Public Adjuster Exam
Public Adjuster correct answersPerson, partnership, that represents the
public asof
adjuster an
claims
Days to rescind a contract correct answers3
calendar days
Public Adjuster minimum standards correct answersTitle must read
Public Adjuster
contra
ct
Name phone number address and business name of
Adjuster
Address of the insured and
name
Percentage of the payments
received
execution date and
signatures
right to
cancel
How can an adjuster collect his fee? correct answersa percentage of each
check,
the lumpnot
sum
Are late fees or collection costs prohibited? correct
answersYes
Refund payments, return instruments, and take necessary actions
under contract
correct answers15 working
days
Notify an insurer of contract execution, communicate in writing,
reply to written from an insurer correct answers2
communication
business days
Acknowledge receipt of a claim correct answers10
working days
Provide claim forms and reasonable assistance correct answers10
working days
Respond to an insurance department inquiry correct answers15
working days
Complete investigation correct answers30
working days
accept or deny a claim after proof of loss is executed correct answers15
working days
, Elements of a contract correct answersAgreement, Consideration,
Competent Parties,
Legal
purpose
Contract of Adhesion correct answersNo opportunity to change, must be
adhered to
Aleatory Contracts correct answersBased upon the occurrence of a
future event
unequal of
bargaining
value
Personal Contract correct answersHighest degree of
good faith
Unilateral contract correct answersAct exchanged for a
promise
Conditional Contract correct answerscontingent upon certain acts by
the insured
Ambiguities correct answersnot being clear, goes against the insurance
company
Indemnity correct answersPrinciple of restoring the extent
of the loss
Subrogation correct answersgoing after the third party's
negligence
Material misrepresentation correct answerscan reject
coverage
Warranties correct answersAffirmative, Promissory,
Implied
Insurable interest correct answersInterest in property that may cause one
thefinancial
of probability
loss
Hazards correct answersPhysical, Moral, and
Morale
PIGA Act correct answers300,000 per claim and 10k
per policy
Death of insured correct answers180 days after death or after the
policy ends
Short rate correct answersInsured
cancels
Pro Rate correct answersInsurer
cancels
Flat rate correct answersneither
exchanged
Dwelling Policy(Owner occupied) correct answersNonpayment and
Material Mis 30
day
s
Dwelling and commercial(Nonowner occupied) correct
material mis 15 days, and
answersNonpayment underwriting
60 days
Specified(Named Perils) correct answersCovered, Ex. Fire and
lightning
Public Adjuster correct answersPerson, partnership, that represents the
public asof
adjuster an
claims
Days to rescind a contract correct answers3
calendar days
Public Adjuster minimum standards correct answersTitle must read
Public Adjuster
contra
ct
Name phone number address and business name of
Adjuster
Address of the insured and
name
Percentage of the payments
received
execution date and
signatures
right to
cancel
How can an adjuster collect his fee? correct answersa percentage of each
check,
the lumpnot
sum
Are late fees or collection costs prohibited? correct
answersYes
Refund payments, return instruments, and take necessary actions
under contract
correct answers15 working
days
Notify an insurer of contract execution, communicate in writing,
reply to written from an insurer correct answers2
communication
business days
Acknowledge receipt of a claim correct answers10
working days
Provide claim forms and reasonable assistance correct answers10
working days
Respond to an insurance department inquiry correct answers15
working days
Complete investigation correct answers30
working days
accept or deny a claim after proof of loss is executed correct answers15
working days
, Elements of a contract correct answersAgreement, Consideration,
Competent Parties,
Legal
purpose
Contract of Adhesion correct answersNo opportunity to change, must be
adhered to
Aleatory Contracts correct answersBased upon the occurrence of a
future event
unequal of
bargaining
value
Personal Contract correct answersHighest degree of
good faith
Unilateral contract correct answersAct exchanged for a
promise
Conditional Contract correct answerscontingent upon certain acts by
the insured
Ambiguities correct answersnot being clear, goes against the insurance
company
Indemnity correct answersPrinciple of restoring the extent
of the loss
Subrogation correct answersgoing after the third party's
negligence
Material misrepresentation correct answerscan reject
coverage
Warranties correct answersAffirmative, Promissory,
Implied
Insurable interest correct answersInterest in property that may cause one
thefinancial
of probability
loss
Hazards correct answersPhysical, Moral, and
Morale
PIGA Act correct answers300,000 per claim and 10k
per policy
Death of insured correct answers180 days after death or after the
policy ends
Short rate correct answersInsured
cancels
Pro Rate correct answersInsurer
cancels
Flat rate correct answersneither
exchanged
Dwelling Policy(Owner occupied) correct answersNonpayment and
Material Mis 30
day
s
Dwelling and commercial(Nonowner occupied) correct
material mis 15 days, and
answersNonpayment underwriting
60 days
Specified(Named Perils) correct answersCovered, Ex. Fire and
lightning
