Insurance Adjuster Exam With 100% Correct Answers 2023.

Insurance Adjuster Exam With 100% Correct Answers 2023. Which kind of losses are covered under a standard fire policy? - Correct answer-Direct All fires are not covered by the Standard Fire policies, only those that: - Correct answerare hostile and have a flame or glow At what time does a fire policy go into affect? - Correct answer-12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insured may collect under each policy? - Correct answer-$5,000 A fire burning in the middle of the living room would be considered: - Correct answer-a hostile fire An insured's house is damaged by fire caused by a neighbor's negligence. The insurance company will attempt to recover damage from the neighbor. This is called: - Correct answer-subrogation Which of the following statements are true concerning requirements of the standard fire policy? - Correct answer-The insured must separate damaged from undamaged property in the event there is a loss AND If a loss occurs, the insured normally has 60 days to file a proof of loss with the insurer Which types of property are excluded from coverage under the basic fire policy? - Correct answer-accounts, currency, deeds, and securities Who is insured under the Standard Fire policy? - Correct answer-the named insured and his legal representatives An agreement which affords temporary insurance protection until the policy is issued is called: - Correct answer-a binder as a general rule, a complete fire insurance policy would be made up of: - Correct answer-the Standard Fire policy with one or more forms attached The one condition listed below which will not void a fire policy: a) false swearing b) misrepresentation c) over-insurance d) concealment - Correct answer-over-insurance replacement cost minus depreciation: - Correct answer-Actual Cash Value (ACV) The Standard Fire policy with an extended coverage endorsement attached covers which of the following: - Correct answer-riot A loss due to order of Civil Authority: - Correct answer-is excluded unless the loss occurs because of an order by Civil Authorities for the purpose of controlling a fire The term "unoccupancy" refers to the absence of : - Correct answer-persons from a building Suppose a fire occurs on February 26th. On April 30th, the insurance company notifies the mortgagee the insured has not filed a proof of loss. To protect their interest, the mortgagee must file a proof of loss within _________ days after what date? - Correct answer-60 days after April 30th For recovery under the Standard Fire policy, a party must: - Correct answer-be named in the policy and show an insurable interest in the property at the time the loss occurs What is the requirement on how much experience one must have to be elected the insurance commissioner in Georgia? - Correct answer-None Once elected, how long is the insurance commissioner's term? - Correct answer-4 years Is there a limit on the number of terms an insurance commissioner can serve? - Correct answer-No Who is Georgia's current insurance commissioner? - Correct answer-Ralph Hudgens What two capacities does Georgia's insurance commissioner serve? - Correct answer1. Chief Officer of Insurance Dept. 2. Chief Fire Marshall What happens if the Insurance Commissioner has to resign early? - Correct answer-No election; the Chief Deputy will take over What is the requirement to serve as Chief Deputy in Georgia? - Correct answer-must have a bond in the amount of $15,000 If you are a domestic insurer in Georgia, how often does code say your financials must be examined? - Correct answer-once every 5 years Only one court in Georgia has the right to overturn the decision of the Insurance Commissioner. Which is it? - Correct answer-Superior Court of Fulton County What certificate is required for a company to be an authorized insurer in Georgia? - Correct answer-Certificate of Authority Surplus Lines Risk - Correct answer-has been rejected by 3 authorized insurers What is the primary reason the state of Georgia would revoke an insurance company's certificate to authorize? - Correct answer-if they're under financial distress What are the requirements to be a licensed producer in Georgia? - Correct answer-must be at least 18 years old, take a 40 hour course, pass licensing exam, apply for license, pass background check Which of the following would be considered an "offer"? - Correct answer-the applicant submits an application to the company with payment All of the following are true about insurable risk except: a) the loss must not be catastrophic in nature b) the loss must be large enough to create hardship c) the loss must not be definite and definable d) the law of large numbers should apply - Correct answer-c) the loss must not be definite and definable all of the following are parts of the insurance contract except: a) declarations b) insuring agreements c) conditions d) inclusions - Correct answer-d) inclusions something that increases the chance of a peril occurring is known as a(n): - Correct answer-hazard open peril, or "all risk", forms: - Correct answer-name the exclusions and limitations When a person decides not to buy insurance because of the cost, what method of handling risk has been undertaken? - Correct answer-risk retention the insurance industry deals with those areas of risk where the chances of loss are: - Correct answer-anywhere between 0% and 100% which of the following is not an element for the formation of a valid contract? a) consideration b) legal purpose c) agreement d) incompetent parties - Correct answer-d) incompetent parties.