CLAIMS ADJUSTER FINAL (MULTIPLE CHOICE QUESTIONS) WITH CORRECT ANSWERS

CLAIMS ADJUSTER FINAL (MULTIPLE
CHOICE QUESTIONS) WITH
CORRECT ANSWERS

An2adjuster2is2a2fiduciary2agent2with2a2responsibility2of2loyalty2to2the2int
erest2of2-2Ans--The2insured2and2insurer

An2insurer2gives2which2of2the2following2as2Consideration2for2an2insuran
ce2policy?2-2Ans--A2Promise

The2interest2of2the2insured2and2all2other2persons2in2the2property2involve
d2in2a2claim2is
found2in2-2Ans--A2Proof2of2Loss

An2insured2rear-
ends2another2driver's2vehicle.2The2auto2policy2that2pays2damages2to
repair2the2damaged2vehicle2is2a2_______?2-2Ans--Liability2Policy

Your2insurance2company2wrote2an2auto2insurance2binder2for2an2owner2
who2said2that2he
did2not2have2any2prior2accidents.2Immediately2thereafter2it2was2discove
red2that2he2did2not
tell2the2truth.2The2company2now2wants2to2cancel2the2binder2as2quickly2a
s2possible.2What
is2true?2-2Ans--52days2notice2required

For2insurance2to2pay2damages,2an2insurable2interest2must2exist:2-
2Ans--When2the2loss2takes2place



Texting2while2driving2is2best2described2as2a:2-2Ans--Hazard

,A2covered2loss2is2$90,000.2Policy2A2has2a2limit2of2$100,000.2Policy2B2h
as2a2limit2of
$200,000.2Both2policies2are2pro-
rata2policies.2How2much2will2policy2B2pay2for2this2loss?2-2Ans--$60,000

I2sold2my2home2yesterday,2signed2a2deed2and2transferred2title.2Last2nig
ht2there2was2a
house2fire.2I2had2not2yet2cancelled2my2homeowner's2insurance.2The2pur
chaser2also2had2a
homeowner's2policy.2Which2policy2should2pay2to2pay2the2claim?2-2Ans--
Purchaser's2policy

Giving2prompt2notice2of2loss2is2best2described2as2a2policy:2-2Ans--
Condition

If2there2is2a2total2loss2by2an2insured2peril2to2a2FL2building,2the2insurer2m
ust2pay:2-2Ans--Actual2Cash2Value

A2Loss2Payable2Clause2refers2to2-2Ans--
Lenders2interest2in2personal2property

My2coin2collection2was2appraised2and2my2insurance2company2specifica
lly2insured2the
valued2of2that2collection.2That2is2an2example2of:2-2Ans--A2Valued2Policy

An2insurance2contract2is2based2on2the2Principle2of:2-2Ans--
Utmost2Good2Faith

The2two2kinds2of2waivers2are:2-2Ans--express2and2implied

Proximate2Cause2is2the2unbroken2connection2between2the2occurrence2
and2____2that
grows2out2of2the2occurrence.2-2Ans--Damages

Which2loss2settlement2valuation2may2be2a2violation2of2the2Principle2of2I
ndemnity?2-2Ans--Replacement2Cost

, If2the2policy2limit2is2$60,000;280%2coinsurance2requirement;2loss2of2$60
,0002and2the
value2of2the2property2is2$100,000,2what2loss2amount2will2the2insurer2pa
y?2-2Ans--$45,000

The2insured2has2a2Homeowner's2insurance2policy2with2a25%2Hurricane2
deductible.2If
a2hurricane2loss2of2$6,0002occurs2to2the2home2that2is2valued2and2insure
d2for2$100,000,
how2much2will2the2policy2pay?2-2Ans--$1,000

A2waiver2is2defined2as2-2Ans--Giving2up2a2known2right2voluntarily

An2insured2signs2a2release2to2settle2a2claim.2In2the2event2the2insured2di
scovers2injuries
or2damages2that2were2unknown2at2the2time2of2settlement,2what2is2gener
ally2true?2-2Ans--Release2extinguished2all2causes2of2action

Which2of2the2following2is2not2a2tort:2-2Ans--Breach2of2contract

The2type2of2damages2that2pays2medical2bills2is2known2as:2-2Ans--
Special

A2marine2policy2has2a2$12million2limit2and2a2$100,0002franchise2deducti
ble.2A2covered
loss2is2$110,000.2How2much2will2the2policy2pay?2-2Ans--$110,000

Which2of2the2following2is2NOT2included2in2a2proof2of2loss?2-2Ans--
Replacement2cost2of2each2item

Property2and2Liability2policies2cover:2-2Ans--Persons

What2type2of2tort2arises2from2a2negligent2act?2-2Ans--Unintentional

A2car2crash2victim2sued2the2negligent-
drunk2driver2for2damages252years2after2the
accident.2What2is2true2in2FL?2-2Ans--Statute2of2Limitations2applies