Insurance Adjuster Exam questions with correct answers

Which kind of losses are covered under a standard fire policy? CORRECT ANS Direct All fires are not covered by the Standard Fire policies, only those that: CORRECT ANS are hostile and have a flame or glow At what time does a fire policy go into effect? CORRECT ANS 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insured may collect under each policy? CORRECT ANS $5,000 A fire burning in the middle of the living room would be considered: CORRECT ANS a hostile fire An insured's house is damaged by fire caused by a neighbor's negligence. The insurance company will attempt to recover damage from the neighbor. This is called: CORRECT ANS subrogation Which of the following statements are true concerning requirements of the standard fire policy? CORRECT ANS The insured must separate damaged from undamaged property in the event there is a loss AND If a loss occurs, the insured normally has 60 days to file a proof of loss with the insurer Which types of property are excluded from coverage under the basic fire policy? CORRECT ANS accounts, currency, deeds, and securities Who is insured under the Standard Fire policy? CORRECT ANS the named insured and his legal representatives