Louisiana Auto Adjuster Exam|| 95 QUESTIONS || Correct 100%
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Course
LOUISIANA CLAIM ADJUSTER
Institution
LOUISIANA CLAIM ADJUSTER
diminished value - ANSWER a concept that states an automobile's market value has decreased, even though it's been repaired after an accident; occurs because of the theory that repairs can't be made to put the vehicle into its exact pre-loss condition
market value - ANSWER a concept, which takes ...
Louisiana Auto Adjuster Exam|| 95
QUESTIONS || Correct 100%
diminished value - ANSWER a concept that states an automobile's market value has
decreased, even though it's been repaired after an accident; occurs because of the
theory that repairs can't be made to put the vehicle into its exact pre-loss condition
market value - ANSWER a concept, which takes into account, what the property would
sell for on the open marketplace; utilized frequently when selling property such as
homes and auto
agreed value - ANSWER the difference is that the agreed value provision states that it
will not pay any amount other than what's shown in the schedule in the event of a total
loss; this method of valuation is commonly used with items of significant value, such as
jewelry or furs
stated amount - ANSWER most often used in auto insurance; requires a limit of
insurance to be listed for each vehicle; states that the insurer will pay the lesser of the
actual cash value of the loss, the amount necessary to repair or replace with property of
like kind and quality or the amount scheduled in the policy
actual cash value - ANSWER a concept, which is based on the current cost new of the
property at the time of loss, with a deduction for depreciation on the property; this value
cannot exceed the limit of insurance on the property
estoppel - ANSWER something is allowed to continue because all defenses against it
are stopped
waiver - ANSWER giving up of any known right or advantage
reasonable expectations - ANSWER a rule regarding insurance policies; since policies
can include complicated and technical language, many average consumers could not
understand them
aleatory - ANSWER the performance of the contract is based on chance, rather than
certainty
direct losses - ANSWER losses that occur when tangible property is damaged by a peril
Insurance - ANSWER A means to transfer risk from one person or organization to a
company, thereby allowing a sharing of losses among all the insured persons or
organizations
, loss - ANSWER a reduction in quality, quantity or value of an asset
risk - ANSWER chance or uncertainty of loss
direct; indirect - ANSWER losses are considered either ________________ or
________________
utmost good faith - ANSWER each party must rely on the representations made by the
other party and is acting in good faith with no attempt to conceal or commit fraud
legal purpose - ANSWER a valid contract must have a __________ _________ and be
consistent with public policy
competent parties - ANSWER to be valid and enforceable, _______________
____________ must enter into the contract
Agreement - ANSWER to have a valid _________________, one party must make an
offer and the other party must accept that offer
1. Agreement (offer and acceptance)
2. Consideration
3. Competent Parties
4. Legal Purposes - ANSWER To form a valid and enforceable contract, what four
elements must be satisfied?
at the time the loss occurs - ANSWER when is insurable interest always measure?
insurable interest - ANSWER relates to the personal risk of financial loss the insured
must have in order to collect from the policy for damage caused
indemnity - ANSWER a person will not be allowed to profit from the contract and that
the most they will collect is what is required to restore them to the same financial
condition enjoyed prior to the loss happening
time-element loss - ANSWER relates to the payment for the loss being related to the
time it would take to repair or restore damage property
indirect or consequential losses - ANSWER losses other than intangible losses that
result from direct loss
True - ANSWER t/f: warranties can be material or non-material in nature
warranties - ANSWER much stricter than representations; a statement that is made part
of the contract
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