COMPLETE TEST FOR CERTIFIED CLAIMS ADJUSTER- FLORIDA

COMPLETE TEST FOR CERTIFIED CLAIMS ADJUSTER- FLORIDA Repair, replacement and recovery of injured lives and damaged property falls to? - CORRECT ANSWER-Insurance Adjusters, CAT Troopers, Field Investigators, Property Appraisers and Front Line Supervisors Insurance Transaction includes: - CORRECT ANSWER--Solicitation of insurance -Negotiations; -Binding, underwriting and sale of insurance; -Handling or "adjusting" of claims The Role of Insurance is: - CORRECT ANSWER-- Essential Product -Financial Product - Purchase of a Promise -Purchase based on TRUST The different types of insurance are: - CORRECT ANSWER--Health -Life -Property -Casualty When you buy insurance, you are buying: - CORRECT ANSWER-Peace of Mind Insurance is a Purchase based on: - CORRECT ANSWER-Trust The most important factor in the purchase of insurance is: - CORRECT ANSWER-Trust An assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for relief is: - CORRECT ANSWER-Claim Is the same as a request, demand, a letter requesting action, a bill submitted for payment: - CORRECT ANSWER-Assertion Means that the claim may or may not be valid or legitimate, or that there may not be any legal right for belief: - CORRECT ANSWER-Alleged Relief: - CORRECT ANSWER-Compensation or payment. Can also mean: -restitution -return -recovery -replacement Takes form in property or money Third Party Claim: - CORRECT ANSWER-A claim made by a third party against an "insured" person or entity First Party Claim: - CORRECT ANSWER-A claim made by a policy holder against his/her own insurance company for recovery under the policy (contract) for which a premium has been paid Carrier's Claim Handling Goal #1: - CORRECT ANSWER-To help those who have been injured or who have suffered loss for which the insured is responsible or which is covered by the insurance contract Carrier's Claim Handling Goal #2: - CORRECT ANSWER-To minimize loss for the insured party and the carrier. To fairly evaluate the legitimacy and legality of a claim and its value and resolve satisfactory Carrier's Claim Handling Goal #3: - CORRECT ANSWER--To comply with the requirements of the law or terms of the insurance contract -To pay claims fairly and adequately Carrier's Claim Handling Goal #4: - CORRECT ANSWER-To maintain friendly and satisfactory relations between the injured party, the employer or policy holder, the insurance company an the public Carrier's Claim Handling Goal #5: - CORRECT ANSWER-To satisfy the company's moral and ethical obligation to the public and conduct business (claims) in a friendly, helpful manner An individual who, for compensation, fee or commission, investigates and settles claims arising under property, casualty or surety contracts on behalf of the insurer or the insured: - CORRECT ANSWER-Adjuster The process, or art, of investigating, evaluating, reporting on, negotiating and resolving claims under a policy, or claims against your client, the insurance company or the company for which you work or represent: - CORRECT ANSWER-Adjusting Types of Adjusters: - CORRECT ANSWER--Staff Adjusters -Independent Adjusters - Public Adjusters Work for Insurance Companies: - CORRECT ANSWER-Staff Adjusters Self Employed or employed by an independent adjusting firm: - CORRECT ANSWERIndependent Adjusters Represents the insured, typically seen in the property lines of business: - CORRECT ANSWER-Public Adjusters Can be inside adjusters, field adjusters or both: - CORRECT ANSWER-Property Adjusters Property Adjusters handle: - CORRECT ANSWER--ONLY physical damage claims -Automobile Physical Damages Claims -Damages to homes, buildings, personal property Evaluate legal liability, cause of loss, damages and bodily injury: - CORRECT ANSWER-Liability Adjusters Provide medial and wage replacement benefits for injured workers - CORRECT ANSWER-Worker's Compensation Adjusters Handle various types of losses and may earn the right to a field position: - CORRECT ANSWER-Multi-Line Adjusters Insurance that is compromised of liability and worker's compensation claims: - CORRECT ANSWER-Casualty Insurance Involves relative degrees of legal responsibility, the evaluation of damage or injury and determination of legal rights and remedies: - CORRECT ANSWER-Casualty Claims Adjusting Liability and Worker's Compensation Adjusters do most of the following: - CORRECT ANSWER--Verify coverage -Investigate facts by securing testimony and evidence -Determine liability - Determine the amount of loss in terms of property damage, medical expenses, loss of wage, etc. -Determine intangibles, such as pain and suffering, discomfort and inconvenience -Determine if litigation is eminent and estimate defense costs and the probability of success in the event of a law suit -Determine if other parties to the loss might be responsible under any one of a number of legal theories -Pay claims or benefits as owed under various theories of liability or statute Property Claims Adjusting is: - CORRECT ANSWER-The evaluation of damage to real or personal property resulting from various perils such as: -fire -wind -theft -explosion An assessment of available policy limits for each involved peril A determination of how much should be paid under policy Property Adjusters do the following: - CORRECT ANSWER--Verify coverage -Investigate the facts of loss to determine the proximate cause of loss -Verify if the policy covers the involved peril -Assist the insured in mitigating the loss by providing assistance and guidance -Determine the extent of damage and the cost to repair or replaced damage property -Verify the insured's "insurable interest" in the property, as well as that of the mortgage What umbrella does Automobile Physical Damage Adjusting fall under? - CORRECT ANSWER-Property Adjusting Automobile Physical Damage Adjusting deals with: - CORRECT ANSWER-handling and resolution of claims for collision, comprehensive and mechanical breakdown Automobile Physical Damage Adjusters do the following: - CORRECT ANSWER--Verify coverage -Investigate the facts of loss and legal responsibilities of the involved parties - Determine the amount of the loss by appraisal of the cost to repair or replace the damage -Apply appropriate deductibles and make payment to those with an insurable interest -Determine the potential of subrogation and recovery of the payments made, including the insured's deductible Fiduciary Duty: - CORRECT ANSWER-Representing the financial/ and or property interests of another under the confidence and trust of others, to whom the fiduciary owes the highest degree of loyalty and good faith Basic Adjusting Functions are: - CORRECT ANSWER--Investigation -Claims management -Evaluating -Reporting -Negotiation & Resolution Components of the investigation process: - CORRECT ANSWER--Inquiry -Verification -Comparison Inquiry is: - CORRECT ANSWER-Obtaining the facts surrounding the claim Verification is: - CORRECT ANSWER-Checking facts and details for accuracy