Insurance Adjuster Exam Test 2023 (Questions with Answers) Graded A+

Insurance Adjuster Exam Test 2023 (Questions with Answers) Graded A+. What happens if the Insurance Commissioner has to resign early? - No election; the Chief Deputy will take over What is the requirement to serve as Chief Deputy in Georgia? - 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? - once every 5 years Only one court in Georgia has the right to overturn the decision of the Insurance Commissioner. Which is it? - Superior Court of Fulton County What certificate is required for a company to be an authorized insurer in Georgia? - Certificate of Authority Surplus Lines Risk - 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? - if they're under financial distress What are the requirements to be a licensed producer in Georgia? - 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"? - 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 - 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 - d) inclusions something that increases the chance of a peril occurring is known as a(n): - hazard open peril, or "all risk", forms: - 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? - risk retention the insurance industry deals with those areas of risk where the chances of loss are: - 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 - d) incompetent parties Actual cash value= - replacement cost minus depreciation an insurance policy is an aleatory contract, which means: - performance depends on the occurrence of an uncertain event an insured's right to seek damages from someone at-fault may be may be transferred to the insurer under the policy's: - subrogation clause the Law of Large Numbers states that: - the more examples used to develop a statistic, the more reliable the statistic will be Which of the following about insurance policies are true? - policies are usually personal contracts The concept of restoring the insured to approximately the same economic position occupied before the loss is called: - indemnity which of the following is used to modify an insurance policy from its original form? - Endorsements