PUBLIC ADJUSTER questions and answers
Program Trigger for terrorist acts must cause a collective damage in excess of? -
Answers- • $100,000,000
TF A public adjuster may own no more than 50% in a salvage or similar business? -
Answers- • F
General Average - Answers- • Loss shared by all parties
Particular Average - Answers- • Only one party shares in the loss.
In a home owner policy there is no deductible for - Answers- • Liability Coverage
In BOP covered property is listed and described in what part of the contract? -
Answers- • Declarations page
What is not eligible for coverage under a livestock floater? - Answers- Poultry
What type of carrier must assume the broadest liability under common law? - Answers-
Common carriers
Named insured is never a _______? - Answers- Lien Holder. Must have insurable
interest in the property.
How much extra coverage does the BOP allow for building code updates on a loss? -
Answers- $10,000
HO-3 only covers ___________ for jewelry? - Answers- Actual Cash Value
Promise by one party that is conditioned on an uncertain event and where the value
given by each party is unequal is called? - Answers- Aleatory
An insurer has ________ days to complete their investigation of a claim? - Answers- 30
days
Farm insurance coverage G covers? - Answers- Silos
Under equipment breakdown coverage, the full replacement cost will be provided if the
equipment is repaired in what time period after a loss? - Answers- 24 months.
In the newest edition of the commercial property form, what is now considered part of
the building? - Answers- Vegetated roofs
Which Dwelling forms provide broad form coverage for personal property? - Answers-
DP-2 and DP-3
, The homeowner personal property replacement cost endorsement would pay
replacement cost for ___________? - Answers- Used clothing
An insurer must acknowledge receipt of a claim within _______ working days? -
Answers- 10
An insurance contract is considered 4 things - Answers- Aleatory
Unilateral
Adhesive
Conditional
Admitted insurers must be financially examined by the Pennsylvania Department of
insurance at least once every _______ years? - Answers- 5 years.
A leased building has to be ____% unoccupied to be considered vacant under the
COMMERCIAL PROPERTY policy? - Answers- 31%
What about for BOP? A building must be _______% vacant to be considered vacant? -
Answers- 65%
BOP additional limit for debris removal is? - Answers- • 25,000
If an insurer wants to cancel or non-renew a policy covering personal property, how
much notice is needed? - Answers- • 30 days
What is the limit that will be paid for the fire department service charge in the BOP
form? - Answers- • $2,500
What is the limit that will be paid for the fire department service charge in the BOP
form? - Answers- • $2,500
Under the homeowner forms, how much will be paid under claims expense for loss of
earnings by the insured to assist the insurer in the investigation or defense of a claim? -
Answers- • $250 per day
The insured's dwelling has been vacant for 62 days. Vandals enter the home and do
considerable damage. To cover up their act and to avoid detection, the vandals set fire
to the dwelling. The insurer will ____________ - Answers- • Deny the entire loss
The authority that the public believes the agent has based on the agent's actions is
known as - Answers- • Apparent Authority
What coverage is NOT included for a $25,000 limit of insurance under the ISO
equipment breakdown policy. - Answers- • Fire Damage is excluded
Program Trigger for terrorist acts must cause a collective damage in excess of? -
Answers- • $100,000,000
TF A public adjuster may own no more than 50% in a salvage or similar business? -
Answers- • F
General Average - Answers- • Loss shared by all parties
Particular Average - Answers- • Only one party shares in the loss.
In a home owner policy there is no deductible for - Answers- • Liability Coverage
In BOP covered property is listed and described in what part of the contract? -
Answers- • Declarations page
What is not eligible for coverage under a livestock floater? - Answers- Poultry
What type of carrier must assume the broadest liability under common law? - Answers-
Common carriers
Named insured is never a _______? - Answers- Lien Holder. Must have insurable
interest in the property.
How much extra coverage does the BOP allow for building code updates on a loss? -
Answers- $10,000
HO-3 only covers ___________ for jewelry? - Answers- Actual Cash Value
Promise by one party that is conditioned on an uncertain event and where the value
given by each party is unequal is called? - Answers- Aleatory
An insurer has ________ days to complete their investigation of a claim? - Answers- 30
days
Farm insurance coverage G covers? - Answers- Silos
Under equipment breakdown coverage, the full replacement cost will be provided if the
equipment is repaired in what time period after a loss? - Answers- 24 months.
In the newest edition of the commercial property form, what is now considered part of
the building? - Answers- Vegetated roofs
Which Dwelling forms provide broad form coverage for personal property? - Answers-
DP-2 and DP-3
, The homeowner personal property replacement cost endorsement would pay
replacement cost for ___________? - Answers- Used clothing
An insurer must acknowledge receipt of a claim within _______ working days? -
Answers- 10
An insurance contract is considered 4 things - Answers- Aleatory
Unilateral
Adhesive
Conditional
Admitted insurers must be financially examined by the Pennsylvania Department of
insurance at least once every _______ years? - Answers- 5 years.
A leased building has to be ____% unoccupied to be considered vacant under the
COMMERCIAL PROPERTY policy? - Answers- 31%
What about for BOP? A building must be _______% vacant to be considered vacant? -
Answers- 65%
BOP additional limit for debris removal is? - Answers- • 25,000
If an insurer wants to cancel or non-renew a policy covering personal property, how
much notice is needed? - Answers- • 30 days
What is the limit that will be paid for the fire department service charge in the BOP
form? - Answers- • $2,500
What is the limit that will be paid for the fire department service charge in the BOP
form? - Answers- • $2,500
Under the homeowner forms, how much will be paid under claims expense for loss of
earnings by the insured to assist the insurer in the investigation or defense of a claim? -
Answers- • $250 per day
The insured's dwelling has been vacant for 62 days. Vandals enter the home and do
considerable damage. To cover up their act and to avoid detection, the vandals set fire
to the dwelling. The insurer will ____________ - Answers- • Deny the entire loss
The authority that the public believes the agent has based on the agent's actions is
known as - Answers- • Apparent Authority
What coverage is NOT included for a $25,000 limit of insurance under the ISO
equipment breakdown policy. - Answers- • Fire Damage is excluded
