ADJUSTERPRO FINAL EXAM 2024 LATEST QUESTIONS AND VERIFIED ANSWERS BY EXPERT 100% GUARANTEED PASS
-+What is a reserve, in insurance terms?
A pool of collected premiums that the insurer sets aside to pay claims
Which of these scenarios is NOT an example of indemnification?
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ADJUSTERPRO FINAL EXAM 2024 LATEST
QUESTIONS AND VERIFIED ANSWERS BY EXPERT
100% GUARANTEED PASS
-+What is a reserve, in insurance terms?
A pool of collected premiums that the insurer sets aside to pay claims
Which of these scenarios is NOT an example of indemnification?
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
situations, someone experienced a loss and was then "made whole": Joe-Bob's
neighbor lost his TV, Alice lost her house, and Hugh lost the use of his car. But in the
case of Ellen's dog, the city did not experience a loss; it simply imposed a penalty to
teach Ellen a lesson about keeping up with her dog's shots.
Greg plays trombone in his school band during football games. During a rally
song in the stands one day, Greg annoys one of the opposing team's fans, who
grabs his $400 trombone and hurls it down the bleachers, completely destroying
it. Greg's insurance pays him $400 to replace the trombone, but then the
opposing team's coach also offers to replace the instrument, at whatever the
cost. So Greg orders a new $3,200 trombone and has the opposing team's athletic
department absorb the cost. Which principle has Greg violated?
The principle of indemnity
Which of the following statements is true about an insurance policy?
,It relies on the utmost good faith of both the insured and the insurer
An insurance policy relies on the utmost good faith of both the insured and the insurer.
Which of the following would you find in the Conditions section of an insurance
policy?
The insured's duty after a loss
In which section of an insurance policy might you find the following statement?
"Damage to insured property must be reported within 15 days of the damaging
occurrence."
Conditions
A captive insurance company:
exists solely to provide insurance for its parent company.
Cindy holds an insurance policy from Sine Nomine Insurance. This is not a
publicly traded company, and Cindy can participate in the election of the board,
receiving dividends if the company does well. Sine Nomine Insurance could be
best described as a:
Sine Nomine Insurance is a mutual insurance company.
When an insurer issues an insurance policy, the actual item, person, or
organization that is being insured is called the:
risk.
Which of the following is a hazard?
A driver's tendency to text while driving
Which of the following situations does NOT involve an insurable risk?
Dale just bought 30 shares of a hot new startup company online.
Which of the following situations does NOT involve an instance of "pure risk?"
Loss of money invested in the stock market
Which of the following is an insurable risk?
football stadium
Risk avoidance is a risk management technique that:
eliminates risk.
, Amy needs more floor space in her antique furniture store, so she buys a storage
building 3 miles away. She is worried about keeping the furniture in the storage
building safe, so she puts in an alarm system and smoke detectors. By
purchasing the alarm system and smoke detectors, Amy is practicing:
risk reduction.
Six Stars Development Company has just been offered a great deal on ten large
properties in Las Vegas. The economy in Las Vegas has been declining recently,
but the CEO of Six Stars expects it to recover soon. This could be an exceptional
opportunity for Six Stars, but it's also pretty risky. Ultimately, the Six Stars
executive team decides not to purchase the properties. This is an example of:
risk avoidance.
Jason's auto policy states that the insurer may cancel coverage if a premium is
more than 30 days late. However, Jason is currently more than 30 days late, and
has been so five times in the last year, and his insurer has done nothing about it.
When Jason gets into an accident and files a claim, which of the following is most
likely to happen?
An implied waiver is one that is assumed based on someone's actions. When the
insurer decided to accept Jason's late premium payments, it implied that it was waiving
its right to cancel Jason's policy because of a late payment. So, when Jason files a
claim, the insurer may not claim that his policy is void due to late payments.
In order to qualify for an insurance policy, Lydia's Fine Jewels must agree to have
a security guard on the premises 24/7. This is called a:
A warranty is a guarantee that certain conditions will be met. If the policyholder violates
a warranty, the insurer can void the policy.
Which of the following is an example of a moral hazard?
Ken lights a candle, sets it right next to the window draperies and leaves the house to
go to work.
Lucy has insurance on an expensive necklace she likes to wear to work every
day. After work, she takes it off and leaves it in her car's cupholder so she can
put it back on in the morning on her way to work. Lucy's behavior would be
considered a:
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