3 types of adjusters Study guides, Class notes & Summaries

Insurance Bureau of Canada (IBC) - Statistics Insurance Crime Prevention Bureau (ICPB) - a) fire Underwriters' Investigation Bureau (FUIB) Adjusters of member companies are required to submit copies of all reports over $3,000 b) Canadian Auto Theft Bureau Private insurance Insurer's Advisory Organization (IAO) - Risk inspection and advisory rating servise List the 2 most common distribution systems used by insurers to sell their products - 1) independent agency/ broker systems 2) Direc...

Three Main Categories Of Risk - Anawer1) Personal Risk 2)Property Risk 3)Liability Risk What are the FIVE elements of a contract? A) Agreement, Risk, Loss, Consideration, Legality B) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention C) Agreement, Legal Capacity, Risk, Loss, Consideration. D) None of the above - AnawerB) Legal Capacity, Legality of Object, Consideration, Agreement, Genuine Intention What is needed for an agreement to exist? - Anaw...

1 AIC 300 - CLAIMS IN AN EVOLVING WORLD EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Insurers usually send denial letters Select one: A. By email to ensure prompt receipt by the insured. B. By certified mail with a return receipt requested. C. By overnight courier. D. By registered mail. Correct Answer: B. By certified mail with a return receipt requested. Some will also send a copy via regular mail in case the certified letter is not accepted. As methods of...

1 AIC 300 - CLAIMS IN AN EVOLVING WORLD EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Insurers usually send denial letters Select one: A. By email to ensure prompt receipt by the insured. B. By certified mail with a return receipt requested. C. By overnight courier. D. By registered mail. Correct Answer: B. By certified mail with a return receipt requested. Some will also send a copy via regular mail in case the certified letter is not accepted. As methods of...

The one who receives the authority to act on behalf of someone else? - Answer Agent what does a sale's agent receive authority for? - Answer to sell An insurance agent receives authority to what? - Answer Settle claims brought against the insurer How do agents receive their authority? - Answer written contract What is the power to bind? - Answer an agent's authority can bind: -what an agent says or does can bind insurer -agents should take the utmost care in what they say or d...

NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55| 200 QUESTIONS| ANSWERS GRADED A Process 2103 (d-i) 1. The Superintendent may issue a license to any person, firm or corporation who has complied with the requirements of the Insurance Code, authorizing the licensee to act as agent of any authorized insurer. Every individual applicant for a license under this section and every proposed sub-licensee must be 18 years of age or older at the time of issuance of such lic...

Adjuster Pro-Insurance Adjuster Exam With Correct Questions And Answers What is insurance? Correct Answer: protection against financial loss what is a premium Correct Answer: a scheduled amount to be paid for an insurance policy. What are premiums used for Correct Answer: premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? Correct Answer: the insurer collects premiums f...

New York State Auto Damage and Theft quiz 17-71 Exam 2024 with complete solutions-Jim Smith is involved in a collision claim and is no longer able to use the vehicle to go to work. This "loss of use" is referred to as a: Direct loss Indirect loss Loss evaluation Consequential loss - Consequential loss When the rear of the vehicle is damaged and there is a gap between the trunk lid and the quarter panel, what else on the vehicle should the appraiser check? The center pillar The...

FLORIDA CLAIMS ADJUSTER LATEST EXAM /CLAIMS ADJUSTER (FLORIDA) 270+ REAL EXAM QUESTIONS AND CORRECT ANSWERS|GRADED A The following are basic characteristics of a property or liability insurance contract, except: A. Personal Contract B. Conditional Contract C. Loss of Settlement Contract D. Contract of Adhesion - ANSWER- Loss of Settlement Contract The Insurer's responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss...

Chapter 1 - Intro - ANSWER List the 5 functions of insurance: - ANSWER1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance (3 parts) - ANSWER1) insurance provides a means of shifting ones financial responsibility from a loss to another party ii) payment will be made only in the event of the happening of a certain risk or peril iii) the ...