Claims Adjuster Exam Questions and Answers Grade A+
collision - Answer-Physical damage to car from collision with another object
Comprehensive - Answer-Broken glass, theft, fire, flood, vandalism, anything other
than named insured hitting
Pro-Rata - Answer-Should the insurance company cancel the policy on the name
insured the unearned premiums will be returned
Rebating - Answer-Giving policy owner, some part of the agents commission which
is illegal
Assignment - Answer-Transfer of policy to another person
Endorsement - Answer-A form attached to policy, bearing the language necessary
to change the terms of policy to fit special circumstances
Discounts on auto premiums - Answer-Minimum 10%
Proof of insurance - Answer-Auto insurance, post a bond, or cash or security
deposit
commercial general liability - Answer-12 month policy
New contract every year
Protect companies assets only
Doesn't cover pollution or
Third-party contract will cover body injury and property damage
Two CGL forms - Answer-Occurrence-whenever injury occurs policy that is enforce
at present time will be liable for small companies
Claims made -whenever claim is made the policy that was enforce at that time will
be liable. The payout is more, no stacking allowed, large companies use.
Inland Marine - Answer-Insure all types of transportation and communication
instruments
,Ocean Marine - Answer-Covers property traveling across the ocean
Perils of sea - Answer-Property damage is covered only if it is a sea related peril
General average - Answer-Captain and owner share in the loss
Particular average - Answer-Non-non-shared loss Cargo owner only has the loss
WC shaver - Answer-Extended coverage
Windstorms, civil commotions, smoke damage, hail, aircraft, vehicle crashes into
home explosion, no steam, covered, riots of three or more folks
Elements of a contract - Answer-Agreement-applicant makes offer with application
and money
Consideration -both parties must give something of value
Competent parties -
Legal purpose -
*Signature not needed *
Umpire - Answer-Both insured and insure pay for
Estoppel - Answer-Ensure gives up a right unknowingly and tries to reinsert that
right at a later date only applies after policy is issued
Aleatory - Answer-One party gets more out of the contract than the other
Adhesion - Answer-Nonnegotiable contract
Unilateral - Answer-One party gives a promise, the other party acts
Bilateral - Answer-Promise for a promise examples, a mortgage and auto loan
Binder - Answer-A temporary contract of insurance that commits the insurer
before the policy is issued Last 90 days
Vicarious liability - Answer-Parents pay for damages caused by their children
Risk retention - Answer-Person who declares not to buy insurance because of cost
, Aleatory Contract - Answer-values exchanged may not be equal but depend on an
uncertain event
Reciprocal insurer - Answer-A company that is managed by an attorney, in fact
Three. Major insurer. - Answer-commercial-stocks and mutual companies
Non profit- Blue Cross, and Blue Shield
Government -offers war, nuclear, and flood insurance
Liability insurance - Answer-=casualty covers the named insured in case of a
lawsuit. It is a third-party contract.
Coinsurance clause - Answer-Minimum 80%, maximum 95% used if the name
insured wants replacement cost
SFP-standard fire policy - Answer-First policies sold to ensure commercial and
personal lines
Not a complete form endorsements must always be
Is a mono policy it comes with property coverage only
Contains 165 lines
Hazard - Answer-Anything that increase the chance of a peril
risk - Answer-Possibility that a loss may occur
Fiduciary - Answer-A trustworthy agent that will not lie, cheat or steal
Contributory neglect - Answer-Any degree of negligence by the insured party May-
bar recovery
3 tort laws - Answer-Named insured can be legally liable for damage, even though
a crime or breach, was not comm
1. International act by employees.
2. Negligence.
3. strict and absolute liability no legal defenses
collision - Answer-Physical damage to car from collision with another object
Comprehensive - Answer-Broken glass, theft, fire, flood, vandalism, anything other
than named insured hitting
Pro-Rata - Answer-Should the insurance company cancel the policy on the name
insured the unearned premiums will be returned
Rebating - Answer-Giving policy owner, some part of the agents commission which
is illegal
Assignment - Answer-Transfer of policy to another person
Endorsement - Answer-A form attached to policy, bearing the language necessary
to change the terms of policy to fit special circumstances
Discounts on auto premiums - Answer-Minimum 10%
Proof of insurance - Answer-Auto insurance, post a bond, or cash or security
deposit
commercial general liability - Answer-12 month policy
New contract every year
Protect companies assets only
Doesn't cover pollution or
Third-party contract will cover body injury and property damage
Two CGL forms - Answer-Occurrence-whenever injury occurs policy that is enforce
at present time will be liable for small companies
Claims made -whenever claim is made the policy that was enforce at that time will
be liable. The payout is more, no stacking allowed, large companies use.
Inland Marine - Answer-Insure all types of transportation and communication
instruments
,Ocean Marine - Answer-Covers property traveling across the ocean
Perils of sea - Answer-Property damage is covered only if it is a sea related peril
General average - Answer-Captain and owner share in the loss
Particular average - Answer-Non-non-shared loss Cargo owner only has the loss
WC shaver - Answer-Extended coverage
Windstorms, civil commotions, smoke damage, hail, aircraft, vehicle crashes into
home explosion, no steam, covered, riots of three or more folks
Elements of a contract - Answer-Agreement-applicant makes offer with application
and money
Consideration -both parties must give something of value
Competent parties -
Legal purpose -
*Signature not needed *
Umpire - Answer-Both insured and insure pay for
Estoppel - Answer-Ensure gives up a right unknowingly and tries to reinsert that
right at a later date only applies after policy is issued
Aleatory - Answer-One party gets more out of the contract than the other
Adhesion - Answer-Nonnegotiable contract
Unilateral - Answer-One party gives a promise, the other party acts
Bilateral - Answer-Promise for a promise examples, a mortgage and auto loan
Binder - Answer-A temporary contract of insurance that commits the insurer
before the policy is issued Last 90 days
Vicarious liability - Answer-Parents pay for damages caused by their children
Risk retention - Answer-Person who declares not to buy insurance because of cost
, Aleatory Contract - Answer-values exchanged may not be equal but depend on an
uncertain event
Reciprocal insurer - Answer-A company that is managed by an attorney, in fact
Three. Major insurer. - Answer-commercial-stocks and mutual companies
Non profit- Blue Cross, and Blue Shield
Government -offers war, nuclear, and flood insurance
Liability insurance - Answer-=casualty covers the named insured in case of a
lawsuit. It is a third-party contract.
Coinsurance clause - Answer-Minimum 80%, maximum 95% used if the name
insured wants replacement cost
SFP-standard fire policy - Answer-First policies sold to ensure commercial and
personal lines
Not a complete form endorsements must always be
Is a mono policy it comes with property coverage only
Contains 165 lines
Hazard - Answer-Anything that increase the chance of a peril
risk - Answer-Possibility that a loss may occur
Fiduciary - Answer-A trustworthy agent that will not lie, cheat or steal
Contributory neglect - Answer-Any degree of negligence by the insured party May-
bar recovery
3 tort laws - Answer-Named insured can be legally liable for damage, even though
a crime or breach, was not comm
1. International act by employees.
2. Negligence.
3. strict and absolute liability no legal defenses
