Property and Casualty Adjuster Exam Questions and Answers 100% Pass

Property and Casualty Adjuster Exam Questions and Answers 100% Pass Staff Adjusters - Answer- are on the payroll of an insurance company Independent adjusters - Answer- Usually handle claims for more than one company and receive a fee based on time and expense. Contractors - Answer- May work for a comapny that furnishes adjusters for the handling of catasrophic losses. They are paid in the same manner as independent adjusters. Public Adjusters - Answer- Work on behalf of the insured in negotiating a claim settlement.Work for the Insured Temporary/Emergency licenses - Answer- Department allows temporary licenses for the perposes of training and in cases of emergencies. Adjuster -- Workers' compensation -- - Answer- this license allows a person to adjust and/or supervise all workers' compensation, employers liability, United States Longshore and Harbor Workers' Compensation Act, Jones Act, and all other federal acts. Adjuster -- Property and Casualty -- - Answer- This license allows a perons to adjust and or/supervise claims in all areas of property and casualty insurance except workers' compensation Adjuster -- All Lines -- - Answer- This license allows a person to adjust and/or supervise claims in all lines of insurance included in workers' compensation and peroperty and casualty Domestic - Answer- an insurer organized, admitted, and writing insurance in Texas (USAA) Example Gainsco, Fred Loya Insurance Foreign - Answer- An insurer domiciled outside the state where it writes inruance (State Farm) Example: Amica, Travelers, Progressive, Nationwide. Alien - Answer- An insurence company organized and domiciled outside the United States.(Tokyo Fire and Marine). Example: Zurich An insured can endorse liab on a dwelling under what circumstance? - Answer- Owners Occupancey Which dwelling property form requires that the dwelling be owner occupied? - Answer- DP3 Speical Open perils for A,B,C,D+E broad perils for Cov C What is a warranty?Why is it Important? - Answer- -a written conditin in the policy that must be true at time of loss - a breach will suspend covg. resulting in a claim denial Define Advertising Injury - Answer- Copyright infringement, false statment about the competitor in advertizements What is pro-rate liability? How are claims paid? - Answer- -Shared coverage between insurance carriers - paid propertionatly, equal or primary exess What is the maximum an insured can collect from HO per tree for a covered loss? - Answer- -$ 500 -$250 commerical What covgs. are included in Standard Fire Policy(SFP)? - Answer- Fire, lightning, explosion + removal Named insured where at on policy? - Answer- Dec Page Subrogation - Answer- -anytime an insurance company pays money on behalf of insured that they do not owe -they want it back, have a right to collect How old does an adjuster have to be to obtain a license? - Answer- 18 years old Who has right of Salvage? - Answer- Insurer Which HO policy has covg. fore theft? - Answer- All of them Is the dirt/land under the dwelling covered on a dwelling policy? - Answer- NO How many hours of ethics must you complete for continuing education? - Answer- 2hours of ethics RIsk? - Answer- Uncertainty of loss What policy can you obtain covg. for cemetery plots? - Answer- HO policies A first named insured can be found on what type of policy? Duties? - Answer- Commercial - the maintance of the policy, makes changes, pays premium What is the purpose of coinsurance? - Answer- -encourages people to ensure the value of the property as close to replacement cost 80% - if not, ensues a penalty did/ should x loss - deductible What is Hazard? - Answer- Increase the chance of a loss 3 Kinds physical hazard- something you can see moral- legal, like arson morale- easy going, careless) What is proximate cause? - Answer- The 1st cause in an unbroken chain of events leading to loss Is breakage covered by a Personal Articles Floater? - Answer- YES Unoccupied - Answer- No people, fernished, people intend to return What is speculative risk? - Answer- -A chance of a loss or a gian -think gambling Are criminal actions ever covered by an ins policy? - Answer- YES What is a morale hazard? - Answer- Careless, easy going, keys left in the car What is minimum funeral benefit provided under PIP? - Answer- $2500 Vacant - Answer- No people, No peroperty Can a snow mobile be insured on a PAP?Personal Auto Policy - Answer- NO A retroactive date applies to what type of policy? - Answer- Claims made CGL (Commercial General Liability) The CGL is the most common liability policy used in commercial package policy. - Answer- CGL- Commercial General Liabili