Pro insurance adjuster Study guides, Class notes & Summaries

Adjuster Pro - Insurance adjuster test 2024 Questions & Answers Guaranteed Pass.

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - CORRECT ANSWER-the insurer collect...

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 - Insurance adjuster test.

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...

Florida Claims Adjuster Exam Questions with Correct Answers 1 / 36 1. Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy.The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests: D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is ma...

1. 1. The insured carries a BOP policy with protective systems such as a sprinkler system. If the system becomes inoperative, the insured must advise the insurance company of the problem within if the system cannot be restored to working order: 48 hours Your Answer 2. 2. Tina has two policies (Policy X and Policy Y) that cover the same risk on a pro rata basis. Policy X has a limit of $100,000 and Policy Y has a limit of $25,000. When Tina suffers a loss totaling $75,000, how will the two pol...