Claims Adjuster Exam 1 Questions and Answers 100% Correct(SCORED A+)

Actual Cash Value (ACV) - ANSWER-Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit - ANSWER-One limit per occurrence is what we pay up to Split limit - ANSWER-What we pay up to per person and per occurrence Deductible - ANSWER-What the customer will have to pay; we cover everything else Declarations Page (Dec Page) - ANSWER-The basic information about a policy: Who - names of insurer and insured What - description of insured property Where - address and legal description of insured property When - effective and expiration dates. How Much - limits of coverage, deductible, premium Depreciation - ANSWER-Amount taken off for wear and tear Earned Premium - ANSWER-The amount of the premium for which the policy protection has been given. Risk - ANSWER-A chance or uncertainty of loss