Insurance Adjuster Exam (200 Questions with 100% Correct Answers) Assured A+

Insurance Adjuster Exam (200 Questions with 100% Correct
Answers) Assured A+
 Which kind of losses are covered under a standard fire policy? - Correct answer Direct

 All fires are not covered by the Standard Fire policies, only those that: - Correct answer
are hostile and have a flame or glow

 At what time does a fire policy go into effect? - Correct answer 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? - Correct answer $5,000

 A fire burning in the middle of the living room would be considered: - Correct answer 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: -
Correct answer subrogation

 Which of the following statements are true concerning requirements of the standard fire
policy? - Correct answer 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? -
Correct answer accounts, currency, deeds, and securities

 Who is insured under the Standard Fire policy? - Correct answer the named insured and
his legal representatives

 An agreement which affords temporary insurance protection until the policy is issued is
called: - Correct answer a binder

 As a general rule, a complete fire insurance policy would be made up of: - Correct
answer the Standard Fire policy with one or more forms attached

 The one condition listed below which will not void a fire policy:
 False swearing
 Misrepresentation
 Over-insurance
 Concealment - Correct answer over-insurance

 Replacement cost minus depreciation: - Correct answer Actual Cash Value (ACV)

 The Standard Fire policy with an extended coverage endorsement attached covers
which of the following: - Correct answer riot

 A loss due to order of Civil Authority: - Correct answer is excluded unless the loss occurs
because of an order by Civil Authorities for the purpose of controlling a fire

 The term "occupancy" refers to the absence of: - Correct answer 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? - Correct
answer 60 days after April 30th

,  Is there a limit on the number of terms an insurance commissioner can serve? - Correct
answer No

 Who is Georgia's current insurance commissioner? - Correct answer Ralph Huygens

 What two capacities does Georgia's insurance commissioner serve? - Correct answer 1.
Chief Officer of Insurance Dept.
 2. Chief Fire Marshall

 What happens if the Insurance Commissioner has to resign early? - Correct answer No
election; the Chief Deputy will take over

 What is the requirement to serve as Chief Deputy in Georgia? - Correct answer 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? - Correct answer once every 5 years

 Only one court in Georgia has the right to overturn the decision of the Insurance
Commissioner. Which is it? - Correct answer Superior Court of Fulton County

 What certificate is required for a company to be an authorized insurer in Georgia? -
Correct answer Certificate of Authority

 Surplus Lines Risk - Correct answer has been rejected by 3 authorized insurers

 What is the primary reason the state of Georgia would revoke an insurance company's
certificate to authorize? - Correct answer if they're under financial distress

 What are the requirements to be a licensed producer in Georgia? - Correct answer must
be at least 18 years old, take a 40 hour course, pass licensing exam, apply for license,
and pass background check

 Which of the following would be considered an "offer"? - Correct answer the applicant
submits an application to the company with payment

 All of the following are true about insurable risk except:
 The loss must not be catastrophic in nature
 The loss must be large enough to create hardship
 The loss must not be definite and definable
 The law of large numbers should apply - Correct answer c) the loss must not be definite
and definable

 All of the following are parts of the insurance contract except:
 Declarations
 Insuring agreements
 Conditions
 Inclusions - Correct answer d) inclusions

 Something that increases the chance of a peril occurring is known as a (n): - Correct
answer hazard

 Open peril, or "all risk", forms: - Correct answer name the exclusions and limitations

 When a person decides not to buy insurance because of the cost, what method of
handling risk has been undertaken? - Correct answer risk retention

 The insurance industry deals with those areas of risk where the chances of loss are: -
Correct answer anywhere between 0% and 100%