NJ PUBLIC ADJUSTER REVIEW |
COMPREHENSIVE NEW JERSEY PUBLIC
ADJUSTER STUDY GUIDE, EXAM PREP,
PRACTICE QUESTIONS AND CORRECT
ANSWERS
UPDATED QUESTIONS AND ANSWERS
100% VERIFIED EXAM PREP
[EXAM• STUDY GUIDE • SUMMARY • ASSIGNMENT]
A clean, organized resource designed for easy revision and reference.
QUICK • CLEAR • PROFESSIONAL
, Policy Period the inception date and expiration date of the policy
Limit of Liability maximum amount of coverage available under a liability insurance policy
Insurable Interest expectation of a monetary loss that can be covered by insurance. Owner of the property.
Mortgage Clause attachment to a property insurance policy to protect the interest of the mortgage in the
mortgaged property. If the property is damaged or destroyed the mortgage is
indemnified up to his or her stated interest in the property.
Market Value value of property as established by the price a willing buyer would pay for property
purchased from a willing seller
Agreed Value a stipulated agreement between the insurance company and the insured that the amount
of insurance coverage under the policy is sufficient to be in compliance with the
coinsurance requirement.
Depreciation actual or accounting recognition of the decrease in the value of a hard asset (property)
over a period of time
Recoverable Depreciation(Holdback) although replacement cost policies provide for replacement of damaged property at
current prices, certain conditions must be met before you can collect the full amount for
the loss. The insurance company will make an offer of settlement, then withhold a portion
of the money until the repairs are actually made. You must provide receipts showing that
you incurred a cost of equal or greater than the offer of settlement in order for you to
receive all of the holdback moneys.
Non-Recoverable Depreciation actual cash value policies state that an offer of settlement is based on the actual cash
value of the property at the time of the loss, therefore, any depreciation applied because
of age, deterioration, etc. is not recoverable.
Endorsement written agreement attached to a policy to add or subtract insurance coverage's. Once
attached the endorsement takes precedence over the original provisions of the policy
Chance of Loss chance that an event will occur
Risk uncertainty of a financial loss-term used to designate an insured or a peril insured against
COMPREHENSIVE NEW JERSEY PUBLIC
ADJUSTER STUDY GUIDE, EXAM PREP,
PRACTICE QUESTIONS AND CORRECT
ANSWERS
UPDATED QUESTIONS AND ANSWERS
100% VERIFIED EXAM PREP
[EXAM• STUDY GUIDE • SUMMARY • ASSIGNMENT]
A clean, organized resource designed for easy revision and reference.
QUICK • CLEAR • PROFESSIONAL
, Policy Period the inception date and expiration date of the policy
Limit of Liability maximum amount of coverage available under a liability insurance policy
Insurable Interest expectation of a monetary loss that can be covered by insurance. Owner of the property.
Mortgage Clause attachment to a property insurance policy to protect the interest of the mortgage in the
mortgaged property. If the property is damaged or destroyed the mortgage is
indemnified up to his or her stated interest in the property.
Market Value value of property as established by the price a willing buyer would pay for property
purchased from a willing seller
Agreed Value a stipulated agreement between the insurance company and the insured that the amount
of insurance coverage under the policy is sufficient to be in compliance with the
coinsurance requirement.
Depreciation actual or accounting recognition of the decrease in the value of a hard asset (property)
over a period of time
Recoverable Depreciation(Holdback) although replacement cost policies provide for replacement of damaged property at
current prices, certain conditions must be met before you can collect the full amount for
the loss. The insurance company will make an offer of settlement, then withhold a portion
of the money until the repairs are actually made. You must provide receipts showing that
you incurred a cost of equal or greater than the offer of settlement in order for you to
receive all of the holdback moneys.
Non-Recoverable Depreciation actual cash value policies state that an offer of settlement is based on the actual cash
value of the property at the time of the loss, therefore, any depreciation applied because
of age, deterioration, etc. is not recoverable.
Endorsement written agreement attached to a policy to add or subtract insurance coverage's. Once
attached the endorsement takes precedence over the original provisions of the policy
Chance of Loss chance that an event will occur
Risk uncertainty of a financial loss-term used to designate an insured or a peril insured against
