Adjuster's License Test - Adjusting Losses Exam Questions and Answers

Adjuster's License Test - Adjusting Losses Exam Questions and Answers A public adjuster Primarily represents the interests of: -Answer-The insured named in the policy Adjusters employed by State Farm, Allstate, and Travelers would be considered what type of adjusters -Answer-Company or Staff The CT insurance Dept. regulates activities of PAs by setting fourth specific rules in communicating settlement offers from the insurer of their clients. Accordingly, upon receipt of an offer to settle a loss from the insurer, the PA must: -Answer-Notify the client in writing of the offer within 10 days of receipt of the offer from the insurer A claim filed by a policyholder against his/her own insurance company for recovery under the policy is referred to as: -Answer-First Party Claim When investigation a claim, an adjuster's primary duties include all of the following EXCEPT: -Answer-1. Comparison 2. Verification 3. Inquiry 4. CONSIDERATION All of the following are true regarding Independent Adjusters EXCEPT: -Answer-1. Adjust losses on behalf of various insurance companies but they are not on the company payroll 2. They are paid a fee to perform all or limited roles in the claim handling process 3. THE ADJUSTERS FEE IS NORMALLY A PERCENTAGE OF THE FINAL CLAIM SETTLEMENT AMOUNT 4. They may be self-employed or employed by an independent private adjusting company Nicki is a company adjuster for Nutmeg Property and Casualty. She works within Nutmeg's "Auto Liability unit" handling third-party, bodily injury and property damage claims. As such, her responsibilities include all of the following except -Answer-1. Investigating the facts of the loss including liability, Evaluate the damages owed, 2. NOTIFY INSURED'S OF NON-RENEWALS AND POLICY CANCELLATION, 3. Determine if coverage applies to a specific loss Justin is a Property adjuster for XYZ Insurance company. He receives a claim involving the theft loss of various types of property. Justin's initial responsibility for when investigation the loss is to first determine: -Answer-If Coverage exists Identify the type of report and adjuster produces that provides the initial results of an investigation -Answer-First Field Report Identify the type of report an adjuster produces at the conclusion of the claim containing all of the facts, evidence and disposition of the claim: -Answer-Full Formal Report An adjuster's responsibilities upon assignment of an auto accident claim include all of the following EXCEPT to: -Answer-Evaluate damages, Investigate the accident, REPAIR THE DAMAGED PROPERTY, Contact the insured and any third parties Identify the name of the agreement that is signed by the insured, allowing for the continuance of the loss adjustment process by the insurer without being construed as an admission of liability/coverage by the insurer: -Answer-Non-Waiver agreement A legal petition requesting the courts to define the legal relationship between the policyholder and the insurer with respect to a coverage dispute is called a -Answer- Declaratory Judgment In addition to dealing with coverage issues, adjusters use Reservations of Rights letters in all of the situations EXCEPT: -Answer-1. When a policyholder fails to cooperate with the adjuster, 2. When the adjuster is having difficulty in contacting or communicating with an insured, 3. WHEN THE ADJUSTER PURSUES SUBROGATION, wh