,ADJUSTER PRO EXAM PREP WITH
QUESTIONS AND VERIFIED ANSWERS.
GRADED A+. 2024/2025 LATEST
UPDATE
Nichole's car was damaged while it was being serviced at Don's Auto Shop.
Nichole's auto insurance policy covers physical damage to her vehicle, but it will
not cover the damage that occurred while the vehicle was under the control of
Don's Auto Shop. Which provision in her policy states this?
A. Control of Property
B. No Benefit to Bailee
C. Assignment
D. Severability of Interests - ANS✔✔-B. No Benefit to Bailee
Which of the following would NOT fall under the definition of "Residence
Premises" in Shannon's homeowners policy?
A. The beach house that Shannon and her family rent for a weekend getaway
each month
B. Shannon's detached 4-car garage
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,C. The two-bedroom house that Shannon owns in town, which she rents out to
four college students
D. The vacant lot that Shannon owns, located right next to her own house -
ANS✔✔-C. The two-bedroom house that Shannon owns in town, which she rents
out to four college students
With a deductible, the policyholder only pays for damages that are less
than his deductible. If the cost of damages equals or exceeds his deductible, the
insurer pays the full amount and the policyholder pays nothing. - ANS✔✔-
franchise
A is often required when applying for a contract, and ensures that
the principal, if selected, is capable of taking on the project. - ANS✔✔-A. bid
bond
In a Business Owners Policy, Business Income coverage: - ANS✔✔-C. provides
coverage from 72 hours after a loss occurs, up to a maximum of 12 months.
Mindy filed a claim against XYZ Consulting on March 5, 2016 for an accident that
happened on September 15, 2015. XYZ Consulting was previously covered by a
claims-made CGL policy, but changed to an occurrence policy in January 2016,
when the policy came up for annual renewal. How will XYZ Consulting's insurer
respond to Mindy's claim?
A. The claim will not be covered because the accident did not occur during the
current policy period.
B. The claim will not be covered because the current policy is triggered when a
claim is filed, not when the accident occurred.
C. The claim will be covered because both the claim and the accident occurred
while XYZ Consulting was insured by the same insurer.
D. The claim will be covered as long as the current policy has a retroactive date
of September 15, 2015 or earlier. - ANS✔✔-A. The claim will not be covered
because the accident did not occur during the current policy period.
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, has lifetime coverage for the incidents that occur during a policy period,
regardless of when the claim is reported. - ANS✔✔-An occurrence policy
A liability policy in which the insurer covers claims that are filed during the policy
period, no matter when the loss occurred. - ANS✔✔-Claims-Made Form
A garage policy is almost identical to a BAP, but it covers which two additional
hazards? - ANS✔✔-Premises & Operations and Products & Completed Operations
Barry, the CEO of Company X, has been kidnapped. The kidnappers have
demanded $1,000,000 in ransom for Barry. Company X is insured with a
Commercial Crime policy. What endorsement may cover the loss of money
turned over to the kidnappers in exchange for Barry's return? - ANS✔✔-D.
Extortion Endorsement
Which of the following is TRUE of the Equipment Breakdown Protection Coverage
Form?
A. It includes a maximum of $25,000 of liability coverage.
B. If damage is also covered by another policy, the Equipment Breakdown
Protection Coverage Form is primary and the other policy is secondary.
C. It normally pays replacement cost, unless endorsed to pay actual cash value.
D. It has a standard deductible of $1,000 that applies to each occurrence or
breakdown. - ANS✔✔-C. It normally pays replacement cost, unless endorsed to
pay actual cash value.
Which of the following does NOT apply to Tort Law?
A. The state charges the defendant
B. Only a simple majority is required to reward the claimant for damages
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QUESTIONS AND VERIFIED ANSWERS.
GRADED A+. 2024/2025 LATEST
UPDATE
Nichole's car was damaged while it was being serviced at Don's Auto Shop.
Nichole's auto insurance policy covers physical damage to her vehicle, but it will
not cover the damage that occurred while the vehicle was under the control of
Don's Auto Shop. Which provision in her policy states this?
A. Control of Property
B. No Benefit to Bailee
C. Assignment
D. Severability of Interests - ANS✔✔-B. No Benefit to Bailee
Which of the following would NOT fall under the definition of "Residence
Premises" in Shannon's homeowners policy?
A. The beach house that Shannon and her family rent for a weekend getaway
each month
B. Shannon's detached 4-car garage
Downloaded by Great Mind ()
,C. The two-bedroom house that Shannon owns in town, which she rents out to
four college students
D. The vacant lot that Shannon owns, located right next to her own house -
ANS✔✔-C. The two-bedroom house that Shannon owns in town, which she rents
out to four college students
With a deductible, the policyholder only pays for damages that are less
than his deductible. If the cost of damages equals or exceeds his deductible, the
insurer pays the full amount and the policyholder pays nothing. - ANS✔✔-
franchise
A is often required when applying for a contract, and ensures that
the principal, if selected, is capable of taking on the project. - ANS✔✔-A. bid
bond
In a Business Owners Policy, Business Income coverage: - ANS✔✔-C. provides
coverage from 72 hours after a loss occurs, up to a maximum of 12 months.
Mindy filed a claim against XYZ Consulting on March 5, 2016 for an accident that
happened on September 15, 2015. XYZ Consulting was previously covered by a
claims-made CGL policy, but changed to an occurrence policy in January 2016,
when the policy came up for annual renewal. How will XYZ Consulting's insurer
respond to Mindy's claim?
A. The claim will not be covered because the accident did not occur during the
current policy period.
B. The claim will not be covered because the current policy is triggered when a
claim is filed, not when the accident occurred.
C. The claim will be covered because both the claim and the accident occurred
while XYZ Consulting was insured by the same insurer.
D. The claim will be covered as long as the current policy has a retroactive date
of September 15, 2015 or earlier. - ANS✔✔-A. The claim will not be covered
because the accident did not occur during the current policy period.
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, has lifetime coverage for the incidents that occur during a policy period,
regardless of when the claim is reported. - ANS✔✔-An occurrence policy
A liability policy in which the insurer covers claims that are filed during the policy
period, no matter when the loss occurred. - ANS✔✔-Claims-Made Form
A garage policy is almost identical to a BAP, but it covers which two additional
hazards? - ANS✔✔-Premises & Operations and Products & Completed Operations
Barry, the CEO of Company X, has been kidnapped. The kidnappers have
demanded $1,000,000 in ransom for Barry. Company X is insured with a
Commercial Crime policy. What endorsement may cover the loss of money
turned over to the kidnappers in exchange for Barry's return? - ANS✔✔-D.
Extortion Endorsement
Which of the following is TRUE of the Equipment Breakdown Protection Coverage
Form?
A. It includes a maximum of $25,000 of liability coverage.
B. If damage is also covered by another policy, the Equipment Breakdown
Protection Coverage Form is primary and the other policy is secondary.
C. It normally pays replacement cost, unless endorsed to pay actual cash value.
D. It has a standard deductible of $1,000 that applies to each occurrence or
breakdown. - ANS✔✔-C. It normally pays replacement cost, unless endorsed to
pay actual cash value.
Which of the following does NOT apply to Tort Law?
A. The state charges the defendant
B. Only a simple majority is required to reward the claimant for damages
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