Exam (elaborations)
Claims Adjuster Exam 1 – Questions And Answers
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Claims Adjuster Exam 1 – Questions And Answers
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Claims Adjuster Exam 1 – QuestionsAnd Answers
Actual Cash Value (ACV) ✔️Ans - Cost to replace property with new
property of like kind and quality less depreciation.
Combined Single Limit ✔️Ans - One limit per occurrence is what we pay up
to
Split limit ✔️Ans - What we pay up to per person and per occurrence
Deductible ✔️Ans - What the customer will have to pay; we cover
everything else
Declarations Page (Dec Page) ✔️Ans - The basic information about a
policy:
Who - names of insurer and insured
What - description of insured property
Where - address and legal description of insured property
When - effective and expiration dates.
How Much - limits of coverage, deductible, premium
Depreciation ✔️Ans - Amount taken off for wear and tear
Earned Premium ✔️Ans - The amount of the premium for which the policy
protection has been given.
Risk ✔️Ans - A chance or uncertainty of loss
endorsement ✔️Ans - Something you can add/change on policy; car, kid,
etc
lapse ✔️Ans - The insured did not pay so is not covered; will effect renewal
Named driver exclusion ✔️Ans - Excluded from coverage and covered cars;
cannot drive as they would be considered 1st party coverage
, Coverage A ✔️Ans - Building and structures
Coverage B ✔️Ans - Other structures (such as a detached garage,
workshop, swimming pools, fences and gazebos)
Coverage C ✔️Ans - personal property
Coverage D ✔️Ans - Loss of use
Coverage E ✔️Ans - personal liability
Coverage F ✔️Ans - Medical Payments
Personal Umbrella Policy ✔️Ans - provides protection against a
catastrophic lawsuit or judgment
What is covered through PUP? ✔️Ans - Liability (property damage and
bodily injury [excess])
Other- Personal Injury (libel & slander)
Dwelling Components ✔️Ans - Construction of dwelling
inflation protection ✔️Ans - A rider in some insurance policies that
automatically raises the benefit amount or the maximum daily or annual
payments, based on the rate of inflation, in order to ensure that the amount of
coverage remains adequate over time.
Market Value ✔️Ans - the price at which property would sell
named peril basis ✔️Ans - Covered for everything named on policy
open peril basis ✔️Ans - It's covered for any loss unless it is specifically
excluded
Replacement Cost ✔️Ans - The cost to repair or replace property using
new materials of like kind and quality with no deduction for depreciation.
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