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ADJUSTER PRO EXAM WITH REVISED ANSWERS || 2024
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ADJUSTER PRO EXAM WITH REVISED ANSWERS || 2024
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ADJUSTER PRO EXAM TEST WITH ANSWERSWhich 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 financial condition you were in before a
loss? - CORRECT ANSWER-Indemnification
The fee paid by the insured in exchange for an insurance policy is called a: - CORRECT
ANSWER-premium
Haley takes a bottle of water into a store, pours some of it on the floor when no one is looking,
and then pretends to slip and fall. She cries out for help in apparent pain until someone comes to
her aid. She then sues the store for her fake injury in an effort to collect an insurance settlement.
What has Haley committed? - CORRECT ANSWER-Hard fraud
Which settlement option is most often used when a claimant misses work because of bodily
injury, but a settlement has not yet been reached? - CORRECT ANSWER- Advance payment
settlement
Cindy and her insurer cannot reach an agreement for her property claim, and have gone back and
forth for weeks without coming within $10,000 of each other. At this point, since both believe
they are offering a fair settlement, a third party is needed to help facilitate the negotiation. Both
parties still want to retain their ability to "walkaway" if they cannot reach an agreement. What is
the next best step for Cindy and her insurer? - CORRECT ANSWER-Mediation
When Jeanette shows up to handle a claim on behalf of ABC Insurance, she evaluates the claim
and negotiates a settlement. Maintaining her integrity and acting ethically, Jeanette is fulfilling
her: - CORRECT ANSWER-fiduciary duty.
Which of the following is NOT true of the no-release settlement? - CORRECT ANSWER-It's
also called an "advance payment settlement."
pg. 1
,Why should litigation be considered a last resort option? - CORRECT ANSWER-It can be costly
and unpredictable
Which of the following steps would occur LAST in the processing of a claim? - CORRECT
ANSWER-Negotiate a settlement with the claimant
As an adjuster for KLM Insurance, Chrystal has the important role of fiduciary agent. While
acting in this capacity, Chrystal's primary responsibility is to: - CORRECT ANSWER-protect the
financial and property interests of KLM Insurance
Bobby is adjusting a complicated auto claim. Which of the following is TRUE? - CORRECT
ANSWER-Because the policyholder (Jane) is 84 years old and seems to have trouble
remembering what
happened before the accident, Bobby should feel free to contact her 45-year-old caretaker for
clarification.
Jim is an insurance adjuster working a theft claim. As part of his investigation, Jim might want to
do all of the following, EXCEPT: - CORRECT ANSWER-look for ways to lower the settlement
for the claimant.
Adjuster Alice is trying to determine the final settlement amount for Ted's claim. Ted's house was
damaged in a covered loss, and Alice has estimated that it will cost
$25,000 to make the necessary repairs. Ted's homeowners policy has a $100,000 limit and a
$2,000 deductible. Typically, how much would Adjuster Alice calculate Ted's final settlement
amount to be? - CORRECT ANSWER-$23,000
As an insurance adjuster, Heather is responsible for updating and maintaining an accurate record
of all the information pertinent to an individual's insurance claim, including copies of all written
documentation, photos and property sketches, witness statements, and copies of medical bills.
What is this record called? - CORRECT ANSWER-Claim file
Bill is going to switch employers, and therefore switch healthcare providers. Which federal law
ensures that he won't be denied coverage when he switches health plans? - CORRECT
ANSWER-HIPAA
pg. 2
, Cindy, a drunk driver, accidentally crashes into Nancy's house, causing $22,000 in damage. On
top of that, Nancy tries to get the adjuster to add an additional $20,000 for punitive damages to
punish Cindy for driving while intoxicated. However, Nancy
fails in her attempts at negotiation. This is because: - CORRECT ANSWER-the adjuster does not
have authority to negotiate for punitive damages.
Bill's new home is in the final stages of construction, and he has purchased an HO-2 policy to
insure his financial interest in the property. This morning, Bill's contractor calls to tell him that
an electrical fire has destroyed his new kitchen, and all of the crown molding that was supposed
to be installed today has been stolen. It will be
$15,000 to rebuild the kitchen and another $4,200 to replace the trim. How will Bill's insurer
respond when he files a claim? - CORRECT ANSWER-His insurer will pay
$15,000 to rebuild the kitchen and nothing for the stolen trim.
Tim's $2,500 boat trailer was stolen from his driveway. Ignoring any deductibles, how much can
Tim receive for his stolen trailer when he files a claim against his homeowners policy? -
CORRECT ANSWER-$1,500
For loss settlement purposes, most homeowners policies: - CORRECT ANSWER-pay for
damages to personal property at actual cash value, and damages to structures at replacement
cost.
After a rain storm, Nancy realizes that she left her bedroom windows open the entire time. Now
there is extensive water damage to her area rug and furniture, and the laptop that had been sitting
on her desk is ruined. Nancy has a Broad Form homeowners policy, so she calls her insurance
company and files a claim. What is
the likely result of Nancy's claim? - CORRECT ANSWER-The insurer will not cover any of the
damage, since Nancy left the windows open.
Sherrie's roof and fence are damaged in a violent windstorm. Sherrie has a typical HO-3 policy
with a $150,000 limit for Coverage A - Dwelling. Assuming she has no endorsements, how much
coverage does she have available for the damage to her fence? - CORRECT ANSWER-$15,000
pg. 3
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