Claims Adjuster Final Exam Questions With Correct Answers
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Course
Claims Adjuster
Institution
Claims Adjuster
Claims Adjuster Final Exam Questions With
Correct Answers
An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - answerThe
insured and insurer
An insurer gives which of the following as Consideration for an insurance policy? - answerA
Promise
The interest of th...
Claims Adjuster Final Exam Questions With
Correct Answers
An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - answer✔The
insured and insurer
An insurer gives which of the following as Consideration for an insurance policy? - answer✔A
Promise
The interest of the insured and all other persons in the property involved in a claim is
found in - answer✔A Proof of Loss
An insured rear-ends another driver's vehicle. The auto policy that pays damages to
repair the damaged vehicle is a _______? - answer✔Liability Policy
Your insurance company wrote an auto insurance binder for an owner who said that he
did not have any prior accidents. Immediately thereafter it was discovered that he did not
tell the truth. The company now wants to cancel the binder as quickly as possible. What
is true? - answer✔5 days notice required
For insurance to pay damages, an insurable interest must exist: - answer✔When the loss takes
place
Texting while driving is best described as a: - answer✔Hazard
A covered loss is $90,000. Policy A has a limit of $100,000. Policy B has a limit of
$200,000. Both policies are pro-rata policies. How much will policy B pay for this loss? -
answer✔$60,000
I sold my home yesterday, signed a deed and transferred title. Last night there was a
house fire. I had not yet cancelled my homeowner's insurance. The purchaser also had a
homeowner's policy. Which policy should pay to pay the claim? - answer✔Purchaser's policy
Giving prompt notice of loss is best described as a policy: - answer✔Condition
If there is a total loss by an insured peril to a FL building, the insurer must pay: - answer✔Actual
Cash Value
A Loss Payable Clause refers to - answer✔Lenders interest in personal property
My coin collection was appraised and my insurance company specifically insured the
valued of that collection. That is an example of: - answer✔A Valued Policy
An insurance contract is based on the Principle of: - answer✔Utmost Good Faith
The two kinds of waivers are: - answer✔express and implied
Proximate Cause is the unbroken connection between the occurrence and ____ that
grows out of the occurrence. - answer✔Damages
Which loss settlement valuation may be a violation of the Principle of Indemnity? -
answer✔Replacement Cost
If the policy limit is $60,000; 80% coinsurance requirement; loss of $60,000 and the
value of the property is $100,000, what loss amount will the insurer pay? - answer✔$45,000
The insured has a Homeowner's insurance policy with a 5% Hurricane deductible. If
a hurricane loss of $6,000 occurs to the home that is valued and insured for $100,000,
how much will the policy pay? - answer✔$1,000
A waiver is defined as - answer✔Giving up a known right voluntarily
An insured signs a release to settle a claim. In the event the insured discovers injuries
or damages that were unknown at the time of settlement, what is generally true? -
answer✔Release extinguished all causes of action
Which of the following is not a tort: - answer✔Breach of contract
The type of damages that pays medical bills is known as: - answer✔Special
A marine policy has a $1 million limit and a $100,000 franchise deductible. A covered
loss is $110,000. How much will the policy pay? - answer✔$110,000
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