Indiana Adjuster Pre-Licensing Exam Questions and Answers Graded A+

Indiana Adjuster Pre-Licensing Exam Questions and Answers Graded A+ What is an Agent? -Answer-One who receives authority to act on behalf of someone else Who are the two agents? -Answer-Sales Agent & Insurance Adjuster What is Power to Bind -Answer-What the agent says or does can bind the insurer What are the three responsibilities? -Answer-Adhere/follow the contract, Use good judgment and care at all times, Provide necessary info to the insurer. What are the three types of Authority? -Answer-Express Authority, Implied Authority, Apparent Authority What is express Authority? -Answer-Authority that is directly granted to the agent in writing via the agents contract What is Implied Authority? -Answer-That the public reasonably believes the agent to have, based on the agent's representations What is Apparent Authority? -Answer-When the insurer does not correct its agent, even through the agent may be acting in error What are the four types of Sales Agents? -Answer-Independent Insurance Sales Agent, Exclusive Agent, General Agent, Direct Writer. What is an Independent Agent? -Answer-Self Employed, offer Insurance from more than one company at the same time. What is an Exclusive Agent? -Answer-Also called Captive Agent, commissioned, represents only one insurer and their policies What is an General Agent? -Answer-Works for one company, Supervises other exclusive agents, trains them too What is an Direct writer? -Answer-Salaried Employee, works for one company What are the 4 duties of a Sales agent? -Answer-Sell Policies, serves contracts, collect premiums, represent the insurer. Who/what is a Claimant? -Answer-A person or business that makes a claim for payment after a loss or damage occurs What is the Claim Function? -Answer-The part of the insurance contract that lets the insurer fulfill it's promises to the insured What is Adjusting? -Answer-The process of comparing a claimant's losses to the promises made in an insurance policy What is an Insurance adjuster? -Answer-An agent who processes insurance claims for a salary, a free, or commission Who do adjuster work for? -Answer-an insurer, a private company, an adjusting company, the claimant What are the 4 types of adjusters? -Answer-Staff Adjuster, independent Adjuster, Public adjuster, Emergency Adjuster. What is a Staff Adjuster/ -Answer-works for only 1 insurer, salaried empolyees, can work locally, regionally, or nation. called company adjusters What is an Independent Adjuster? -Answer-called fee adjuster, bureau adjuster, not contracted by an insurer, self employed, processes claims, can do it for multiple insurers at the same time, paid by fee, daily rate, or time What is a Public Adjuster -Answer-Hired by PH, represents the PH in the claim, Charges commission, about 10% of settlement. What is an emergency Adjuster> -Answer-Temporarily licensed by insurance commissioner when there is a catastrophe, may be from other states, temporarily certified, only allowed to work on claims related to disaster What are the three responsivities of an Insurance Adjuster? -Answer-Fiduciary Agent, Power to bind, Report to the Principal. What is the Fiduciary Agent? -Answer-Acts on the behave of an insurer. acts for the insurer. Utmost good faith towards the Insurer What does Reporting to the Principal mean? -Answer-Giving updates and status reports. Providing private Info for the benefit of the Principal What are the three Adjuster Reports? -Answer-Initial report, In