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Claims Adjuster Exam 1 already graded A+ 2024/2025
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Claims Adjuster Exam 1 already graded A+ 2024/2025
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Claims Adjuster Exam 1Actual Cash Value (ACV) - ANSCost to replace property with new property of like kind and
quality less depreciation.
Combined Single Limit - ANSOne limit per occurrence is what we pay up to
Split limit - ANSWhat we pay up to per person and per occurrence
Deductible - ANSWhat the customer will have to pay; we cover everything else
Declarations Page (Dec Page) - ANSThe 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 - ANSAmount taken off for wear and tear
Earned Premium - ANSThe amount of the premium for which the policy protection has been
given.
Risk - ANSA chance or uncertainty of loss
endorsement - ANSSomething you can add/change on policy; car, kid, etc
lapse - ANSThe insured did not pay so is not covered; will effect renewal
Named driver exclusion - ANSExcluded from coverage and covered cars; cannot drive as they
would be considered 1st party coverage
Coverage A - ANSBuilding and structures
Coverage B - ANSOther structures (such as a detached garage, workshop, swimming pools,
fences and gazebos)
Coverage C - ANSpersonal property
Coverage D - ANSLoss of use
Coverage E - ANSpersonal liability
, Coverage F - ANSMedical Payments
Personal Umbrella Policy - ANSprovides protection against a catastrophic lawsuit or judgment
What is covered through PUP? - ANSLiability (property damage and bodily injury [excess])
Other- Personal Injury (libel & slander)
Dwelling Components - ANSConstruction of dwelling
inflation protection - ANSA 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 - ANSthe price at which property would sell
named peril basis - ANSCovered for everything named on policy
open peril basis - ANSIt's covered for any loss unless it is specifically excluded
Replacement Cost - ANSThe cost to repair or replace property using new materials of like kind
and quality with no deduction for depreciation.
Scheduled Personal Property - ANSendorsement - provides broader coverage for personal
jewelry, furs, cameras, musical instruments, silverware, fine arts, golf equipment, and
stamp/coin collections. must be insured on full value basis.
Special Limit - ANSCovered up to a certain amount
unscheduled personal property - ANSProperty not specifically listed in the policy
bodily injury liability - ANSinsurance that covers physical injuries caused by a vehicle accident
for which you are responsible
property damage liability - ANSinsurance that protects a driver against claims if the insured's car
damages someone else's property and the insured is at fault
comprehensive - ANSCovers theft, hitting an animal, weather, fire, etc.
Collision - ANSHitting something; colliding with another object or people
medical payments coverage - ANSpays medical expenses for the driver and any passengers
riding in the car at the time of the accident
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