Exam (elaborations)
State Farm Insurance Adjuster Exam Questions and Answers
- Course
- Institution
State Farm Insurance Adjuster Exam Questions and Answers
[Show more]
Content preview
State Farm Insurance Adjuster Exam Questions and Answers Which kind of losses are covered under a standard fire policy? - Direct All fires are not covered by the Standard Fire policies, only those that: - are hostile and have a flame or glow At what time does a fire policy go into affect? - 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 a mount the insured may collect under each policy? - $5,000 A fire burning in the middle of the living room would be considered: - 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: - subrogation Which of the following statements are true concerning requirements of the standard fire policy? - The insured must separate damaged from undamaged property in the event there is a loss AND I f 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? - accounts, currency, deeds, and securities Who is insured under the Standard Fire policy? - the named insured and his legal representatives An agreement which affords temporary insurance protection until the policy is issued is called: - a binder as a general rule, a complete fire insurance policy would be made up of: - the Standard Fire policy with one or more forms attached The one condition listed below which will not void a fire policy: a) false swearing b) misrepresentation c) over -insurance d) concealment - over -insurance replacement cost minus depreciation: - Actual Cash Value (ACV) The Standard Fire policy with an extended coverage endorsement attached covers which of the following: - riot A loss due to order of Civil Authority: - is ex cluded unless the loss occurs because of an order by Civil Authorities for the purpose of controlling a fire The term "unoccupancy" refers to the absence of : - 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? - 60 days after April 30th For recovery under the Standard Fire policy, a p arty must: - be named in the policy and show an insurable interest in the property at the time the loss occurs What is the requirement on how much experience one must have to be elected the insurance commissioner in Georgia? - None Once elected, how long is the insurance commissioner's term? - 4 years Is there a limit on the number of terms an insurance commissioner can serve? - No Who is Georgia's current insurance commissioner? - Ralph Hudgens What two capacities does Georgia's insurance commissioner serve? - 1. Chief Officer of Insurance Dept. 2. Chief Fire Marshall What happens if the Insurance Commissioner has to resign early? - No election; the Chief Deputy will take over What is the requirement to serve as Chief Deputy in Georgia? - 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? - once every 5 years Only one court in Georgia ha s the right to overturn the decision of the Insurance Commissioner. Which is it? - Superior Court of Fulton County What certificate is required for a company to be an authorized insurer in Georgia? - Certificate of AuthorityThe benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Boffin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.59. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83100 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now