Staff adjusters - Study guides, Class notes & Summaries

Property and Casualty Adjuster Exam Questions and Answers 100% Pass 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 ne...

Accumulated Depreciation - Answer- The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - Answer- A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - Answer- One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the oth...

Adjuster - Answer any person who, as an independent contractor, or as an employee of an independent contractor; adjustment bureau; association; insurance company or corporation; local recording agent; managing general agent; or self-insured, investigates or adjusts losses on behalf of either an insurer or a self insured, or any person who supervises the handling of claims." Staff Adjusters - Answer are on the payroll of an insurance company and are paid a salary or by the hour. These a...

Texas All Lines Adjuster 2024 License Test – With Questions & Answers (Rated A+) Texas All Lines Adjuster 2024 License Test – With Questions & Answers (Rated A+) Accumulated Depreciation - ANSWER - The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - ANSWER - The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charg...

Claims Adjuster Exam 2024 Questions And Correct Solution Update |guaranteed success| A claim in the property/casualty industry is defined as: - ANS - An assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation fro injuries or damages. What are you really buying when you purchase insurance: - ANS - Peace of mind. Why is insurance such a unique product: - ANS - Its a financial produc...

Accumulated Depreciation correct answers The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date correct answers The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) correct answers A valuation method used by insurers to reflect an item's current market value right before...

Accumulated Depreciation correct answers The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) correct answers A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion correct answers One of the characteristics of an insurance contract. Means that one party (the insurer) sets the ...

3 types of adjusters - Answer Public, independent, staff What type of adjuster is employed by the insurance company? - Answer Staff What type of adjuster is contracted by the insured? - Answer Public What type of adjuster is contracted by the insurer? - Answer Independent Who does the Public Adjuster work for? - Answer The insured 4 components of the claim reporting process - Answer Claims investigation, evaluation, negotiation, disposal 3 types of reports an adjust...

Adjuster's License Test - Adjusting Losses Exam Questions and Answers A public adjuster Primarily represents the interests of: -Answer-The insured named in the policy Adjusters employed by State Farm, Allstate, and Travelers would be considered what type of adjusters -Answer-Company or Staff The CT insurance Dept. regulates activities of PAs by setting fourth specific rules in communicating settlement offers from the insurer of their clients. Accordingly, upon receipt of an offer to set...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Review Questions with Correct Answers Mechanical Breakdown Coverage - Answer-Covers repairs to mechanical parts of your vehicle that break. Even covers break in events not related to an accident. Sliding - Answer-Selling an item and stating that it is required by law. What is the Death Benefit amount for PIP ? - Answer-$5,000 What is the amount for medical and disability benefits afforded by PIP ? - Answer-$10,000 Who is the...