Insurance Adjuster Exam
Which kind of losses are covered under a standard fire policy? correct
answers Direct
All fires are not covered by the Standard Fire policies, only those that:
correct
are answers
hostile and have a flame or
glow
At what time does a fire policy go into affect? correct answers 12:01am
standard
at time of the insured's
the location
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
each under correct answers
policy?
$5,000
A fire burning in the middle of the living room would be considered: correct
answers a
hostile
fire
An insured's house is damaged by fire caused by a neighbor's
negligence.
insurance The
company will attempt to recover damage from the neighbor.
This is called:
correct answers
subrogation
Which of the following statements are true concerning requirements of the
standardcorrect
policy? fire answers The insured must separate damaged from
undamaged
property in the event there is a loss AND If a loss occurs, the insured
normally
days has
to file a 60
proof of loss with the
insurer
Which types of property are excluded from coverage under the basic fire
policy? correct
answers accounts, currency, deeds, and
securities
Who is insured under the Standard Fire policy? correct answers the named
insured
his legaland
representatives
An agreement which affords temporary insurance protection until the policy
is issuedcorrect
called: is answers a
binder
as a general rule, a complete fire insurance policy would be made up
of: correct
answers the Standard Fire policy with one or more forms
attached
The one condition listed below which will not void a
firefalse
a) policy:
swearing
b)
misrepresentation
c) over-
insurance
d) concealment correct answers over-
insurance
,replacement cost minus depreciation: correct answers Actual Cash
Value (ACV)
The Standard Fire policy with an extended coverage endorsement
attached
which covers
of the following: correct
answers riot
A loss due to order of Civil Authority: correct answers is excluded
unless the
occurs loss of an order by Civil Authorities for the purpose of
because
controlling a fire
The term "unoccupancy" refers to the absence of : correct answers
persons from a
buildin
g
Suppose a fire occurs on February 26th. On April 30th, the insurance
company
the notifies
mortgagee the insured has not filed a proof of loss. To protect their
interest, themust file a proof of loss within
mortgagee days after what date?
correct
answers 60 days after April
30th
For recovery under the Standard Fire policy, a party must: correct answers
bethe
in named
policy and show an insurable interest in the property at the time the
loss occurs
What is the requirement on how much experience one must have to be
elected thecommissioner in Georgia? correct
insurance
answers None
Once elected, how long is the insurance commissioner's term? correct
answers 4 years
Is there a limit on the number of terms an insurance commissioner can
serve? correct
answers
No
Who is Georgia's current insurance commissioner? correct answers Ralph
Hudgens
What two capacities does Georgia's insurance commissioner serve? correct
answers
Chief Officer
1. of Insurance
Dept.
2. Chief Fire
Marshall
What happens if the Insurance Commissioner has to resign early? correct
answers No
election; the Chief Deputy will
take over
What is the requirement to serve as Chief Deputy in Georgia? correct
answers
have mustin the amount of
a bond
$15,000
If you are a domestic insurer in Georgia, how often does code say your
financials
be must correct answers once every 5
examined?
years
Only one court in Georgia has the right to overturn the decision of the
Commissioner. Which is it? correct answers Superior Court of
Insurance
Fulton County
, What certificate is required for a company to be an authorized insurer
in Georgia?
correct answers Certificate of
Authority
Surplus Lines Risk correct answers has been rejected by 3 authorized
insurers
What is the primary reason the state of Georgia would revoke an insurance
company's
certificate to authorize? correct answers if they're under
financial distress
What are the requirements to be a licensed producer in Georgia? correct
answers
be must
at least 18 years old, take a 40 hour course, pass licensing exam, apply
for license,
pass background
check
Which of the following would be considered an "offer"? correct answers
the applicant
submits an application to the company with
payment
All of the following are true about insurable risk
except:
a) the loss must not be catastrophic in
nature
b) the loss must be large enough to create
hardship
c) the loss must not be definite and
definable
d) the law of large numbers should apply correct answers c) the loss
must notand
definite be
definable
all of the following are parts of the insurance
contract except:
a)
declarations
b) insuring
agreements
c)
conditions
d) inclusions correct answers d)
inclusions
something that increases the chance of a peril occurring is known as
a(n): correct
answers
hazard
open peril, or "all risk", forms: correct answers name the exclusions and
limitations
When a person decides not to buy insurance because of the cost, what
method ofrisk has been undertaken? correct answers risk
handling
retention
the insurance industry deals with those areas of risk where the chances
of loss are:
correct answers anywhere between 0% and
100%
which of the following is not an element for the formation of a
valid contract?
a)
b) legal
consideration
purpose
c)
agreement
d) incompetent parties correct answers d)
incompetent parties
Actual cash value= correct answers replacement cost minus
depreciation
Which kind of losses are covered under a standard fire policy? correct
answers Direct
All fires are not covered by the Standard Fire policies, only those that:
correct
are answers
hostile and have a flame or
glow
At what time does a fire policy go into affect? correct answers 12:01am
standard
at time of the insured's
the location
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
each under correct answers
policy?
