Insurance adjuster exam South Carolina Questions and Correct Answers
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Insurance adjuster exam South Carolina
Questions and Correct AnswersInsurance adjuster exam South Carolina
Questions and Correct AnswersInsurance adjuster exam South Carolina
Questions and Correct AnswersInsurance adjuster exam South Carolina
Questions and Correct AnswersInsurance adjuster exam...
Insurance adjuster exam South Carolina
Questions and Correct Answers
Chrystal and Craig were renting an apartment from Sandra. However, they skipped
out on three month's rent and moved out, leaving behind $1,200 in damage to the
apartment. Altogether they owe Sandra $3,300; so Sandra files a civil suit against
them. In this case, Chrystal and Craig are:
✓ ~~~ Joint Tortfeasor
Which of the following would be considered a physical hazard?
A. Candice who doesn't lock the door when she leaves the house
B. Patrick who doesn't wear his seat belt in the car.
C. Hank pushes his car into a lake ant reports it stolen.
D. Brad's Pool in his backyard.
✓ ~~~ D. Brad's pool in his backyard.
Define Subrogation
✓ ~~~ Subrogation is the acquisition by an insurer of an insured's rights
against any third party for indemnification of loss or other payment, to
the extent that the insurer pays the loss. The exact amount amount of
subrogation is NOT usually determined by court of law.
Soft Fraud
✓ ~~~ Inflating the gravity or the extent of claims in order to receive a
higher indemnification. EX: Claiming that a mild accident had caused
damage to vehicle that had already been there before the accident.
Skip's Convenience Store suffers severe fire damage after a gas pump explodes.
The adjuster asks if the emergency shutoff system, which is required by the policy,
was properly maintained and functional at the time of the accident. Skip says "yes,"
even though the system was actually broken at the time. What may happen as a
result of Skip's lie?
✓ ~~~ Skip is guilty of Misrepresentation and violating the warrantee, So
the insurer may deny the claim.
Coinsurance Penalty
✓ ~~~ The coinsurance requirement of 80% means that Jim should have
maintained a minimum policy of $150,000 in coverage. Instead, Jim
maintained a $100,000 policy, under-insuring himself by a third. When
the insurer invokes the coinsurance penalty, Jim is then responsible for
a third of the damages, which in this case totaled $45,000. So, Jim must
pay $15,000.
Which of the following is least likely to be covered in a typical insurance policy?
A. Fire
B. Nuclear Hazard
C. Lightning
D. Explosion
, ✓ ~~~ B. Nuclear Hazard
Stock Insurance Company
✓ ~~~ A type of insurance company owned by stockholders.
liability insurance
✓ ~~~ insurance that provides protection from claims arising from
injuries or damage to other people or property
Insurer that obeys the laws of a Country other than the US is called an
✓ ~~~ Alien Insurer
The use of which doctrine would result in David receiving no damages for his loss, if
he were found 25% responsible for his own loss?
✓ ~~~ Contributory Negligence
As Seth is driving along a country road, a deer jumps out in front of him. This causes
Seth to veer off the road and crash into Cassie's wood fence and a brick mailbox. As
a result of the crash, Seth suffers $3,700 in damage to his sedan and causes $1,800
in damage to Cassie's property. How much of the damage will be covered by Seth's
liability insurance?
✓ ~~~ 1800 dollars/ His liability insurance would only be responsible for
covering damage done to the third parties property.
Res Ipsa Loquitur
✓ ~~~ "the thing speaks for itself"; the doctrine that suggests negligence
can be presumed if an event happens that would not ordinarily happen
unless someone was negligent
Insurable Interest
✓ ~~~ something of value that, if lost, would cause you financial harm
Zach totalled his car in an accident. The insurer offered him $60,000 to replace the
vehicle, which Zach rejected. The insurer even went up to $70,000, but Zach stuck
by his demand for $95,000. The case eventually went to trial and the jury awarded
Zach $65,000. Which of the following statements is TRUE?
✓ ~~~ Zach will only get 65000 dollars because 70000 dollar was
inadmissible to court.
Arbitration
✓ ~~~ settling a dispute by agreeing to accept the decision of an impartial
outsider
Steps adjusting insurance claim
✓ ~~~ 1. Acknowledge the claim
2. Open lines of communication
3. Prepare necessary Paperwork
4. Determine insurers liability to the claim
5. Investigate the loss
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