Claims Adjuster Final (Multiple Choice Questions) with answers

An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? A Promise 00:42 01:33 The interest of the insured and all other persons in the property involved in a claim is found in A Proof of Loss An insured rear-ends another driver's vehicle. The auto policy that pays damages to repair the damaged vehicle is a _______? Liability Policy 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 quickly as possible. What is true? 5 days notice required For insurance to pay damages, an insurable interest must exist: When the loss takes place Texting while driving is best described as a: Hazard 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 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 Giving prompt notice of loss is best described as a policy: Condition If there is a total loss by an insured peril to a FL building, the insurer must pay: Actual Cash Value A Loss Payable Clause refers to Lenders interest in personal property 00:01 01:33 My coin collection was appraised and my insurance company specifically insured the valued of that collection. That is an example of: A Valued Policy An insurance contract is based on the Principle of: Utmost Good Faith The two kinds of waivers are: express and implied Proximate Cause is the unbroken connection between the occurrence and ____ that grows out of the occurrence. Damages Which loss settlement valuation may be a violation of the Principle of Indemnity? Replacement Cost 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 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 A waiver is defined as Giving up a known right voluntarily An insured signs a release to settle a claim. In the event the insured discovers injuries or damages that were unknown at the time of settlement, what is generally true? Release extinguished all causes of action Which of the following is not a tort: Breach of contract The type of damages that pays medical bills is known as: Special 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 Which of the following is NOT included in a proof of loss? Replacement cost of each item Property and Liability policies cover: Persons What type of tort arises from a negligent act? Unintentional A car crash victim sued the negligent-drunk driver for damages 5 years after the accident. What is true in FL? Statute of Limitations applies The best statement regarding the Appraisal process is: Appraisal determines the value of a loss Florida is a ____Negligence state. Comparative Rule 69B-220.201 prohibits adjusters from giving legal advice A defense to a claim made by a person who knowingly competes in an extreme sport and is injured would be: Assumption of Risk