Adjuster licensing class - Study guides, Class notes & Summaries

The insurer and insured agree to a specific value of insured item - Agreed Value Policies Someone who has care, custody or control of another's property - Bailee Claim filed by policy holder against his _ - First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - Negligent Entrustment Hazard that results from a conscious decision made by an i...

Financial Services Regulation - Answer The Florida Legislature created the FDS, OIR, and OFR to oversee insurance & financial regulation in this state. Chief Financial Officer - Answer Jimmy Patronis, an elected official, the head of the DFS, may also be known as the treasurer. Directly regulates insurance agents; insurance fraud; insolvent & impaired insurers; and insurance consumer protection. Financial Services Commission - Answer Commission means the Financial Services Commission; comp...

Adjuster Pro Section-6 Questions and Answers 2023 Adjuster's Ethical SItuation -Adjuster make frequent decisions involving larger amounts of money -Adjusters should always determine a fair and equitable settlement that abides by the insurance contract Inducement An action, item, or promise made to someone to motivate them toward certain desired actions Consequences for Accepting Inducements -Losing license -Reputation Loss -Lawsuits -Jail time Kickbacks Money or favors o...

Statutes and Regulations Casualty Insurance Illinois, Property & Casualty IL Law, IL Casualty Insurance Practice Test Questions and Answers Graded 100% 2023. Which of the following is NOT a duty of the director of insurance? Setting premium rates. Illinois law requires that a licensed insurance producer notify the director, in writing, of any change in their residential areas within 30 days All of the following are true about the bond requirements in the state of illinois EXCEPT Insuranc...

The insurer and insured agree to a specific value of insured item - Agreed Value Policies Someone who has care, custody or control of another's property - Bailee Claim filed by policy holder against his _ - First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - Negligent Entrustment Hazard that results from a conscious dec...

ACV - Correct answer-Actual Cash Value ALE - Correct answer-Additional Living Expense CE - Correct answer-Continuing Education CGL - Correct answer-Commercial General Liability CIM - Correct answer-Commercial Inland Marine COM - Correct answer-Commercial Ocean Marine CPP - Correct answer-Commercial Property Policy DTPA - Correct answer-Deceptive Trade Practices Act HO - Correct answer-Home Owners IA - Correct answer-Independent Adjuster NI - Correct answer-Name Insured NOL - Correct a...

The amount the insured must pay in a loss before any payment is due is known as? - ANSWER Deductible What is a partial legal defense that reduces the amount of damages that a person can recover based upon the amount that this person's own negligence contributed to the loss - ANSWER Comparative Negligence What is a situation involving a person other than an insured? - ANSWER Third Party Loss The part of the insurance policy that details the rights and duties of the insured and the i...

CISR Agency Operations Exam 82 Questions with Answers Four benefits of ethical behavior -CORRECT ANSWER a. To be recognized as knowledgeable insurance professionals within the community b. To gain public trust and confidence c. To avoid government regulation d. To enhance credibility with customers and companies Misrating & Misclassification - CORRECT ANSWER Risk misrated to write coverage - Insurer doesn't receive enough premium; Insurer not able to pay losses Common ethical iss...

The insurer and insured agree to a specific value of insured item - ANSWER-Agreed Value Policies Someone who has care, custody or control of another's property - ANSWER-Bailee Claim filed by policy holder against his _ - ANSWER-First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - ANSWER-Negligent Entrustment Hazard that results from...

The insurer and insured agree to a specific value of insured item - ANSWER-Agreed Value Policies Someone who has care, custody or control of another's property - ANSWER-Bailee Claim filed by policy holder against his _ - ANSWER-First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - ANSWER-Negligent Entrustment Hazard that results from...