Claims Adjuster Questions and Answers 2024

collision - Physical damage to car from collision with another object Comprehensive - Broken glass, theft, fire, flood, vandalism, anything other than named insured hitting Pro-Rata - Should the insurance company cancel the policy on the name insured the unearned premiums will be returned Rebating - Giving policy owner, some part of the agents commission which is illegal Assignment - Transfer of policy to another person Endorsement - A form attached to policy, bearing the language necessary to change the terms of policy to fit special circumstances Discounts on auto premiums - Minimum 10% Proof of insurance - Auto insurance, post a bond, or cash or security deposit CGL= commercial general liability - 12 month policy New contract every year Protect companies assets only Doesn't cover pollution or Third-party contract will cover body injury and property damage Two types of CGL forms - Occurrence-whenever injury occurs policy that is enforce at present time will be liable for small companies Claims made -whenever claim is made the policy that was enforce at that time will be liable. The payout is more, no stacking allowed, large companies use. Inland Marine forms - Insure all types of transportation and communication instruments Ocean Marine - Covers property traveling across the ocean Perils of sea - Property damage is covered only if it is a sea related peril General average - Captain and owner share in the loss Particular average - Non-non-shared loss Cargo owner only has the loss WC shaver - Extended coverage Windstorms, civil commotions, smoke damage, hail, aircraft, vehicle crashes into home explosion, no steam, covered, riots of three or more folks Elements of a contract= ACCL - Agreement-applicant makes offer with application and money Consideration -both parties must give something of value Competent parties - Legal purpose - *Signature not needed * Umpire - Both insured and insure pay for Estoppel - Ensure gives up a right unknowingly and tries to reinsert that right at a later date only applies after policy is issued Aleatory - One party gets more out of the contract than the other