Insurance Adjuster Exam 2023 | Questions with Correc t Answers | Latest 2023 Graded 100%

Insurance Adjuster Exam 2023 | Questions with Correc t Answers | Latest 2023 Graded 100%. The term "unoccupancy" refers to the absence of : Correct Answer: persons from a building Suppose a fire occurs on February 26th. On April 30th, the insurance company notifies the mortgagee the insured has not filed a proof of loss. To protect their interest, the mortgagee must file a proof of loss within _________ days after what date? Correct Answer: 60 days after April 30th For recovery under the Standard Fire policy, a party must: Correct Answer: be named in the policy and show an insurable interest in the property at the time the loss occurs What is the requirement on how much experience one must have to be elected the insurance commissioner in Georgia? Correct Answer: None Once elected, how long is the insurance commissioner's term? Correct Answer: 4 years Is there a limit on the number of terms an insurance commissioner can serve? Correct Answer: No Who is Georgia's current insurance commissioner? Correct Answer: Ralph Hudgens What two capacities does Georgia's insurance commissioner serve? Correct Answer: 1. Chief Officer of Insurance Dept. 2. Chief Fire Marshall What happens if the Insurance Commissioner has to resign early? Correct Answer: No election; the Chief Deputy will take over What is the requirement to serve as Chief Deputy in Georgia? Correct Answer: must have a bond in the amount of $15,000 If you are a domestic insurer in Georgia, how often does code say your financials must be examined? Correct Answer: once every 5 years Only one court in Georgia has the right to overturn the decision of the Insurance Commissioner. Which is it? Correct Answer: Superior Court of Fulton County What certificate is required for a company to be an authorized insurer in Georgia? Correct Answer: Certificate of Authority Surplus Lines Risk Correct Answer: has been rejected by 3 authorized insurers What is the primary reason the state of Georgia would revoke an insurance company's certificate to authorize? Correct Answer: if they're under financial distress What are the requirements to be a licensed producer in Georgia? Correct Answer: must be at least 18 years old, take a 40 hour course, pass licensing exam, apply for license, pass background check Which of the following would be considered an "offer"? Correct Answer: the applicant submits an application to the company with payment All of the following are true about insurable risk except: a) the loss must not be catastrophic in nature b) the loss must be large enough to create hardship c) the loss must not be definite and definable d) the law of large numbers should apply Correct Answer: c) the loss must not be definite and definable all of the following are parts of the insurance contract except: a) declarations b) insuring agreements c) conditions d) inclusions Correct Answer: d) inclusions something that increases the chance of a peril occurring is known as a(n): Correct Answer: hazard open peril, or "all risk", forms: Correct Answer: name the exclusions and limitations When a person decides not to buy insurance because of the cost, what method of handling risk has been undertaken? Correct Answer: risk retention the insurance industry deals with those areas of risk where the chances of loss are: Correct Answer: anywhere between 0% and 100% which of the following is not an element for the formation of a valid contract? a) consideration b) legal purpose c) agreement d) incompetent parties Correct Answer: d) incompetent parties Actual cash value= Correct Answer: replacement cost minus depreciation an insurance policy is an aleatory cont