Insurance Adjuster Exam| 203 QUESTIONS| 16 PAGES| WELL ANSWERED

Which kind of losses are covered under a standard fire policy? Correct Answer: Direct All fires are not covered by the Standard Fire policies, only those that: Correct Answer: are hostile and have a flame or glow At what time does a fire policy go into affect? Correct Answer: 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 Answer: $5,000 A fire burning in the middle of the living room would be considered: Correct Answer: 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 Answer: subrogation Which of the following statements are true concerning requirements of the standard fire policy? Correct Answer: 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 Answer: accounts, currency, deeds, and securities Who is insured under the Standard Fire policy? Correct Answer: the named insured and his legal representatives An agreement which affords temporary insurance protection until the policy is issued is called: Correct Answer: a binder as a general rule, a complete fire insurance policy would be made up of: Correct Answer: the Standard Fire policy with one or more forms attached The one condition listed below which will not void a fire policy: a) false swearing