Public Adjuster Exam with Questions and Answers

Public Adjuster Exam with Questions and Answers Declarations ANSWER Indentity, address, named insured,policy term, amount of insurance, liability, policy premium & deductibles of anpolicy Insuring agreement ANSWER Describes covered perils, risk assumed,nature of coverage or makes reference to the contractual agreement between the insurer & the insured. Conditions ANSWER Set provisions, rules of conduct, duties & obligations of both parties. Such as the policy period, the insured's obligation to provide proof of loss. Exclusions ANSWER Perils, hazards or losses arising from specific causes that are not covered by the policy. Definitions ANSWER Important terms used in the policy language Endorsements ANSWER Add, delete or change any of the policy parts. Abandonment ANSWER Insured cannot simply abandon the property to the insurance company in exchange for the full-insured value. Appraisal Clause ANSWER When there s a dispute over a claim both parties select an appraiser & the appraisers choose an umpire to settle the dispute. Arbitration Clause ANSWER Appears in Automobile policies to resolve liability disputes for bodily injury/property damage.