Claims Adjuster Exam 1| 133 QUESTIONS| 11 PAGES| GRADED A

Actual Cash Value (ACV) Correct Answer: Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit Correct Answer: One limit per occurrence is what we pay up to Split limit Correct Answer: What we pay up to per person and per occurrence Deductible Correct Answer: What the customer will have to pay; we cover everything else Declarations Page (Dec Page) Correct Answer: The basic information about a policy: Who - names of insurer and insured What - description of insured property Where - address and legal description of insured property When - effective and expiration dates. How Much - limits of coverage, deductible, premium Depreciation Correct Answer: Amount taken off for wear and tear Earned Premium Correct Answer: The amount of the premium for which the policy protection has been given. Risk Correct Answer: A chance or uncertainty of loss endorsement Correct Answer: Something you can add/change on policy; car, kid, etc lapse Correct Answer: The insured did not pay so is not covered; will effect renewal Named driver exclusion Correct Answer: Excluded from coverage and covered cars; cannot drive as they would be considered 1st party coverage Coverage A Correct Answer: Building and structures Coverage B Correct Answer: Other structures (such as a detached garage, workshop, swimming pools, fences and gazebos) Coverage C Correct Answer: personal property Coverage D Correct Answer: Loss of use Coverage E Correct Answer: personal liability