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California Adjuster PSI Exam Questions and Answers (100% Correct Answers)
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California Adjuster PSI Exam Questions and Answers (100% Correct Answers)
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California Adjuster PSI Exam Questions and Answers (100% Correct Answers) 2023 -2024 An economic device used to protect against the risk of realizing unforeseen and extraordinary financial loss is called - ANSWER>>>Insurance Premium, payments - ANSWER>>>In an insurance contract rhe policyholder gives the insurer — and the insurer gives the policyholder —- Insurance - ANSWER>>>The transfer if risk from one party to another An insured from making a profit - ANSWER>>>The principle of indemnity is designed. To prevent An individual or organization that pays premiums in exchange for financial protection - ANSWER>>>Which if the following best defines insured Agreement consideration competent parties legal purpose - ANSWER>>>What are the four requirements of a legally binding contract The principle of indemnity - ANSWER>>>Melinda s home sustai ned $6500 in damages when Jared ran into it with his truck Melinda received $6500 from her insurance company and Jared also paid her. $5000 Melinda has now profited from this loss and is in violation of Premiums from the insured and the promise to pay fro m the insurer - ANSWER>>>In an insurance contract consideration from both parties is compromised of The principle of indemnity - ANSWER>>>Sandra rear ended Randy's car when he stopped quickly for a yellow light that she was sure they were going to make. t he damage was minor but Sandra was worried her premiums would increase if the accident was reported so she gave Tandy $500 in an effort to keep it just between them. However. Randy filed the claim with his insurance company and received a settlement. Check for $750. What was Randy violated? The insurer will only pay up to the amount already collected in premiums for each insured - ANSWER>>>Who bid the following statements about insurance is false? If the policy limit is greater than the value of the insur ed item the claimant may profit from a total loss - ANSWER>>>Which of the following statements about insurance is false? Offeree must have no more than one stipulation - ANSWER>>>Which if the following isNOT one of the criteria that makes acceptance if an offer to a contract legally enforceable? Insuring Agreement - ANSWER>>>We will provide the insurance described in this policy in return for the premiums and compliance with all applicable provisions if this policy. In which section if the insurance polic y would his statement be found? Nuclear Hazard - ANSWER>>>Which of these causes of loss is least likely to be covered by a typical insurance policy ? Conditions - ANSWER>>> Edna loses some of her property ina hailstorm. when the adjuster comes to investigate the loss he gives an estimate that Edna thinks is far too low. as negotiations continue neither Edna nor the adjuster will budge. Where in Edna's policy would you find th e procedure. To follow in this situation? Stephen's insurance company denied his recent claim citing that his particular cause of loss was not covered. However according to Stephen 's interpretation Of the policy language his loss could be covered so he disputes the decision When his case went to trial the jury also decided the policy was open to interpretation so the decided in favor of Stephen this is because - ANSWER>>> They depend on an unknown future event - ANSWER>>>Insurance policies are aleatory contracts. This means Alien insurer - ANSWER>>>An insurer that obeys the laws of a country other than the US is called Stock company - ANSWER>>>What type of insurer sells shares to the public and is owned by its shareholders? captive insurer - ANSWER>>> Any town pediatric has been having a a hard time finding medial practice insurance. The premiums are extremely high. And they get higher every year. Finally fed up with the costs of insurance the directors decide to form their own insurance company which w ill only serve Anytown Pediatric What kind of insurance. Would his be ? Non-admitted Insurer - ANSWER>>>Bob is looking for an insurance policy but he can't find the right kind of insurance coverage on his home state of Oregon but he may be able to purcha se surplus lines insurance from: hazard - ANSWER>>>Monica home is located in a flood zone . In insurance terms the location of Monica's home is considered? peri- - ANSWER>>>Nina 's home is located in a high crime area . One day she comes home from work t o find that her garage door has been spray painted with graffiti. Nina's insurer would consider the act of vandalism a During a fire the fire department hoses down a house to extinguish the flames. The water damages that results is an indirect loss - ANSW ER>>>Which of the following is NOT an example an indirect loss? - ANSWER>>>During a heavy thunderstorm the lightning strikes a tree outside Carl,s house which splinters and falls onto Carl's roof. The room under the roof floods with water damaging. Carl' s expensive flooring Carl's roof damage would be considered ? Actual economic interest is defined as - ANSWER>>>Insurable interest is defined as His favorite restaurant - ANSWER>>>Insurance interest allows rick to take out an insurance policy in all but the following Jim has already received indemnity from his insurer - ANSWER>>> When Shawn purposefully caused fire damage to Jim's restaurant Jim's insurer paid the claim and then sued Shawn for the damages but Jim is still prettyThe benefits of buying summaries with Stuvia:
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