Insurance Adjusting- LA Questions and Answers (100% Pass)

he difference between surety bonds and insurance contracts is surety bonds do not constitute a transfer of risk. Subrogation Clause This clause is used when the insurer has paid a covered claim on behalf of the insured that is caused by another party. The insurance company is entitled to th...

Adhesion Insurance policies are contracts of adhesion, which means that one party (the insurer) dictates the terms, and the other party (the inured) simply accepts or rejects them. One implication of this arrangement is that any ambiguities in the contract will be interpreted in the favor of...

Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's prope...

Contributory Negligence Insurer refuses to pay anything if the clamant was even partially liable Which of the following incidents would be a liability insurance policy cover? A man slips inside a grocery store and injuries himself While driving, sue looks down to adjust the radio and crashes t...

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 metho...

10% removal squares by 1.10 Gable roofs have what waste factor so multiply what by what? 15% removal squares by 1.15 Hip roofs have what waste factor so multiply what by what? .33, .67, or whole number Always round composition and laminate shingle replacement to? .25, .50, .75, or whole num...