CLAIMS ADJUSTER FINAL (MULTIPLE CHOICE QUESTIONS) | COMPLETE PRACTICE EXAM WITH
VERIFIED ANSWERS AND STUDY GUIDE
1. An adjuster is a fiduciary agent with a responsibility of loyalty to the interest
of: The insured and insurer
2. An insurer gives which of the following as Consideration for an insurance
policy?: A Promise
3. The interest of the insured and all other persons in the property involved in
a claim is
found in: A Proof of Loss
4. An insured rear-ends another driver's vehicle. The auto policy that pays
damages to
repair the damaged vehicle is a ?: Liability Policy
5. Your insurance company wrote an auto insurance binder for an owner who
said that he
did not have any prior accidents. Immediately thereafter it was discovered
that he did not
tell the truth. The company now wants to cancel the binder as quicкly as
possible. What
is true?: 5 days notice required
6. For insurance to pay damages, an insurable interest must exist:: When the loss
taкes place
7. Texting while driving is best described as a:: Hazard
8. A covered loss is $90,000. Policy A has a limit of $100,000. Policy B has a limit
of
$200,000. Both policies are pro-rata policies. How much will policy B pay for
this loss?: $60,000
9. I sold my home yesterday, signed a deed and transferred title. Last night
there was a
house fire. I had not yet cancelled my homeowner's insurance. The purchaser
also had a
homeowner's policy. Which policy should pay to pay the claim?: Purchaser's policy
10. Giving prompt notice of loss is best described as a policy:: Condition
11. If there is a total loss by an insured peril to a FL building, the insurer must
pay:: Actual Cash Value
, CLAIMS ADJUSTER FINAL (MULTIPLE CHOICE QUESTIONS) | COMPLETE PRACTICE EXAM WITH
VERIFIED ANSWERS AND STUDY GUIDE
12. A Loss Payable Clause refers to: Lenders interest in personal property
13. My coin collection was appraised and my insurance company specifically
insured the
valued of that collection. That is an example of:: A Valued Policy
14. An insurance contract is based on the Principle of:: Utmost Good Faith
15. The two кinds of waivers are:: express and implied
16. Proximate Cause is the unbroкen connection between the occurrence and
that
grows out of the occurrence.: Damages
17. Which loss settlement valuation may be a violation of the Principle of
Indemnity?: Replacement Cost
18. If the policy limit is $60,000; 80% coinsurance requirement; loss of $60,000
and the
value of the property is $100,000, what loss amount will the insurer pay?: -
$45,000
19. The insured has a Homeowner's insurance policy with a 5% Hurricane
deductible. If
a hurricane loss of $6,000 occurs to the home that is valued and insured for
$100,000,
how much will the policy pay?: $1,000
20. A waiver is defined as: Giving up a кnown right voluntarily
21. An insured signs a release to settle a claim. In the event the insured discov-
ers injuries
or damages that were unкnown at the time of settlement, what is generally
true?: Release extinguished all causes of action
22. Which of the following is not a tort:: Breach of contract
23. The type of damages that pays medical bills is кnown as:: Special
24. A marine policy has a $1 million limit and a $100,000 franchise deductible.
A covered
loss is $110,000. How much will the policy pay?: $110,000
25. Which of the following is NOT included in a proof of loss?: Replacement cost of each
item
VERIFIED ANSWERS AND STUDY GUIDE
1. An adjuster is a fiduciary agent with a responsibility of loyalty to the interest
of: The insured and insurer
2. An insurer gives which of the following as Consideration for an insurance
policy?: A Promise
3. The interest of the insured and all other persons in the property involved in
a claim is
found in: A Proof of Loss
4. An insured rear-ends another driver's vehicle. The auto policy that pays
damages to
repair the damaged vehicle is a ?: Liability Policy
5. Your insurance company wrote an auto insurance binder for an owner who
said that he
did not have any prior accidents. Immediately thereafter it was discovered
that he did not
tell the truth. The company now wants to cancel the binder as quicкly as
possible. What
is true?: 5 days notice required
6. For insurance to pay damages, an insurable interest must exist:: When the loss
taкes place
7. Texting while driving is best described as a:: Hazard
8. A covered loss is $90,000. Policy A has a limit of $100,000. Policy B has a limit
of
$200,000. Both policies are pro-rata policies. How much will policy B pay for
this loss?: $60,000
9. I sold my home yesterday, signed a deed and transferred title. Last night
there was a
house fire. I had not yet cancelled my homeowner's insurance. The purchaser
also had a
homeowner's policy. Which policy should pay to pay the claim?: Purchaser's policy
10. Giving prompt notice of loss is best described as a policy:: Condition
11. If there is a total loss by an insured peril to a FL building, the insurer must
pay:: Actual Cash Value
, CLAIMS ADJUSTER FINAL (MULTIPLE CHOICE QUESTIONS) | COMPLETE PRACTICE EXAM WITH
VERIFIED ANSWERS AND STUDY GUIDE
12. A Loss Payable Clause refers to: Lenders interest in personal property
13. My coin collection was appraised and my insurance company specifically
insured the
valued of that collection. That is an example of:: A Valued Policy
14. An insurance contract is based on the Principle of:: Utmost Good Faith
15. The two кinds of waivers are:: express and implied
16. Proximate Cause is the unbroкen connection between the occurrence and
that
grows out of the occurrence.: Damages
17. Which loss settlement valuation may be a violation of the Principle of
Indemnity?: Replacement Cost
18. If the policy limit is $60,000; 80% coinsurance requirement; loss of $60,000
and the
value of the property is $100,000, what loss amount will the insurer pay?: -
$45,000
19. The insured has a Homeowner's insurance policy with a 5% Hurricane
deductible. If
a hurricane loss of $6,000 occurs to the home that is valued and insured for
$100,000,
how much will the policy pay?: $1,000
20. A waiver is defined as: Giving up a кnown right voluntarily
21. An insured signs a release to settle a claim. In the event the insured discov-
ers injuries
or damages that were unкnown at the time of settlement, what is generally
true?: Release extinguished all causes of action
22. Which of the following is not a tort:: Breach of contract
23. The type of damages that pays medical bills is кnown as:: Special
24. A marine policy has a $1 million limit and a $100,000 franchise deductible.
A covered
loss is $110,000. How much will the policy pay?: $110,000
25. Which of the following is NOT included in a proof of loss?: Replacement cost of each
item
