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ADJUSTERPRO FINAL EXAM QUESTIONS AND ANSWERS 2024
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ADJUSTERPRO FINAL EXAM QUESTIONS AND ANSWERS 2024
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ADJUSTERPRO FINAL EXAMWhich endorsement to the Commercial Crime policy would protect a bank against
its legal liability for burglary, robbery, destruction, or damage to customers'
belongings kept in safe deposit at the bank? - ANSWERS-The Safe Depository
Endorsement covers the named insured's legal liability if it is the safe depository
for customers' property. The perils covered include burglary, robbery,
destruction, or damage. A bank would be likely to need such coverage.
Bill has experienced a loss covered under the Business Income and Extra Expense
coverage in his Equipment Breakdown Protection Coverage Form. When does the
period of restoration begin? - ANSWERS-The period of restoration begins at the
time of the breakdown or 24 hours before Bill was notified of the breakdown,
whichever is later.
All of the following causes of loss are excluded from coverage in an Equipment
Breakdown Protection Coverage Form, EXCEPT: - ANSWERS-Damage caused by
hail, electrical testing, or combustion explosion is excluded in Equipment
Breakdown coverage. Accidental mechanical failure, electrical failure, and
pressure failure of vacuum equipment all fall under the definition of breakdown
and thus are covered.
Which of the following perils is excluded from coverage in a National Flood
Insurance Program policy? - ANSWERS-Under the Standard Flood Insurance
Policies, a "flood" is a general and temporary condition of partial or complete
inundation of two or more acres of normally dry land areas or two or more
properties from overflow of inland or tidal waters, rapid accumulation or runoff
or surface waters from any source, mudflow, and shoreline collapse. Since a
,water-main is not inland, tidal, or surface water, a breakage would not fall under
this definition of flood.
Which of the following is NOT one of the requirements that adjusters must meet
in order to handle NFIP claims? - ANSWERS-Certified adjusters must complete
continuing education about NFIP claims every year, not every three years.
Which statement BEST describes the "Follow Form" in excess liability coverage? -
ANSWERS-In excess liability insurance, the Follow Form "follows" the base policy
to the letter, providing coverage for the same risks under the same conditions and
provisions.
Bill holds a hull policy for his cargo ship which sails between China and the United
States, transporting wooden toys. On voyage (i) his vessel is damaged by pirates.
On voyage (ii) the vessel is damaged by striking employees. On voyage (iii) the
vessel is destroyed when it strays into a war zone and is struck by a missile. Bill's
losses will be covered by his hull coverage for which of these voyages? -
ANSWERS-Bill's hull policy will only cover the damage caused by pirates in voyage
(i). Losses caused by striking employees and acts of war are excluded from
coverage.
Which of the following does not describe one of the implied warranties of Ocean
Marine Insurance? - ANSWERS-Shipowners are not required to avoid navigating
their vessels in stormy or otherwise dangerous weather conditions.
Mark has an ocean marine insurance policy with cargo coverage. The type and
value of his cargo varies from one shipment to the next, so rather than having a
set value for this coverage, the amount of his settlement is only determined after
, a covered loss. Mark's cargo coverage is written on a/an ________ basis. -
ANSWERS-Mark's cargo coverage is written on an unvalued basis, meaning the
amount of the settlement is only determined after a covered loss.
Noreen is a professional photographer, and she has a Personal Articles Floater
that covers her best camera for up to $6,000. While she is working a wedding, the
camera gets knocked into a pool and is ruined. Before the accident, her camera
was worth $5,000, but a new, comparable one would cost her $7,000. How much
will Noreen's PAF pay her for this loss? - ANSWERS-A PAF pays the lesser of: ACV,
replacement/repair cost, or the limit of coverage. Even though it will cost Noreen
$7,000 to buy a new camera, the policy will only pay up to its ACV of $5,000.
Anna's Rare Books in Birmingham needs to ship three F.Scott Fitzgerald first
editions to a customer in Mobile. The combined value of the books is over
$400,000. What type of Inland Marine insurance policy should Anna's Rare Books
buy to cover this shipment? - ANSWERS-Anna's Rare Books is needing a trip
transit policy to cover this single shipment.
Which of the following best describes inland marine insurance? - ANSWERS-Inland
marine insurance is designed to protect property being transported on land and
property related to transportation.
Inland Marine insurance protects: - ANSWERS-Inland Marine insurance protects
property being transported.
What is the waiting period for disability benefits under workers' compensation
insurance? - ANSWERS-The waiting period for disability benefits is 3 days. Benefits
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