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Exam (elaborations)

Insurance Adjuster Test Questions and Answers (100% Pass)

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Lloyds of London was most known for insuring what product? Tobacco Shipments How did the Chinese families use the concept of pooling to protect their crops? Divided shipments to multiple ships The chinese were credited with being the first to create the concept of insurance. The main meth...

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  • October 12, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Insurance Adjuster
  • Insurance Adjuster
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1 | P a g e | © copyright 2024/2025 | Grade A+




Insurance Adjuster Test Questions
and Answers (100% Pass)
Lloyds of London was most known for insuring what product?


✓ Tobacco Shipments




How did the Chinese families use the concept of pooling to protect their

crops?


✓ Divided shipments to multiple ships




The chinese were credited with being the first to create the concept of

insurance. The main method used was to ship their goods on multiple ships

instead of on one single vessel. What concept of insurance does this

demonstrate?


✓ spreading the risk




John just bought a boat. He has never owned a boat before but has spent a

considerable amount of money on it. He is concerned about his new boat

being stolen or wrecked. What should he do to protect his boat?


✓ Find and insurance policy to protect his boat against theft and

damage.



Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

The chinese were credited with the first concept of insurance by spreading

their shipments over multiple ships. This prevented them from losing their

entire load if one ship had an issue. How is that concept seen in insurance we

have today?


✓ A pool of people buy insurance and only a small number are

expected to have a loss.




What does NAIC stand for?


✓ National Association of Insurance Commissioners




Which of the following is NOT something the NAIC would do?


✓ Collect insurance premiums




Who is the primary regulator of the insurance industry?


✓ State Department of Insurance




The responsibility to regulate the insurance industry belongs to:


✓ Both federal and state government




What is the purpose of the NAIC?




Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ To develop best practice standards within the insurance industry




John has had a loss at his home from a wind storm that blew a tree onto his

home. John feels the insurance carrier isn't responding to him quickly enough

so he can deal with the crisis on hand. His calls are not being answered and

no one is addressing his claim that he filed. Who would stand up for his

interest as a consumer in this instance?


✓ The state department of insurance




Tommy just had his garage on his home destroyed by fire. ABC Insurance

company was notified by Tommy immediately of his loss, but they are not

returning his calls or communicating with him in any way. Who would Tommy

call to get some action?


✓ The State Insurance Commissioner




Cory has filed a loss for water damaged of a malfunctioned ice maker. He

filed a loss with his carrier once the damaged occurred per the instructions of

his policy. The carrier called him on the phone and talked to him briefly

stating that they didn't think they should cover the claim and he should talk to

the ice machine manufacturer. They weren't sending out an adjuster and

were closing his file. They told him his floors would go back to normal after




Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

they dried out. What part of Chapter 541-Unfair and Deceptive Incurance

practices would protect him?


✓ Refusing to pay a claim without conducting a reasonable investigation

with respect to the claim




Failing to attempt, in good faith, to effectuate a prompt, fair, and equitable

settlement of a claim with respect to which the insurer's liability has become

reasonably clear." is an example of what?


✓ Unfair Trade Practices




What is the purpose of the National Association of Insurance Commissioners?


✓ To help develop national standards for insurance




What is the time period that an insurance company has to acknowledge the

receipt of a claim made by an insured?


✓ 15 Days




Texas insurance code requires the insurance company to do several things

within 15 days of receiving a claim. Which of the following is NOT required

within 15 days?




Master01 | October, 2024/2025 | Latest update

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