Adjuster pro final exam - Study guides, Class notes & Summaries

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 ad...

What is a reserve, in insurance terms? - Answer A pool of collected premiums that the insurer sets aside to pay claims Which of these scenarios is NOT an example of indemnification? - Answer When trying to renew her dog's license, Ellen has to pay a penalty to the city for letting its rabies vaccination lapse. Ellen having to pay a fine is not an example of indemnification. Indemnification means being restored to the financial condition you were in before a loss. In three of these sit...

ADJUSTER PRO EXAM WITH REVISED ANSWERS (2023) Stu has a collection of rare comic books. He wants to purchase theft insurance for his collection, separate from his home and other property. What term most accurately describes the type of policy Stu would purchase? - CORRECT ANSWER-Monoline Policy Which of the following statements does NOT apply to the Standard Fire Policy? - CORRECT ANSWER-It automatically covers wind and vandalism. Which of the following refers to being restored to the ...

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...

TEST FOR ADJUSTER PRO, FLORIDA STUDY(QUESTIONS AND ANSWERS)A+ GRADED EXAM 2023-2024 - CORRECT ANSWER-Subtract the deductible from covered damages to get indemnification - CORRECT ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - CORRECT ANSWER-1945 regulate insurance Naic doesn't give benefits to comissioners 90 day to pay hijacking on...

ADJUSTER PRO FINAL EXAM

Adjuster Pro - Florida Certified Adjuster Glossary Exam Prep 2023. 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 contrac...

ADJUSTER PRO EXAM FINAL 2023/24 UPDATED QUESTIONS WITH CORRECT SOLUTIONS

ADJUSTER PRO - FLORIDA CERTIFIED ADJUSTER GLOSSARY 2024 UPDATE|250+ QUESTIONS AND ANSWERS |ESSENTIAL FOR FLORIDA CLAIMS ADJUSTER LATEST EXAM 2024/2025. Accumulated Depreciation -- CORRECT 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) -- CORRECT ANSWER->> A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formu...