ae21 Insurance Adjuster License Final
Exam Questions With Complete
Solutions!!
A Claim in the property industry is defined as Answer - An assertion of of an alleged
legal right against a person, entity, company or insurer that carries with it a demand
for money as compensation for injuries or damage.
What are you really, buying when you purchase insurance Answer - Peace of mind
Why is insurance such a unique product Answer - It is a financial product, the
purchase of a product based on trust.
What is an adjusters most important objective in todays world of insurance? Answer
- To help those who have been injured, or who have suffered a loss that is covered
by the insurance contract.
company adjustor Answer - Claims adjustor who is a salaried employee
representing only one company.
Independent Adjuster Answer - An independent claim representative who handles
claims for insurers for a fee.
property adjuster Answer -
Liability Adjuster Answer -
Multi-Line Adjusters Answer - Field Adjuster
Fiduciary Duty Answer - That duty owed by an agent to act in the highest good faith
toward the principal and not to obtain any advantage over the latter by the slightest
misrepresentation, concealment, duress or pressure.
Agency: Power to Bind Answer -
What is not a basic adjusting function Answer - Inspection
Evaluation Answer - Establishing a dollar value for a claim
, No Release/Walk Away Answer - Paying what is owed, asking the claimant to ask
you questions.
Is an Adjusters claim file "confidential"? Answer - No
Main components in the investigative process: Answer - Inquiry, Verification, and
Comparison
What is NOT one of the four elements of a contract Answer - Written evidence of the
agreement and its terms
breach of contract Answer - The failure, without legal excuse, of a promisor to
perform the obligations of a contract. "Bad Faith" verdict.
What is not a fundamental part of an insurance policy? Answer - Endorsements
Following a loss, what is one one of the duties of the insured? Answer - Giving
prompt notice of loss to the insurer
Percentage Deductible Answer - percentage of the value of the insured property
10/20/10 Split Limit Policy Answer - $10,000 for bodily injury to one person in an
accident, A max of $20,000 for all individuals in an accident regardless of the total
number involved, and a Max of $10,000 for all property damage.
Which of the following is NOT a defense to a claim of Negligence? Answer - Breach
of Warranty
Which of the following is NOT a law that affects ones Legal Liability? Answer -
Valued Policy Law
"Arising out of the use of" Answer - Doing anything with an insured vehicle.
Permissive Use Answer - Letting somebody use your vehicle of that which you are
insured under.
Supplementary Payments Coverage Answer - Will pay up to $200 a day for the
insured's loss or earnings if they are required to attend trials or hearings.
Liability Coverage cannot be used for: Answer - Any vehicle with less than four
wheels.
Using a vehicle without the permission of the insured.
In a Personal Auto-Policy, liability coverage only protects: Answer - those individuals
meeting the definition of an "insured" under the policy.
Claims Process: Answer - Review the notice of claim and policy
Contact the Insured
Secure Claimant's Statement
Secure the police report and witness statements
Exam Questions With Complete
Solutions!!
A Claim in the property industry is defined as Answer - An assertion of of an alleged
legal right against a person, entity, company or insurer that carries with it a demand
for money as compensation for injuries or damage.
What are you really, buying when you purchase insurance Answer - Peace of mind
Why is insurance such a unique product Answer - It is a financial product, the
purchase of a product based on trust.
What is an adjusters most important objective in todays world of insurance? Answer
- To help those who have been injured, or who have suffered a loss that is covered
by the insurance contract.
company adjustor Answer - Claims adjustor who is a salaried employee
representing only one company.
Independent Adjuster Answer - An independent claim representative who handles
claims for insurers for a fee.
property adjuster Answer -
Liability Adjuster Answer -
Multi-Line Adjusters Answer - Field Adjuster
Fiduciary Duty Answer - That duty owed by an agent to act in the highest good faith
toward the principal and not to obtain any advantage over the latter by the slightest
misrepresentation, concealment, duress or pressure.
Agency: Power to Bind Answer -
What is not a basic adjusting function Answer - Inspection
Evaluation Answer - Establishing a dollar value for a claim
, No Release/Walk Away Answer - Paying what is owed, asking the claimant to ask
you questions.
Is an Adjusters claim file "confidential"? Answer - No
Main components in the investigative process: Answer - Inquiry, Verification, and
Comparison
What is NOT one of the four elements of a contract Answer - Written evidence of the
agreement and its terms
breach of contract Answer - The failure, without legal excuse, of a promisor to
perform the obligations of a contract. "Bad Faith" verdict.
What is not a fundamental part of an insurance policy? Answer - Endorsements
Following a loss, what is one one of the duties of the insured? Answer - Giving
prompt notice of loss to the insurer
Percentage Deductible Answer - percentage of the value of the insured property
10/20/10 Split Limit Policy Answer - $10,000 for bodily injury to one person in an
accident, A max of $20,000 for all individuals in an accident regardless of the total
number involved, and a Max of $10,000 for all property damage.
Which of the following is NOT a defense to a claim of Negligence? Answer - Breach
of Warranty
Which of the following is NOT a law that affects ones Legal Liability? Answer -
Valued Policy Law
"Arising out of the use of" Answer - Doing anything with an insured vehicle.
Permissive Use Answer - Letting somebody use your vehicle of that which you are
insured under.
Supplementary Payments Coverage Answer - Will pay up to $200 a day for the
insured's loss or earnings if they are required to attend trials or hearings.
Liability Coverage cannot be used for: Answer - Any vehicle with less than four
wheels.
Using a vehicle without the permission of the insured.
In a Personal Auto-Policy, liability coverage only protects: Answer - those individuals
meeting the definition of an "insured" under the policy.
Claims Process: Answer - Review the notice of claim and policy
Contact the Insured
Secure Claimant's Statement
Secure the police report and witness statements
