Insurance Adjuster Exam
Which kind of losses are covered under a standard fire policy? correct
answersDirect
All fires are not covered by the Standard Fire policies, only those
that: correcthostile and have a flame or
answersare
glow
At what time does a fire policy go into affect? correct answers12:01am
standard
the location
timeof at
the insured's
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
each
collect policy?
under correct
answers$5,000
A fire burning in the middle of the living room would be considered:
correct answersa
hostile
fire
An insured's house is damaged by fire caused by a neighbor's
negligence.
insurance company
The will attempt to recover damage from the neighbor.
This is called:
correct
answerssubrogation
Which of the following statements are true concerning requirements of the
standard fire
policy? correct answersThe insured must separate damaged from
undamaged property
in the event there is a loss AND If a loss occurs, the insured normally has 60
days to file
Which types of property are excluded from coverage under the basic fire
a proof of loss with the
policy?
insurer correct
answersaccounts, currency, deeds, and
securities
Who is insured under the Standard Fire policy? correct answersthe named
insured
his legaland
representatives
An agreement which affords temporary insurance protection until the policy
is issued
called: is
correct answersa
binder
as a general rule, a complete fire insurance policy would be made up
answersthe
of: correct Standard Fire policy with one or more forms
attached
The one condition listed below which will not void a
firefalse
a) policy:
b)
swearing
misrepresentation
c) over-
d) concealment correct answersover-
insurance
insurance
,replacement cost minus depreciation: correct answersActual Cash
Value (ACV)
The Standard Fire policy with an extended coverage endorsement
attached
which covers
of the following: correct
answersriot
A loss due to order of Civil Authority: correct answersis excluded unless the
loss occurs
because of an order by Civil Authorities for the purpose of
controlling a fire
The term "unoccupancy" refers to the absence of : correct
answerspersons 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, the mortgagee must file a proof of loss within days after
answers60
what date? days after April
correct
30th
For recovery under the Standard Fire policy, a party must: correct
answersbe
the named
policy and showinan 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
answersNone
Once elected, how long is the insurance commissioner's term? correct
answers4 years
Is there a limit on the number of terms an insurance commissioner can
serve? correct
answersN
o
Who is Georgia's current insurance commissioner? correct answersRalph
Hudgens
What two capacities does Georgia's insurance commissioner serve? correct
Chief Officer of Insurance
answers1.
Dept.
2. Chief Fire
Marshall
What happens if the Insurance Commissioner has to resign early? correct
election; the Chief Deputy will
answersNo
take over
What is the requirement to serve as Chief Deputy in Georgia? correct
answersmust
have a bond in the amount of
$15,000
If you are a domestic insurer in Georgia, how often does code say your
financials
be mustcorrect answersonce every 5
examined?
years
Only one court in Georgia has the right to overturn the decision of the
Insurance
Commissioner. Which is it? correct answersSuperior Court of
Fulton County
, What certificate is required for a company to be an authorized insurer
in Georgia?
correct answersCertificate of
Authority
Surplus Lines Risk correct answershas 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 answersif they're under
financial distress
What are the requirements to be a licensed producer in Georgia? correct
be at least 18 years old, take a 40 hour course, pass licensing exam, apply
answersmust
for license,
pass background
check
Which of the following would be considered an "offer"? correct
answersthe
submits an application
applicant to the company with
payment
All of the following are true about insurable risk
except:
a) the loss must not be catastrophic in
b) the loss must be large enough to create
nature
hardship
c) the loss must not be definite and
d) the law of large numbers should apply correct answersc) the loss must not
definable
be definite
and
definable
all of the following are parts of the insurance contract
a)
except:
declarations
b) insuring
c)
agreements
conditions
d) inclusions correct answersd)
inclusions
something that increases the chance of a peril occurring is known as
a(n): correct
answershazar
d
open peril, or "all risk", forms: correct answersname the exclusions and
limitations
When a person decides not to buy insurance because of the cost, what
method ofrisk has been undertaken? correct answersrisk
handling
retention
the insurance industry deals with those areas of risk where the chances
of loss are:
correct answersanywhere 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)
d) incompetent parties correct answersd)
agreement
incompetent parties
Actual cash value= correct answersreplacement cost minus
depreciation
Which kind of losses are covered under a standard fire policy? correct
answersDirect
All fires are not covered by the Standard Fire policies, only those
that: correcthostile and have a flame or
answersare
glow
At what time does a fire policy go into affect? correct answers12:01am
standard
the location
timeof at
the insured's
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
each
collect policy?
under correct
answers$5,000
A fire burning in the middle of the living room would be considered:
correct answersa
hostile
fire
An insured's house is damaged by fire caused by a neighbor's
negligence.
insurance company
The will attempt to recover damage from the neighbor.
