Insurance Adjuster Exam with
Accurate Solutions
Which kind of losses are covered under a standard fire policy? - ANS-Direct
All fires are not covered by the Standard Fire policies, only those that: - ANS-are hostile
and have a flame or glow
At what time does a fire policy go into affect? - ANS-12:01am standard time at the
location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A fire causes
$10,000 worth of damage. What is the maximum amount the insured may collect under
each policy? - ANS-$5,000
A fire burning in the middle of the living room would be considered: - ANS-a hostile fire
An insured's house is damaged by fire caused by a neighbor's negligence. The
insurance company will attempt to recover damage from the neighbor. This is called: -
ANS-subrogation
Which of the following statements are true concerning requirements of the standard fire
policy? - ANS-The insured must separate damaged from undamaged property in the
event there is a loss AND If a loss occurs, the insured normally has 60 days to file a
proof of loss with the insurer
Which types of property are excluded from coverage under the basic fire policy? - ANS-
accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy? - ANS-the named insured and his legal
representatives
An agreement which affords temporary insurance protection until the policy is issued is
called: - ANS-a binder
as a general rule, a complete fire insurance policy would be made up of: - ANS-the
Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
,c) over-insurance
d) concealment - ANS-over-insurance
replacement cost minus depreciation: - ANS-Actual Cash Value (ACV)
The Standard Fire policy with an extended coverage endorsement attached covers
which of the following: - ANS-riot
A loss due to order of Civil Authority: - ANS-is excluded unless the loss occurs because
of an order by Civil Authorities for the purpose of controlling a fire
The term "unoccupancy" refers to the absence of : - ANS-persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance company notifies
the mortgagee the insured has not filed a proof of loss. To protect their interest, the
mortgagee must file a proof of loss within _________ days after what date? - ANS-60
days after April 30th
For recovery under the Standard Fire policy, a party must: - ANS-be named in the policy
and show an insurable interest in the property at the time the loss occurs
What is the requirement on how much experience one must have to be elected the
insurance commissioner in Georgia? - ANS-None
Once elected, how long is the insurance commissioner's term? - ANS-4 years
Is there a limit on the number of terms an insurance commissioner can serve? - ANS-
No
Who is Georgia's current insurance commissioner? - ANS-Ralph Hudgens
What two capacities does Georgia's insurance commissioner serve? - ANS-1. Chief
Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early? - ANS-No election;
the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia? - ANS-must have a bond
in the amount of $15,000
If you are a domestic insurer in Georgia, how often does code say your financials must
be examined? - ANS-once every 5 years
Only one court in Georgia has the right to overturn the decision of the Insurance
Commissioner. Which is it? - ANS-Superior Court of Fulton County
, What certificate is required for a company to be an authorized insurer in Georgia? -
ANS-Certificate of Authority
Surplus Lines Risk - ANS-has been rejected by 3 authorized insurers
How many employees must an employer have to be required to carry workers
compensation coverage? - ANS-3 or more
What loss of income payment can employees awarded workers comp receive? - ANS-
loss of wages payable up to 66 2/3 of wages
What is the waiting period to receive income benefits for workers compensation? - ANS-
7 days
If employee dies from injury in workplace accident, will cover funeral costs up to: - ANS-
$7500
What is the first page of the Workers Comp Policy called? - ANS-Information Page
Attached to the Information Page of the Workers Comp Policy are two sections. What
are they called? - ANS-Section 1: Statutory Benefits
Section 2: Employers Liability
What are Statutory Benefits? - ANS-medical, income, death, and rehab
What is required for an agent to share commission with another agent when selling a
policy? - ANS-a P&C license
Reasons houses can't qualify for Homeowners Policy: - ANS--low value
-old, un-renovated (must be updated within last 25 years)
-houses in undesirable locations
-rental houses
-must be owner-occupied to qualify
Which Dwelling Fire Policy is the best? - ANS-DP-3 Special, because it is all risk
coverage
DP-2 Dwelling Fire Policy: - ANS-2nd best, has the most named perils
How often must you renew an insurance license? - ANS-once every 2 years (on the last
day of your birth month)
--> must fulfill 24-hour credits
What is the purpose of a Dwelling Fire Policy? - ANS-to cover a residence
