PUBLIC ADJUSTER EXAM QUESTIONS
WITH CORRECT ANSWERS
Program Trigger for terrorist acts must cause a collective damage in excess of? -
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CORRECT ANSWER✔✔-• $100,000,000 | |
TF A public adjuster may own no more than 50% in a salvage or similar business?
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- CORRECT ANSWER✔✔-• F
| | | |
General Average - CORRECT ANSWER✔✔-• Loss shared by all parties
| | | | | | | | |
Particular Average - CORRECT ANSWER✔✔-• Only one party shares in the loss.
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In a home owner policy there is no deductible for - CORRECT ANSWER✔✔-•
| | | | | | | | | | | | |
Liability Coverage |
In BOP covered property is listed and described in what part of the contract? -
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CORRECT ANSWER✔✔-• Declarations page | | |
What is not eligible for coverage under a livestock floater? - CORRECT
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ANSWER✔✔-Poultry
,What type of carrier must assume the broadest liability under common law? -
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CORRECT ANSWER✔✔-Common carriers | |
Named insured is never a _______? - CORRECT ANSWER✔✔-Lien Holder. Must
| | | | | | | | | | |
have insurable interest in the property.
| | | | |
How much extra coverage does the BOP allow for building code updates on a
| | | | | | | | | | | | | |
loss? - CORRECT ANSWER✔✔-$10,000
| | |
HO-3 only covers ___________ for jewelry? - CORRECT ANSWER✔✔-Actual Cash
| | | | | | | | | |
Value
Promise by one party that is conditioned on an uncertain event and where the
| | | | | | | | | | | | | |
value given by each party is unequal is called? - CORRECT ANSWER✔✔-Aleatory
| | | | | | | | | | |
An insurer has ________ days to complete their investigation of a claim? -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-30 days | |
Farm insurance coverage G covers? - CORRECT ANSWER✔✔-Silos
| | | | | | |
Under equipment breakdown coverage, the full replacement cost will be provided
| | | | | | | | | |
if the equipment is repaired in what time period after a loss? - CORRECT
| | | | | | | | | | | | | | |
ANSWER✔✔-24 months. |
In the newest edition of the commercial property form, what is now considered
| | | | | | | | | | | | |
part of the building? - CORRECT ANSWER✔✔-Vegetated roofs
| | | | | | |
, Which Dwelling forms provide broad form coverage for personal property? -
| | | | | | | | | | |
CORRECT ANSWER✔✔-DP-2 and DP-3 | | |
The homeowner personal property replacement cost endorsement would pay
| | | | | | | | |
replacement cost for ___________? - CORRECT ANSWER✔✔-Used clothing
| | | | | | |
An insurer must acknowledge receipt of a claim within _______ working days? -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-10 |
An insurance contract is considered 4 things - CORRECT ANSWER✔✔-Aleatory
| | | | | | | | | |
Unilateral |
Adhesive |
Conditional
Admitted insurers must be financially examined by the Pennsylvania Department
| | | | | | | | | |
of insurance at least once every _______ years? - CORRECT ANSWER✔✔-5 years.
| | | | | | | | | | |
A leased building has to be ____% unoccupied to be considered vacant under the
| | | | | | | | | | | | | |
COMMERCIAL PROPERTY policy? - CORRECT ANSWER✔✔-31% | | | | |
What about for BOP? A building must be _______% vacant to be considered
| | | | | | | | | | | | |
vacant? - CORRECT ANSWER✔✔-65%
| | |
BOP additional limit for debris removal is? - CORRECT ANSWER✔✔-• 25,000
| | | | | | | | | |
WITH CORRECT ANSWERS
Program Trigger for terrorist acts must cause a collective damage in excess of? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-• $100,000,000 | |
TF A public adjuster may own no more than 50% in a salvage or similar business?
| | | | | | | | | | | | | | |
- CORRECT ANSWER✔✔-• F
| | | |
General Average - CORRECT ANSWER✔✔-• Loss shared by all parties
| | | | | | | | |
Particular Average - CORRECT ANSWER✔✔-• Only one party shares in the loss.
| | | | | | | | | | |
In a home owner policy there is no deductible for - CORRECT ANSWER✔✔-•
| | | | | | | | | | | | |
Liability Coverage |
In BOP covered property is listed and described in what part of the contract? -
| | | | | | | | | | | | | | |
CORRECT ANSWER✔✔-• Declarations page | | |
What is not eligible for coverage under a livestock floater? - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Poultry
,What type of carrier must assume the broadest liability under common law? -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-Common carriers | |
Named insured is never a _______? - CORRECT ANSWER✔✔-Lien Holder. Must
| | | | | | | | | | |
have insurable interest in the property.
| | | | |
How much extra coverage does the BOP allow for building code updates on a
| | | | | | | | | | | | | |
loss? - CORRECT ANSWER✔✔-$10,000
| | |
HO-3 only covers ___________ for jewelry? - CORRECT ANSWER✔✔-Actual Cash
| | | | | | | | | |
Value
Promise by one party that is conditioned on an uncertain event and where the
| | | | | | | | | | | | | |
value given by each party is unequal is called? - CORRECT ANSWER✔✔-Aleatory
| | | | | | | | | | |
An insurer has ________ days to complete their investigation of a claim? -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-30 days | |
Farm insurance coverage G covers? - CORRECT ANSWER✔✔-Silos
| | | | | | |
Under equipment breakdown coverage, the full replacement cost will be provided
| | | | | | | | | |
if the equipment is repaired in what time period after a loss? - CORRECT
| | | | | | | | | | | | | | |
ANSWER✔✔-24 months. |
In the newest edition of the commercial property form, what is now considered
| | | | | | | | | | | | |
part of the building? - CORRECT ANSWER✔✔-Vegetated roofs
| | | | | | |
, Which Dwelling forms provide broad form coverage for personal property? -
| | | | | | | | | | |
CORRECT ANSWER✔✔-DP-2 and DP-3 | | |
The homeowner personal property replacement cost endorsement would pay
| | | | | | | | |
replacement cost for ___________? - CORRECT ANSWER✔✔-Used clothing
| | | | | | |
An insurer must acknowledge receipt of a claim within _______ working days? -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-10 |
An insurance contract is considered 4 things - CORRECT ANSWER✔✔-Aleatory
| | | | | | | | | |
Unilateral |
Adhesive |
Conditional
Admitted insurers must be financially examined by the Pennsylvania Department
| | | | | | | | | |
of insurance at least once every _______ years? - CORRECT ANSWER✔✔-5 years.
| | | | | | | | | | |
A leased building has to be ____% unoccupied to be considered vacant under the
| | | | | | | | | | | | | |
COMMERCIAL PROPERTY policy? - CORRECT ANSWER✔✔-31% | | | | |
What about for BOP? A building must be _______% vacant to be considered
| | | | | | | | | | | | |
vacant? - CORRECT ANSWER✔✔-65%
| | |
BOP additional limit for debris removal is? - CORRECT ANSWER✔✔-• 25,000
| | | | | | | | | |