This is called:
correct
answerssubrogation
Which of the following statements are true concerning requirements of the
standard fire
policy? correct answersThe insured must separate damaged from
undamaged property
in the event there is a loss AND If a loss occurs, the insured normally has 60
days to file
Which types of property are excluded from coverage under the basic fire
a proof of loss with the
policy?
insurer correct
answersaccounts, currency, deeds, and
securities
Who is insured under the Standard Fire policy? correct answersthe named
insured
his legaland
representatives
An agreement which affords temporary insurance protection until the policy
is issued
called: is
correct answersa
binder
as a general rule, a complete fire insurance policy would be made up
answersthe
of: correct Standard Fire policy with one or more forms
attached
The one condition listed below which will not void a
firefalse
a) policy:
b)
swearing
misrepresentation
c) over-
d) concealment correct answersover-
insurance
insurance
,replacement cost minus depreciation: correct answersActual Cash
Value (ACV)
The Standard Fire policy with an extended coverage endorsement
attached
which covers
of the following: correct
answersriot
A loss due to order of Civil Authority: correct answersis excluded unless the
loss occurs
because of an order by Civil Authorities for the purpose of
controlling a fire
The term "unoccupancy" refers to the absence of : correct
answerspersons 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, the mortgagee must file a proof of loss within days after
answers60
what date? days after April
correct
30th
For recovery under the Standard Fire policy, a party must: correct
answersbe
the named
policy and showinan 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
answersNone
Once elected, how long is the insurance commissioner's term? correct
answers4 years
Is there a limit on the number of terms an insurance commissioner can
serve? correct
answersN
o
Who is Georgia's current insurance commissioner? correct answersRalph
Hudgens
What two capacities does Georgia's insurance commissioner serve? correct
Chief Officer of Insurance
answers1.
Dept.
2. Chief Fire
Marshall
What happens if the Insurance Commissioner has to resign early? correct
election; the Chief Deputy will
answersNo
take over
What is the requirement to serve as Chief Deputy in Georgia? correct
answersmust
have a bond in the amount of
$15,000
If you are a domestic insurer in Georgia, how often does code say your
financials
be mustcorrect answersonce every 5
examined?
years
Only one court in Georgia has the right to overturn the decision of the
Insurance
Commissioner. Which is it? correct answersSuperior Court of
Fulton County
, What certificate is required for a company to be an authorized insurer
in Georgia?
correct answersCertificate of
Authority
Surplus Lines Risk correct answershas 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 answersif they're under
financial distress
What are the requirements to be a licensed producer in Georgia? correct
be at least 18 years old, take a 40 hour course, pass licensing exam, apply
answersmust
for license,
pass background
check
Which of the following would be considered an "offer"? correct
answersthe
submits an application
applicant to the company with
payment
All of the following are true about insurable risk
except:
a) the loss must not be catastrophic in
b) the loss must be large enough to create
nature
hardship
c) the loss must not be definite and
d) the law of large numbers should apply correct answersc) the loss must not
definable
be definite
and
definable
all of the following are parts of the insurance contract
a)
except:
declarations
b) insuring
c)
agreements
conditions
d) inclusions correct answersd)
inclusions
something that increases the chance of a peril occurring is known as
a(n): correct
answershazar
d
open peril, or "all risk", forms: correct answersname the exclusions and
limitations
When a person decides not to buy insurance because of the cost, what
method ofrisk has been undertaken? correct answersrisk
handling
retention
the insurance industry deals with those areas of risk where the chances
of loss are:
correct answersanywhere 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)
d) incompetent parties correct answersd)
agreement
incompetent parties
Actual cash value= correct answersreplacement cost minus
depreciation
