SOUTH CAROLINA ADJUSTER LICENSING EXAM 2024 QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED

Abandonment Condition - CORRECT ANSWER A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Absolute Liability - CORRECT ANSWER Type of liability imposed by law on those participating in certain activities that are coered particularly hazardous; person may be held liabile even though they were not negligent. Accident - CORRECT ANSWER A loss that occurs at a specific time and place. Accounts Recivable Insurance - CORRECT ANSWER Filed commercial inland marine form that insures against loss the insured suffers becuase of an inability to collect from customers when accounts receivable records are damaged or destroyed. Actual Cash Value (ACV) - CORRECT ANSWER the cost to replace an item of property at the time of loss, less an allowance for depreciation; ofter used to determine the amount of reimbursement for a loss Additional Coverages - CORRECT ANSWER Supplemental Insurance coverages that apply only in certain circumstances, have reduced or separate limits of liability, or require the insured to meet certain requirements before the y are applicable; also called coverage extensions, other coverages, and extended coverages Additional Insured - CORRECT ANSWER An individual or company , in additiona to the insured, who is listed in the declarations; an example is a mortgage company that has insurable intrest in the property insured Additonal Insured-Lessor Endorsement - CORRECT ANSWER commercial auto endorsement used to make leased vehicles considered owned vehicles for coverage purposes Adhesion Contract - CORRECT ANSWER a contract where one party has more power than the other party in drafting the contract; an insurance policy is an adhesion contract---the insurer is the one with more power Adverse Selection - CORRECT ANSWER the tendancy of insureds with a greater-than-average chance of loss to purchase insurance Agency - CORRECT ANSWER Principles governing the authority of any agent that represents a principle Agent - CORRECT ANSWER an individual or organization that legally represents another; a state-licensed professional who prepresents the insurance company in the sale and servicing of insurance; the direct link between the insurance company and policyholder Aggregate limit - CORRECT ANSWER Type of policy limit found in liability policies that limits coverage to a specified tootal amount for all losses occuring within the policy period Agreed Value Condition - CORRECT ANSWER Condition found in some property insurance policies that stipulates a certain value that will meet the coinsurance requirement Aleatory Contract - CORRECT ANSWER A contract that is contingent on an uncertain event (loss); an insurance policy is an aleatory contract Alien Company - CORRECT ANSWER An insurance company incorporated in any other country other than the United States that is doing business in the United States A.M. Best Company - CORRECT ANSWER Organization that rates the financial stability of insurance companies doing businessin the United States