West Virginia Adjuster Exam Insurance Questions with Correct Answers
1 view 0 purchase
Course
Adjuster
Institution
Adjuster
West Virginia Adjuster Exam Insurance Questions
with Correct Answers
Which of the following best describes the insurance concept of "exposure"? - Ans:-The possibility of
damage or loss
Strict liability: - Ans:-holds a person liable for his actions regardless of how much care he
demonstrates.
...
Which of the following incidents would a liability insurance policy cover? - Ans:✔✔-A man slips inside a
grocery store and injures himself.
ABC Masonry, Inc. has an aggregate liability policy with limits of 100,000/300,000. One day, an accident
at a construction site leads to $150,000 in damage to public property. Assuming the cause of loss is
covered under ABC Masonry's liability policy, how will this claim be paid? - Ans:✔✔-The insurer pays
$100,000; the aggregate limit is now $200,000; and ABC Masonry must pay $50,000.
A lightning strike causes one of the storage buildings on John's farm to burn to the ground, aided by the
fuel tanks he kept in the building. John knows he wasn't supposed to store any fuel in the building, so he
keeps that piece of information to himself when he files a claim. John's insurer may deny his claim based
on his: - Ans:✔✔-concealment.
A witness who has had a recorded interview: - Ans:✔✔-must have a chance to correct anything that is
incorrect.
An insurance claim is essentially: - Ans:✔✔-A formal request to settle the damage
Melanie's $300,000 home suffers $90,000 in damage from a fire. The adjuster finds the home's value
since 2008 has depreciated 25%, making the ACV loss $67,500. Although Melanie's policy covers repairs
at their replacement cost, she receives $67,500 at the time of loss. Repairs to her home end up totaling
$79,500. How much, if any, further indemnification may Melanie receive from the loss? - Ans:✔✔-
$12,000
Page 3/22
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GraceAmelia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
