Adjuster Pro - Insurance Adjusting Exam Questions Reviewed And Revised With Correct Answers <Guarantee Pass |Updated!!>
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Course
ENGLISH
Institution
ENGLISH
Adjuster Pro - Insurance Adjusting
Exam Questions Reviewed And
Revised With Correct Answers
<Guarantee Pass |Updated!!>
1. Depreciation formula - ANSWER
allocation of original
costs over the estimated useful life of a tangible asset
2. 3 Types of Deductibles - ANSWER
...
Adjuster Pro - Insurance Adjusting
Exam Questions Reviewed And
Revised With Correct Answers
<Guarantee Pass |Updated!!>
1. Depreciation formula - ANSWER allocation of original
costs over the estimated useful life of a tangible asset
2. 3 Types of Deductibles - ANSWER Fixed
Percentage
Franchise
3. Fixed deductible - ANSWER Specific set amount
4. Percentage deductible - ANSWER Insured party pays a
percentage of the total cost, insurance pays rest
5. Franchise Deductible - ANSWER Policy kicks in only
after a loss exceeds a predetermined amount
, 6. If losses are above the deductible then insurance pays
100%
7. Certificate of Insurance - ANSWER A legal document
that indicates that an insurance policy has been issued,
and that states both the amounts and types of insurance
provided.
8. Characteristics of social insurance - ANSWER Non
profit
Mandatory participation
Benefits prescribed by law
Designed to meet needs of public
Government has monopoly
9. Private Insurers - ANSWER Sell insurance based on
needs and preferences
Wide variety of products
Exist to generate a profit
Insured party voluntarily participate
, 10. Stock Insurance Companies - ANSWER Always for
profit
Publicly traded
Stockholder provide capital and participate in profit or losses
"Non participation" insurers - no dividends go to policy holders
11. Mutual Insurance Company - ANSWER No
shareholders
Policy holders elect board of directors
"Participating" insurers - policy holders participate in dividends
12. Re-insurer - ANSWER Provides insurance for insurers to
reduce exposure to loss
Pays percentage of insurers loss or any loss over a certain
amount
13. Reciprocal Insurers - ANSWER Unincorporated
Non profit
Operated by attorney in fact
Members pay into individual accounts
Cost of claims shared by whole groups
, 14. Fraternal Benefit Societies - ANSWER Also called
fraternal associations
Non profit mutual aid organizations
Engage in charitable activities
Provide some type of insurance to members
Typically consist of people with similar religion, ethnicity or
occupation
15. Fraternal Benefit Societies insurance - ANSWER Used to
fund altruistic activities
Must be assessable by law
Members are both providers and recipients
If claims payment ability is impaired, members help pay the
difference
16. Captive insurers - ANSWER Created by businesses in
order to retain risk
Exist to provide insurance for their "parent"
All profit belongs to parent company
Permitted in some states
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