South Carolina Adjuster Licensing Exam Questions with complete solutions

Abandonment Condition - ANSWER-A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability - ANSWER-Type of liability imposed by law on those participating in certain activities that are coered particularly hazardous; person may be held liabile even though they were not negligent. Accident - ANSWER-A loss that occurs at a specific time and place. Accounts Recivable Insurance - ANSWER-Filed commercial inland marine form that insures against loss the insured suffers becuase of an inability to collect from customers when accounts receivable records are damaged or destroyed. Actual Cash Value (ACV) - ANSWER-the cost to replace an item of property at the time of loss, less an allowance for depreciation; ofter used to determine the amount of reimbursement for a loss Additional Coverages - ANSWER-Supplemental Insurance coverages that apply only in certain circumstances, have reduced or separate limits of liability, or require the insured to meet certain requirements before the y are applicable; also called coverage extensions, other coverages, and extended coverages Additional Insured - ANSWER-An individual or company , in additiona to the insured, who is listed in the declarations; an example is a mortgage company that has insurable intrest in the property insured Additonal Insured-Lessor Endorsement - ANSWER-commercial auto endorsement used to make leased vehicles considered owned vehicles for coverage purposes