Louisiana P&C Adjuster Exam Prep Correct Questions & Answers(RATED A)
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Course
LOUISIANA CLAIM ADJUSTER
Institution
LOUISIANA CLAIM ADJUSTER
The one who receives the authority to act on behalf of someone else? - ANSWER Agent
what does a sale's agent receive authority for? - ANSWER to sell
An insurance agent receives authority to what? - ANSWER Settle claims brought against the insurer
How do agents receive their authority? -
Louisiana P&C Adjuster Exam Prep
Correct Questions & Answers(RATED A)
The one who receives the authority to act on behalf of someone else? - ANSWER
Agent
what does a sale's agent receive authority for? - ANSWER to sell
An insurance agent receives authority to what? - ANSWER Settle claims brought
against the insurer
How do agents receive their authority? - ANSWER written contract
What is the power to bind? - ANSWER an agent's authority can bind:
-what an agent says or does can bind insurer
-agents should take the utmost care in what they say or do
-even if insure makes mistakes, the insurer may have to accept them
What are the three major responsibilities of contracted agents? - ANSWER 1.adhere to
or follow contract
2. use reasonable judgement and care at all times
3. provide all necessary info and documentation to the insurer
What are the three types of authority granted in agency relationship? - ANSWER
expressed, implied, apparent
What is expressed authority? - ANSWER authority that is directly granted to the agent in
writing via the agent's contract (usually to sell policies, collect premiums, issue binders,
offer discounts, cancel insurance)
What is implied authority? - ANSWER authority that the public reasonably believes the
agent to have, based on the agent's representations
What does representation include? - ANSWER -portraying oneself as a representative
-wearing a name tag w/ company logo
-handing out company business cards
-words to perform agent's duties
What is apparent authority? - ANSWER indirect authority that is granted when the
insurer does not correct agent, even though agent may be acting in error
-by not correcting agent, insurer implies consent
-granted when insurer does not act
,What are the four types of sales agents? - ANSWER -independent insurance sales
agent
-exclusive agent
-general agent
-direct writer
What is an independent agent? - ANSWER -self employed
-offers insurance from more than one company at the same
-they can compare and give quotes from different companies
-find a policy that best suits the customer
What is an exclusive agent? - ANSWER -also called captive agent
-commissioned
-represents only one insurer and only their policies
What is a general agent? - ANSWER -works for only one insurance company
-supervises other exclusive agents
-trains other agents
What is a direct writer agent? - ANSWER -salaried employees
-works for one company
What are the sale agent duties? - ANSWER -sell insurance policies
-service policyholders contracts
-collect premiums
-represent the insurer
What are the two claim function purpose? - ANSWER -comply w/ terms fo the contract
-support the insurer's financial stability
*** part of the insurance contract that lets the insurer fulfill its promises to the insured
What must an adjuster do when dealing with a claim? - ANSWER they must get claims
the indemnity they serve while protecting the insurer from fraud and making sure not to
pay more than the contract allows
What is adjusting? - ANSWER -process of comparing a claimant's losses to the
promises made by an insurance policy
What is an insurance adjuster? - ANSWER -an agent who processes insurance claims
for a salary, a fee, or commission
What are the types of adjusters? - ANSWER -staff adjuster
-independent adjuster
-public adjuster
, -emergency adjuster
What is a staff adjuster? - ANSWER -employed by only one insurer
-salaried employees
-also called compound adjuster
ex: State Farm, nationwide, aethna
What are the three types of adjuster reports? - ANSWER -initial or preliminary
-interim aka status reprot
-final report
What is a interim report? - ANSWER -update on claim process
-due at set intervals as long as a claim is still open
-new evidence (depositions, statements)
-medical infö, repair estimates
What does the final report consist of? - ANSWER -all facts and evidence of claim
-policy coverage applied
-adjusted losses
-final claim disposition
What is a claim? - ANSWER formal request to settle the damage
How does an insured go about a claim? - ANSWER -claimant must prove the loss and
submit the total to insurer
-insurer sends an adjuster who must decide whether claimant has adequately proven
the loss
What are the steps in the claim process for the adjuster? - ANSWER 1. acknowledge
claim
2. establish lines of communication
3.prepare necessary paperwork - claim file
4. determine insurer's liability in claim
5. investigate losses
6. determine time and cost repairs
7. apply all policies coverages and provisions
8. negotiate settlement
9. prepare final report
How does an adjuster acknowledge a claim? - ANSWER -respond within requested
amount of days
-contact via letter/phone call
-keep track of date of first contact
-adjuster: liaison between claimant and insurer
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