Independent adjusters - Study guides, Class notes & Summaries

Insurance - Transfer of risk from one person or organization to an insurance company Indemnity - The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder - Temporary insurance contr...

All of the following statements are true regarding the Federal Employers Liability Act (FELA), EXCEPT: - ANSWER It provides workers' compensation coverage for employees working in federal government buildings. Property damage to an insured's work that arises out of the work and is part of the products-completed operations hazard, as defined in a commercial umbrella liability policy is: - ANSWER Usually excluded unless the work out of which the damage arose was done by a subcontractor rather...

OEM - answer-Original Equipment Manufacturer CCF - answer-Coverage Confirmation Form ACM - answer-Auto Claim Manual PDR - answer-Paintless Dent Repair Auto Service Commitment - answer-customers with vehicle damage claims expect repairs to be completed properly, promptly, and at competitive prices Select Service - answer-designed to enhance customer service and increase efficiency in our claim operations ADSP - answer-Auto Damage Service Programs Auto Damage Ser...

Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. - correct answerFor a loss that would otherwise be covered for the full amount, a reduction of 15% is taken off the cl...

Dynamic Risk - correct answerNot insurable. Think COVID. Tech advances that might hurt your business. Static risk - correct answer100 year flood, rare genetic illness , doesn't really change through time. Insurable Pure risk - correct answera risk that presents the chance of loss but no opportunity for gain Speculative risk - correct answera situation in which either profit or loss is possible, such as investing in the stock market Fundamental risk - correct answerrisk that can affe...

All of the following statements are true regarding the Federal Employers Liability Act (FELA), EXCEPT: - It provides workers' compensation coverage for employees working in federal government buildings. Property damage to an insured's work that arises out of the work and is part of the products-completed operations hazard, as defined in a commercial umbrella liability policy is: - Usually excluded unless the work out of which the damage arose was done by a subcontractor rather than the ins...

OEM - Answer Original Equipment Manufacturer CCF - Answer Coverage Confirmation Form ACM - Answer Auto Claim Manual PDR - Answer Paintless Dent Repair Auto Service Commitment - Answer customers with vehicle damage claims expect repairs to be completed properly, promptly, and at competitive prices Select Service - Answer designed to enhance customer service and increase efficiency in our claim operations ADSP - Answer Auto Damage Service Programs Auto Dam...

Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. - For a loss that would otherwise be covered for the full amount, a reduction of 15% is taken off the claims payment be...

Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. Correct Answer For a loss that would otherwise be covered for the full amount, a reduction of 15% is taken off the cla...

Catastrophe Fire Independent Adjuster Estimatics Test Latest Version Updated 2023-2024 Version B – Answer Key