Public Adjuster Exam Correct 100%

Public Adjuster - ANSWERPerson, partnership, that represents the public as an adjuster of claims Days to rescind a contract - ANSWER3 calendar days Public Adjuster minimum standards - ANSWERTitle must read Public Adjuster contract Name phone number address and business name of Adjuster Address of the insured and name Percentage of the payments received execution date and signatures right to cancel How can an adjuster collect his fee? - ANSWERa percentage of each check, not the lump sum Are late fees or collection costs prohibited? - ANSWERYes Refund payments, return instruments, and take necessary actions under contract - ANSWER15 working days Notify an insurer of contract execution, communicate in writing, reply to written communication from an insurer - ANSWER2 business days Acknowledge receipt of a claim - ANSWER10 working days Provide claim forms and reasonable assistance - ANSWER10 working days Respond to an insurance department inquiry - ANSWER15 working days Complete investigation - ANSWER30 working days accept or deny a claim after proof of loss is executed - ANSWER15 working days Elements of a contract - ANSWERAgreement, Consideration, Competent Parties, Legal purpose Contract of Adhesion - ANSWERNo opportunity to change, must be adhered to Aleatory Contracts - ANSWERBased upon the occurrence of a future event of unequal bargaining value Personal Contract - ANSWERHighest degree of good faith Unilateral contract - ANSWERAct exchanged for a promise Conditional Contract - ANSWERcontingent upon certain acts by the insured Ambiguities - ANSWERnot being clear, goes against the insurance company Indemnity - ANSWERPrinciple of restoring the extent of the loss Subrogation - ANSWERgoing after the third party's negligence Material misrepresentation - ANSWERcan reject coverage Warranties - ANSWERAffirmative, Promissory, Implied Insurable interest - ANSWERInterest in property that may cause one the probability of financial loss Hazards - ANSWERPhysical, Moral, and Morale PIGA Act - ANSWER300,000 per claim and 10k per policy Death of insured - ANSWER180 days after death or after the policy ends Short rate - ANSWERInsured cancels Pro Rate - ANSWERInsurer cancels Flat rate - ANSWERneither exchanged Dwelling Policy(Owner occupied) - ANSWERNonpayment and Material Mis 30 days Dwelling and commercial(Nonowner occupied) - ANSWERNonpayment and material mis 15 days, underwriting 60 days Specified(Named Perils) - ANSWERCovered, Ex. Fire and lightning Special Form(Open Perils) - ANSWERNot covered, Ex. Wear and Tear Direct loss - ANSWERFire and vandalism Indirect loss - ANSWERRenting another place to li