Adjuster Licensing Class | Exam Questions & Answers

Adjuster Licensing Class | Exam Questions & Answers-The amount the insured must pay in a loss before any payment is due is known as? - Deductible What is a partial legal defense that reduces the amount of damages that a person can recover based upon the amount that this person's own negligence contributed to the loss - Comparative Negligence What is a situation involving a person other than an insured? - Third Party Loss The part of the insurance policy that details the rights and duties of the insured and the insurance company in the policy? - Conditions An event that results in an insured loss and damages? - Occurrence What is the value of your property, based on the current cost to replace it minus depreciation? - Actual Cash Value Mary has a Homeowner's policy. Her Coverage A limit of liability is $250,000 and her Coverage B limit of liability is $125,000. Her policy has a 2% deductible. What is her deductible? - $5,000 What is the type of negotiation that is also sometimes called positional or hard-bargaining negotiation? - Distributive What is the responsibility to another for one's negligence? - Liability What is the failure to use that degree of care which an ordinary person of reasonable prudence would use under similar circumstances? - Negligence What is the intentional misrepresentation of a material fact that may void a contract? - Fraud What is the process when an insurer and an insured have a dispute regarding the amount of the damage? - Appraisal