Insurance Adjuster Exam Questions and 100% guaranteed PASS

Which kind of losses are covered under a standard fire policy? - Direct All fires are not covered by the Standard Fire policies, only those that: - are hostile and have a flame or glow At what time does a fire policy go into affect? - 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? - $5,000 A fire burning in the middle of the living room would be considered: - 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: - subrogation Which of the following statements are true concerning requirements of the standard fire policy? - 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? - accounts, currency, deeds, and securities Who is insured under the Standard Fire policy? - the named insured and his legal representatives An agreement which affords temporary insurance protection until the policy is issued is called: - a binder as a general rule, a complete fire insurance policy would be made up of: - 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 b) misrepresentation c) over-insurance d) concealment - over-insurance replacement cost minus depreciation: - Actual Cash Value (ACV) The Standard Fire policy with an extended coverage endorsement attached covers which of the following: - riot A loss due to order of Civil Authority: - is excluded unless the loss occurs because of an order by Civil Authorities for the purpose of controlling a fire The term "unoccupancy" refers to the absence of : - 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? - 60 days after April 30th