Adjuster license practice test Questions And Answers
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Adjuster license practice test Questions And
Answers
Which of the following is NOT a qualification of an insurable risk An insurable risk must
have guaranteed protection from damage
Five years ago, when Rosamund was one year old, she had an expensive procedure done to
remove what a doctor s...
Adjuster license practice test Questions And
Answers
Which of the following is NOT a qualification of an insurable risk An insurable risk must
have guaranteed protection from damage
Five years ago, when Rosamund was one year old, she had an expensive procedure done to
remove what a doctor said was a cancerous tumor behind her knee. Her parents have recently
discovered, upon the return of her condition, that the growth was merely a harmless cyst and not
a dangerous tumor. Will the Statute of Limitations allow her parents to file a suit against the
doctor? Yes; suits for Medical Malpractice are allowed until the child is eight years old
Which of the following statements about a moral hazard is FALSE? It is the result of an
unconscious behavior.
An individual has ________________ to file a lawsuit for False Arrest in Florida. four
years
John has purchased a homeowners insurance policy with a percentage deductible based on the
total limit of insurance for his home. John insures his home for $600,000, and the policy includes
a 3% deductible. A huge thunderstorm passes through one night and blows the roof off his house.
, Adjuster license practice test Questions And
Answers
The insurance company estimates that covered damage totals $80,000. How much
indemnification should John expect for the losses to his roof? $62,000
(First, calculate John's deductible, which is 3% of $600,000. This comes to $18,000. Then
subtract the deductible from the covered damages to get John's indemnification. $80,000 minus
$18,000 equals $62,000.)
What is the formula for actual cash value? Replacement cost minus total depreciation
Last month, an elderly man slipped and fell on a cracked, uneven icy sidewalk on Mulberry
Street. He sued the homeowner and was awarded $60,000. The insurers of other properties on
Mulberry Street would consider this award to be: a legal hazard
Which of the following best defines premium? The fee paid by the insured in exchange
for an insurance policy
The city of Hillsdale passed a law dictating that all dogs must wear collars with tags. This is an
example of what kind of law? Statutory
, Adjuster license practice test Questions And
Answers
Which of the following is true?
A. Kevin's auto insurance policy protects his car from damage.
B. Kevin's auto insurance policy now covers Bill, who bought Kevin's truck.
C. When Kevin sold his truck to Bill, he lost his auto insurance coverage.
D. Kevin's insurance policy covers him for losses to his new car, even though he sold his truck,
which was previously covered under his policy, to Bill. Kevin's insurance policy covers
him for losses to his new car, even though he sold his truck, which was previously covered under
his policy, to Bill.
In Florida, an insurer has ___ days to pay or deny a claim 90
Which of the following statements best describes the Law of Large Numbers? The larger
the number of units insured, the more accurately the insurer can predict the number of claims
from that group.
Which of the following refers to being restored to the financial condition you were in before a
loss? Indemnification
, Adjuster license practice test Questions And
Answers
To meet the 80% level of co-insurance required by his lender, Tom discovers he must insure his
home for at least $320,000. What is the value of Tom's home? $400,000
(400,000 - 80% = 320,000)
Which of the following statements about risk retention groups is FALSE?
A. Risk retention groups are subject to state laws regarding Unfair Claims Settlement practices.
B. Risk retention groups are a form of self-insurance.
C. Risk retention groups can provide commercial liability insurance.
D. Risk retention groups must be licensed in every state in which they operate. Risk
retention groups must be licensed in every state in which they operate.
Which of the following statements about insurable interest is FALSE?
A. Maintaining property values allows your neighbor to have an insurable interest in your house.
B. When a renter leases your house, your insurable interest in the home remains.
C. Purchasing an insurance policy on your home helps protect your insurable interest in the
home.
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