2024 Louisiana Insurance AdjusterExam Questions And Answers Rated A+ New Update Assured Satisfaction

3 Degrees of Liability - Answer-1.)Full Liability - The insured party is 100% at fault for damages to a third party. 2.)Partial Liability - the insured party is only partially at fault or shares fault with a third party. 3.)No Liability - the insured party has 0% or no liability in the damage to a third party. 3 Major Responsibilities of Contracted Agents - Answer-1.) Adhere to of follow the contract 2.) Use reasonable judgement and care 3.) Provide all necessary information and documentation 3 methods of Valuation - Answer-Actual Cash Value (ACV), Replacement Cost (RC), Agreed Value (Valued Policy) 3 Responsibilities of an Adjuster - Answer-1.) Acts as the fiduciary agent 2.) Has the power to Bind 3.) Reports to the Principle 3 Typed of Deductibles - Answer-Fixed, Percentage, Franchise 3 Types of Agent Authority - Answer-1.) Express 2.) Implied 3.) Apparent 3 types of Hazards - Answer-Physical, Moral, Morale 4 Defenses to Claim of Negligence - Answer-1.)Assumption of Risk - the claimant knew he had the potential to experience damage or injury and so should not be indemnified. 2.)No Negligence - the policy holder did not cause the damage. 3.)Comparative Negligence - the claimant was partially responsible for the damages and so should only receive partial indemnification. 4.) Contributory Negligence - Claimant contributed to damages and should not be indemnified.4 Elements of Negligence - Answer-1.)The defendant had a legal duty to act (or not act) in a prescribed manor. 2.)The defendant failed to act accordingly (called breach of duty) 3.)The plaintiff suffered actual loss or injury due to the defendant's action or inaction. 4.)The loss or injury to the plaintiff was a direct result of the breach of duty of the defendant. 4 Qualifications of a Legal Contract - Answer-1.) Agreement 2.) Consideration 3.) Competent Parties 4.) Legal Purpose 4 Responses to Claimant Offer - Answer-1.) Accept offer and pay claim 2.) Reject offer and deny claim 3.) Negotiate settlement with claimant 4.) Use alternative dispute resolution method: - Arbitration - Mediation - Appraisal - Declaratory Judgement - Litigation 4 Types of Adjusters - Answer-1.) Staff 2.) Independent 3.) Public 4.) Emergency 4 Types of Insurance Sales Agents - Answer-1.) Independent 2.) Exclusive 3.) General 4.) Direct Writer 6 Qualifications of Insurable Risk - Answer-1.) Adequate Premiums 2.) Definable Risk 3.) Unexpected Losses 4.) Substantial losses 5.) Exclusions 6.) Law of Large NumbersAccumulated Depreciation Formula - Answer-Items annual depreciation X it's age Acknowledge the Claim - Answer-Step 1 of 9 in Adjuster Claims Process - Respond within (state law) required amount of time - Contact via letter or phone call - Keep track of the date of 1st contact - Act as liaison between claimant and insurer Actual Cash Value - Answer-A valuation method that takes into account an items depreciation. Actual Cash Value (ACV) Formula - Answer-Replacement Cost (RC) - depreciation Adjusting - Answer-The process of comparing a claimant's losses to the promises made in the insurance policy. Advance Payment Settlement - Answer-- Used when the claimant's damages are mostly bodily injury and the claimant is unable to work. - Involves a series of partial payments that will be subtracted when the final settlement amount is determined. - Decreases chances of lawsuit. Agent - Answer-One who has received authority to act on behalf of someone else