PUBLIC ADJUSTERS NOTES
An agent of claimant has intentionally deceived an insurer for financial gain. Such act is
known as - Answers- ANSWER: Fraud
All of the following are characteristics of an insurable risk, EXCEPT - Answers-
ANSWER : The loss must be catastrophic in nature
All of the following would be considered an "insured" on a homeowners policy, EXCEPT
- Answers- ANSWER: A non-related tenant living in the insured residence
All of the following are duties of the insured after a loss, EXCEPT - Answers- ANSWER:
To provide the insurer with the amount they except to be paid for the claims submitted.
Physical damage to a contractors bulldozer is best covered under which of the
following: - Answers- ANSWER: A commercial inland marine contractors equipment
floater
Which of the following is NOT eligible for a coverage under a homeowners insurance
policy?: - Answers- ANSWER: Owner occupant of a 5 to 6 family dwelling.
All of the following statements describe a purpose of the Illinois guaranty fund, EXCEPT:
- Answers- ANSWER: To provide an entity to bring lawsuits against insolvent insurance
companies admitted in the state
A bailee's commercial inland marine form pays claim to : - Answers- ANSWER: The
customer
The four main sections of a standard fire policy are: - Answers- ANSWER:
Declarations, Insuring Agreement, Conditions, and Exclusions
What is a mansard roof ? : - Answers- ANSWER: It has two slopping planes on a
different pitch on each of four sides
Which of the following is used to bring a standardized insurance form into compliance
with state laws ? : - Answers- ANSWER: Endorsements
A voluntary act of destruction in which a ship's cargo is thrown overboard in order tp
save the ship is known as: - Answers- ANSWER: Jettison
Which of the following is elegible to be named insured under a homeowners policy ?: -
Answers- ANSWER: A Trust
Which of the following phrases best describes a hazard?: - Answers- ANSWER: A
condition that increases the chance of a loss
, What is a gable roof ? : - Answers- A type of roof containing sloping planes of the same
pitch on each side of the ridge
Which of the following is the commercial property form that covers property while in the
care, custody or control of the insured ? : - Answers- ANSWER: Legal liability form
Which of the following would NOT be excluded under a commercial property basic
cause of loss form ? : - Answers- ANSWER: A fire caused by earth movement.
The standard deductible in section I of the Homeowners Forms is: - Answers-
ANSWER: 1500
The limit of a bond is known as its : - Answers- ANSWER: Bond Penalty
Which of the following is a type of roof with one slope only that is built against a higher
wall ?: - Answers- ANSWER: Lean-to roof
A loss reserving method that establishes aggregate reserves for all claims for a single
line of insurance is known as : - Answers- ANSWER: Loss ratio method
Electrical wiring comes in what types ? : - Answers- ANSWER: Two or three strands
All of the following are excluded from coverage under a personal effects floater,
EXCEPT: - Answers- ANSWER: Luggage
Which is the unit of measurement used when measuring for, purchasing and installing
cabinets? : - Answers- ANSWER: Inches
Which of the following is NOT a claim settlement option in a property loss ? : - Answers-
ANSWER: Pay Market Value Only
Coverage under the national flood insurance program may be written : - Answers-
ANSWER: Only in eligible communities
An oral or written contact for temporary insurance is referred to as a : - Answers-
ANSWER: Binder
The most comprehensive coverage provided by the dwelling form is found on the ? : -
Answers- ANSWER: DP-3
A method of settling claim reserves based on the claims circumstances and the claim
representatives experience in handling similar claims is known as : - Answers-
ANSWER: The individual case method
A risk where both profit and loss are possible is known as : - Answers- ANSWER:
Speculative
An agent of claimant has intentionally deceived an insurer for financial gain. Such act is
known as - Answers- ANSWER: Fraud
All of the following are characteristics of an insurable risk, EXCEPT - Answers-
ANSWER : The loss must be catastrophic in nature
All of the following would be considered an "insured" on a homeowners policy, EXCEPT
- Answers- ANSWER: A non-related tenant living in the insured residence
All of the following are duties of the insured after a loss, EXCEPT - Answers- ANSWER:
To provide the insurer with the amount they except to be paid for the claims submitted.
Physical damage to a contractors bulldozer is best covered under which of the
following: - Answers- ANSWER: A commercial inland marine contractors equipment
floater
Which of the following is NOT eligible for a coverage under a homeowners insurance
policy?: - Answers- ANSWER: Owner occupant of a 5 to 6 family dwelling.
All of the following statements describe a purpose of the Illinois guaranty fund, EXCEPT:
- Answers- ANSWER: To provide an entity to bring lawsuits against insolvent insurance
companies admitted in the state
A bailee's commercial inland marine form pays claim to : - Answers- ANSWER: The
customer
The four main sections of a standard fire policy are: - Answers- ANSWER:
Declarations, Insuring Agreement, Conditions, and Exclusions
What is a mansard roof ? : - Answers- ANSWER: It has two slopping planes on a
different pitch on each of four sides
Which of the following is used to bring a standardized insurance form into compliance
with state laws ? : - Answers- ANSWER: Endorsements
A voluntary act of destruction in which a ship's cargo is thrown overboard in order tp
save the ship is known as: - Answers- ANSWER: Jettison
Which of the following is elegible to be named insured under a homeowners policy ?: -
Answers- ANSWER: A Trust
Which of the following phrases best describes a hazard?: - Answers- ANSWER: A
condition that increases the chance of a loss
, What is a gable roof ? : - Answers- A type of roof containing sloping planes of the same
pitch on each side of the ridge
Which of the following is the commercial property form that covers property while in the
care, custody or control of the insured ? : - Answers- ANSWER: Legal liability form
Which of the following would NOT be excluded under a commercial property basic
cause of loss form ? : - Answers- ANSWER: A fire caused by earth movement.
The standard deductible in section I of the Homeowners Forms is: - Answers-
ANSWER: 1500
The limit of a bond is known as its : - Answers- ANSWER: Bond Penalty
Which of the following is a type of roof with one slope only that is built against a higher
wall ?: - Answers- ANSWER: Lean-to roof
A loss reserving method that establishes aggregate reserves for all claims for a single
line of insurance is known as : - Answers- ANSWER: Loss ratio method
Electrical wiring comes in what types ? : - Answers- ANSWER: Two or three strands
All of the following are excluded from coverage under a personal effects floater,
EXCEPT: - Answers- ANSWER: Luggage
Which is the unit of measurement used when measuring for, purchasing and installing
cabinets? : - Answers- ANSWER: Inches
Which of the following is NOT a claim settlement option in a property loss ? : - Answers-
ANSWER: Pay Market Value Only
Coverage under the national flood insurance program may be written : - Answers-
ANSWER: Only in eligible communities
An oral or written contact for temporary insurance is referred to as a : - Answers-
ANSWER: Binder
The most comprehensive coverage provided by the dwelling form is found on the ? : -
Answers- ANSWER: DP-3
A method of settling claim reserves based on the claims circumstances and the claim
representatives experience in handling similar claims is known as : - Answers-
ANSWER: The individual case method
A risk where both profit and loss are possible is known as : - Answers- ANSWER:
Speculative
