and supervises/trains the exclusive
agents

Direct Writer - ANSWERSsame as exclusive agent but works for salary

day-to-day activities of a sale's agent - ANSWERSsell insurance policies, service
policyholders' contracts, collect premiums, represent the insurer

, Claim Function - ANSWERSthe process of handling claims for coverage under an
insurance policy
-primary role of an adjuster

Two main goals in the Claims Function - ANSWERS- comply with the terms of the
contract
- support the insurer's financial stability

What is Adjusting? - ANSWERSthe process of comparing a claimant's losses to the
promises made in an insurance policy

What is an Insurance Adjuster? - ANSWERSan agent who processes insurance claims
for a salary, fee, or commission

Who can an Adjuster work for? - ANSWERSan insurer, a private company, an adjusting
company, or the claimant (insured)

Staff (Company) Adjuster - ANSWERSemployed by one insurer, salaried, can work
locally, regionally, nationally
ex. State farm

Independent Adjuster - ANSWERS-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 - ANSWERS- 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

Emergency Adjuster - ANSWERStemporarily licensed individuals who handle claims
after natural disasters or catastrophes
- only allowed to work on claims related to disaster

Responsibilities of an Insurance Adjuster - ANSWERS1. acts as the Fiduciary Agent
2. has the Power to Bind
3. must Report to the Principal

Fiduciary Agent - ANSWERSan adjuster must:
- have authority granted by insurer via a contract
- act for, and on behalf of, the principal(the insurer)

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