Types of adjusters - Study guides, Class notes & Summaries

Antonia has a general liability policy with a self-insured retention of $50,000. The policy has an occurrence limit of $250,000 and an aggregate limit of $500,000. She had submitted one prior claim this policy term for which $100,000 was paid by the insurer. How much will Antonia's insurer pay on a subsequent claim under the same policy period that is valued at $400,000? Select one: A. $200,000 B. $250,000 C. $400,000 D. $500,000 - B. $250,000 After the SIR limit had been reached, the ...

Texas Property and Casualty Adjusters License Questions and Answers Risk ANSWER Uncertainty Types of risk ANSWER Pure vs speculative Pure not insured Peril ANSWER Cause of loss- open vs named Hazard ANSWER Types- physical , moral , morale Indemnity ANSWER No gain Subrogation ANSWER Insurance sues at fault party Fiduciary ANSWER Responsible for property of others Waiver ANSWER Insurance company voluntarily gives up a policy right Warranty ANSWER Written into contract-...

Texas All Lines Adjuster Quiz Adjuster, Competent parties, Contract of adhesion, Unilateral contracts, Utmost good Faith, Types of Texas adjusters, Law of large numbers, The principal of Indemnity, The Principal of Insurable Interest, Consideration of the insurer, Warranties, Waiver, Fraud

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- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...

Certified Claims Adjuster- Florida Exam Questions with Answers Evaluate legal liability, cause of loss, damages and bodily injury: - Answer-Liability Adjusters Provide medial and wage replacement benefits for injured workers - Answer-Worker's Compensation Adjusters Handle various types of losses and may earn the right to a field position: - Answer-Multi-Line Adjusters Insurance that is compromised of liability and worker's compensation claims: - Answer-Casualty Insurance Involve...

Indiana Adjuster Pre-Licensing Exam Questions and Answers Graded A+ What is an Agent? -Answer-One who receives authority to act on behalf of someone else Who are the two agents? -Answer-Sales Agent & Insurance Adjuster What is Power to Bind -Answer-What the agent says or does can bind the insurer What are the three responsibilities? -Answer-Adhere/follow the contract, Use good judgment and care at all times, Provide necessary info to the insurer. What are the three types of Authority? -A...

Louisiana Insurance Adjuster Verified Answers 3 Degrees of Liability ️1.)Full Liability - The insured party is 100% at fault for damages to a third party. 2.)Partial Liability - the insured party is only partially at fault or shares fault with a third party. 3.)No Liability - the insured party has 0% or no liability in the damage to a third party. 3 Major Responsibilities of Contracted Agents ️1.) Adhere to of follow the contract 2.) Use reasonable judgement and care 3.) Provide ...

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 other ...

Texas All Lines Adjuster - Claims Adjuster ConceptsAbsolute Liability - correct answer Liability that is imposed on the ownership of vicious dog breeds (e.g. Pit Bulls or Rottweilers) or the participation in dangerous activities (e.g. storing explosives in your garage). Actual Cash Value - correct answer The cost of replacing damaged property at today's prices minus deductions for depreciation. Aggregate Limit - correct answer The most the policy will pay for all losses or claims made dur...