Adjuster Pro

blanket coverage - Policy which provides a single limit of insurance for all property falling within a specific class Specific Limits - Limits that apply to one specific type of property Warranties - Found on the conditions page... if policy holder breaks the warranty the insurer can deny coverage Concealment - Hiding the truth Waver - Voluntary surrender of a right, claim, or privilege Implied Waiver - a person's actions that cause another to believe that a right has been relinquishe...

Classification based on location - Domestic Insurer - adhere to law of a state, located in that state Foreign insurer - adhere to laws in the US but can be located elsewhere Alien insurer - obey laws of another country all together Risk - Potential for financial loss An insured item Two types of risk - Pure and Speculative Speculative risk - No certainty of gain or loss Made knowingly, by conscious choice Cannot be insured Pure risk - Risk with no chance of gain Can only result in eit...

When a storm roll through town a month ago John's home suffered substantial damage he filed a claim by his insurer has offered a settlement much lower than John feel despair each party selects an appraiser who intern agrees on an umpire to help settle the claim if two of the three parties agree their decision is - Binding All of the following scenarios may be covered under a liability insurance policy except: A driver T-bones another driver in an intersection A home owner son breaks he...

A few weeks ago Christopher's garage was destroyed by an out-of-control motorist. Fortunately, the motorist had sufficient liability insurance to cover the damages. However, the insurer insists that Christopher's garage is worth far less than the appraisals he has received from contractors. Christopher and the insurer have gone back and forth in negotiations for weeks, making little headway. Christopher decides it's time to: A. Issue a reservation of rights B. Issue a judgment C...

Endorsements - add, modify, or take away coverage Exclusions and Limitations - conditions, situations, and services not covered by the insurance carrier Rider/addendum/attachment - Same as endorsements proximate cause - The original occurrence, the source, of all the subsequent damages. Direct Loss - a financial loss that results from the physical damage, destruction, or theft of the property Indirect Loss - Economic loss resulting from a direct loss Subrogation - The process by which a...

Interim (Status) Report - -update on claim progress - due at set intervals (15 or 30 days) as long as a claim is open - new evidence - medical information - repair estimates Final ( Full) Report - all facts and evidence of the claim, policy coverage applied, adjusted losses, & final claim disposition 1st step in Claims Process for Adjuster: Acknowledgement - -respond to claimant by letter or phone within required amount of time - keep track of the date of first contact 2nd: Open Lines ...

Adjuster Pro Practice Exam Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+

ADJUSTER PRO EXAM AND PRACTICE EXAM ACTUAL EXAM 300 QUESTIONS AND CORRECT ANSWERS|AREADY GRADED A+|BRAND NEW!!

A hell storm damage Jim's roof and windows the adjuster find the total and cover damages to be $13,000 but James is convinced that he should be covered up to $25,000 direct adjuster/climate negotiation will probably not be possible in this situation because - Difference between the two dollar amounts is too great A hell storm moves over Aaron's restaurant large hail stones break through a skylight and water pours and damaging the floor in the restaurant additionally the electrica...

24-25 ADJUSTER PRO EXAM QUETIONS & VERIFIED ANSWERS What is insurance? Protection against financial loss What is a premium? a scheduled amount to be paid for an insurance policy. What are premiums used for? premiums are collected into a "pool" or "reserve to pay out claimants when needed. How can insurance companies afford to pay for an individual's catastrophic loss? The insurer collects premiums from all policyholders and uses them to pay out the claims of a few...