Complete Real Exam Questions With verified Answers (Correct
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What is indemnification? - ANSWER-returning someone to pre-
loss conditions;
making them
whole.
What is a waiver? - ANSWER-A relinquishment of a known right
What is extended non-owned liability coverage? - ANSWER-
Coverage to vehicles that are furnished for regular use. This
would be for like a take home work vehicle.
Where is the typical territory for policy contracts? - ANSWER-
The Standard Territorial Definition (STD) includes the U.S., its
possessions and territories, and Canada.
What are the 4 parts of legal liability? - ANSWER-
-Duty owed
-Breach of
Duty
-Proximate
cause
, -
Damages
What is a tortfeasor? Joint Tortfeasors? - ANSWER-A
wrongdoer; Someone
who commits a
wrong.
Two or more parties at fault for
a loss.
What is Joint and Several Liability? - ANSWER-If you are owed
damages by 2
or more people you can choose to recover all of your
damages from one of
them and then they would work out the payment
between them.
What is Common law? - ANSWER-Unwritten laws that are based
on customs and unwritten, as well as prior court
cases/precedent -This type of law CAN change due to shifting
customs.
What is the first thing an adjuster should do on each claim? -
ANSWER-Verify
coverage. If no coverage, there is nothing more to
investigate.
Adjusters can verify coverage by? - ANSWER--Reviewing
declaration pages