Accurate Solutions
Which kind of losses are covered under a standard fire policy? - ANS-Direct
All fires are not covered by the Standard Fire policies, only those that: - ANS-are hostile
and have a flame or glow
At what time does a fire policy go into affect? - ANS-12:01am standard time at the
location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A fire causes
$10,000 worth of damage. What is the maximum amount the insured may collect under
each policy? - ANS-$5,000
A fire burning in the middle of the living room would be considered: - ANS-a hostile fire
An insured's house is damaged by fire caused by a neighbor's negligence. The
insurance company will attempt to recover damage from the neighbor. This is called: -
ANS-subrogation
Which of the following statements are true concerning requirements of the standard fire
policy? - ANS-The insured must separate damaged from undamaged property in the
event there is a loss AND If a loss occurs, the insured normally has 60 days to file a
proof of loss with the insurer
Which types of property are excluded from coverage under the basic fire policy? - ANS-
accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy? - ANS-the named insured and his legal
representatives
An agreement which affords temporary insurance protection until the policy is issued is
called: - ANS-a binder
as a general rule, a complete fire insurance policy would be made up of: - ANS-the
Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
,c) over-insurance
d) concealment - ANS-over-insurance
replacement cost minus depreciation: - ANS-Actual Cash Value (ACV)
The Standard Fire policy with an extended coverage endorsement attached covers
which of the following: - ANS-riot
A loss due to order of Civil Authority: - ANS-is excluded unless the loss occurs because
of an order by Civil Authorities for the purpose of controlling a fire
The term "unoccupancy" refers to the absence of : - ANS-persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance company notifies
the mortgagee the insured has not filed a proof of loss. To protect their interest, the
mortgagee must file a proof of loss within _________ days after what date? - ANS-60
days after April 30th
For recovery under the Standard Fire policy, a party must: - ANS-be named in the policy
and show an insurable interest in the property at the time the loss occurs
What is the requirement on how much experience one must have to be elected the
insurance commissioner in Georgia? - ANS-None
Once elected, how long is the insurance commissioner's term? - ANS-4 years
Is there a limit on the number of terms an insurance commissioner can serve? - ANS-
No
Who is Georgia's current insurance commissioner? - ANS-Ralph Hudgens
What two capacities does Georgia's insurance commissioner serve? - ANS-1. Chief
Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early? - ANS-No election;
the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia? - ANS-must have a bond
in the amount of $15,000
If you are a domestic insurer in Georgia, how often does code say your financials must
be examined? - ANS-once every 5 years
Only one court in Georgia has the right to overturn the decision of the Insurance
Commissioner. Which is it? - ANS-Superior Court of Fulton County
, What certificate is required for a company to be an authorized insurer in Georgia? -
ANS-Certificate of Authority
Surplus Lines Risk - ANS-has been rejected by 3 authorized insurers
How many employees must an employer have to be required to carry workers
compensation coverage? - ANS-3 or more
What loss of income payment can employees awarded workers comp receive? - ANS-
loss of wages payable up to 66 2/3 of wages
What is the waiting period to receive income benefits for workers compensation? - ANS-
7 days
If employee dies from injury in workplace accident, will cover funeral costs up to: - ANS-
$7500
What is the first page of the Workers Comp Policy called? - ANS-Information Page
Attached to the Information Page of the Workers Comp Policy are two sections. What
are they called? - ANS-Section 1: Statutory Benefits
Section 2: Employers Liability
What are Statutory Benefits? - ANS-medical, income, death, and rehab
What is required for an agent to share commission with another agent when selling a
policy? - ANS-a P&C license
Reasons houses can't qualify for Homeowners Policy: - ANS--low value
-old, un-renovated (must be updated within last 25 years)
-houses in undesirable locations
-rental houses
-must be owner-occupied to qualify
Which Dwelling Fire Policy is the best? - ANS-DP-3 Special, because it is all risk
coverage
DP-2 Dwelling Fire Policy: - ANS-2nd best, has the most named perils
How often must you renew an insurance license? - ANS-once every 2 years (on the last
day of your birth month)
--> must fulfill 24-hour credits
What is the purpose of a Dwelling Fire Policy? - ANS-to cover a residence
