Claims Adjuster (ClaimsAdjuster)

Inception/Expiration Date - CORRECT ANS an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date - CORRECT ANS Date of which the loss occurred Identification of parties involved - CORRECT ANS The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s). ...

What is an eligible building for flood insurance? - CORRECT ANS A structure with 2 or more outside rigid walls and a fully secure roof, built on a permanent site, with 50% or more of the value above ground level and located within an eligible community What is Builders Risk Coverage? - CORRECT ANS Covers buildings in the course of completion. Proper coverage is 100% of expected completed value Do all Homeowners policies contain Coverage A? - CORRECT ANS No, HO-4 (Renters personal property...

Severability Correct Answer: Insurance applies separately to each insured as if other insureds did not exist. Abandonment Correct Answer: Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest Correct Answer: One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization Correct Answer: States that if the insurer adopts a revision whic...

Severability Correct Answer: Insurance applies separately to each insured as if other insureds did not exist. Abandonment Correct Answer: Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest Correct Answer: One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization Correct Answer: States that if the insurer adopts a revision whic...

What is the primary difference between a staff adjuster and an independent adjuster? Correct Answer: A staff adjuster works for an insurance company and an independent adjuster works independently for themselves or for adjusting firms who represent many clients. A couple has insured their home for $150,000. A fire ensues and guts their home, resulting in a total loss. An appraisal of the home prior to loss results in a value of $120,000, yet the adjuster is required by law to pay the couple $150...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - CORRECT ANS D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interest...

An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - CORRECT ANS The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? - CORRECT ANS A Promise The interest of the insured and all other persons in the property involved in a claim is found in - CORRECT ANS A Proof of Loss An insured rear-ends another driver's vehicle. The auto policy that pays damages to repair the damaged vehicle is a _______? - CORRECT ...

1. Greg plays trombone in his school band during football games. During a rally song in the stands one day, Greg annoys one of the opposing team's fans, who grabs his $400 trombone and hurls it down the bleachers, completely destroying it. Greg's insurance pays him $400 to replace the trombone, but then the opposing team's coach also offers to replace the instrument, at whatever the cost. So Greg orders a new $3,200 trombone and has the opposing team's athletic department absorb the cost. W...