$5,000
A fire burning in the middle of the living room would be considered: correct
answers a
hostile
fire
An insured's house is damaged by fire caused by a neighbor's
negligence.
insurance The
company will attempt to recover damage from the neighbor.
This is called:
correct answers
subrogation
Which of the following statements are true concerning requirements of the
standardcorrect
policy? fire answers The insured must separate damaged from
undamaged
property in the event there is a loss AND If a loss occurs, the insured
normally
days has
to file a 60
proof of loss with the
insurer
Which types of property are excluded from coverage under the basic fire
policy? correct
answers accounts, currency, deeds, and
securities
Who is insured under the Standard Fire policy? correct answers the named
insured
his legaland
representatives
An agreement which affords temporary insurance protection until the policy
is issuedcorrect
called: is answers a
binder
as a general rule, a complete fire insurance policy would be made up
of: correct
answers the Standard Fire policy with one or more forms
attached
The one condition listed below which will not void a
firefalse
a) policy:
swearing
b)
misrepresentation
c) over-
insurance
d) concealment correct answers over-
insurance
,replacement cost minus depreciation: correct answers Actual Cash
Value (ACV)
The Standard Fire policy with an extended coverage endorsement
attached
which covers
of the following: correct
answers riot
A loss due to order of Civil Authority: correct answers is excluded
unless the
occurs loss of an order by Civil Authorities for the purpose of
because
controlling a fire
The term "unoccupancy" refers to the absence of : correct answers
persons from a
buildin
g
Suppose a fire occurs on February 26th. On April 30th, the insurance
company
the notifies
mortgagee the insured has not filed a proof of loss. To protect their
interest, themust file a proof of loss within
mortgagee days after what date?
correct
answers 60 days after April
30th
For recovery under the Standard Fire policy, a party must: correct answers
bethe
in named
policy and show an insurable interest in the property at the time the
loss occurs
What is the requirement on how much experience one must have to be
elected thecommissioner in Georgia? correct
insurance
answers None
Once elected, how long is the insurance commissioner's term? correct
answers 4 years
Is there a limit on the number of terms an insurance commissioner can
serve? correct
answers
No
Who is Georgia's current insurance commissioner? correct answers Ralph
Hudgens
What two capacities does Georgia's insurance commissioner serve? correct
answers
Chief Officer
1. of Insurance
Dept.
2. Chief Fire
Marshall
What happens if the Insurance Commissioner has to resign early? correct
answers No
election; the Chief Deputy will
take over
What is the requirement to serve as Chief Deputy in Georgia? correct
answers
have mustin the amount of
a bond
$15,000
If you are a domestic insurer in Georgia, how often does code say your
financials
be must correct answers once every 5
examined?
years
Only one court in Georgia has the right to overturn the decision of the
Commissioner. Which is it? correct answers Superior Court of
Insurance
Fulton County
, What certificate is required for a company to be an authorized insurer
in Georgia?
correct answers Certificate of
Authority
Surplus Lines Risk correct answers has been rejected by 3 authorized
insurers
What is the primary reason the state of Georgia would revoke an insurance
company's
certificate to authorize? correct answers if they're under
financial distress
What are the requirements to be a licensed producer in Georgia? correct
answers
be must
at least 18 years old, take a 40 hour course, pass licensing exam, apply
for license,
pass background
check
Which of the following would be considered an "offer"? correct answers
the applicant
submits an application to the company with
payment
All of the following are true about insurable risk
except:
a) the loss must not be catastrophic in
nature
b) the loss must be large enough to create
hardship
c) the loss must not be definite and
definable
d) the law of large numbers should apply correct answers c) the loss
must notand
definite be
definable
all of the following are parts of the insurance
contract except:
a)
declarations
b) insuring
agreements
c)
conditions
d) inclusions correct answers d)
inclusions
something that increases the chance of a peril occurring is known as
a(n): correct
answers
hazard
open peril, or "all risk", forms: correct answers name the exclusions and
limitations
When a person decides not to buy insurance because of the cost, what
method ofrisk has been undertaken? correct answers risk
handling
retention
the insurance industry deals with those areas of risk where the chances
of loss are:
correct answers anywhere between 0% and
100%
which of the following is not an element for the formation of a
valid contract?
a)
b) legal
consideration
purpose
c)
agreement
d) incompetent parties correct answers d)
incompetent parties
Actual cash value= correct answers replacement cost minus
depreciation
