ADJUSTER PRO OKLAHOMA PRACTICE
EXAM PERFECTLY SOLVED
The ysource yof ythe yadjusters yauthority y- yANS--In ythe ycontext yof yinsurance
yadjusting, ywho yis ythe yprincipal?
Coverage yis ynot ynegotiable y- yANS--When yNancy yis ypulling yinto yher ydriveway, yshe
yaccidentally yhit ythe ygas yand yplowed ythrough yher yfront ywall. yShe ytries yto ynegotiate
ythe yclaim ywith ythe yadjuster, ywhy yis ythis ynot ypossible?
True y- yANS--True yor yfalse: yassuring ya yclaimant ya ypolicy yis ycovered ywithout
ydetermining ythe ycause yof yloss yis yconsidered yimproperly yacting yas ya yfiduciary
yagent?
Civil ydisputes ybetween yparties y- yANS--Tort yLaw
The yprinciple yof yindemnity y- yANS--Melindas yhome ysustained y$6,500 yin ydamages
ywhen yJared yran yinto yit ywith yhis ytruck. yMelinda yreceived y$6,599 yfrom yher
yinsurance ycompany yand yJared yalso ypaid yher y$5,000. yMelinda yhas ynow yprofited
yfrom ythis yloss yand yis yin yviolation yof:
A ymorale yhazard y- yANS--Robby ydrives ylikes yto yrace yother ydrivers yand yisn't
yconcerned ywith ydamages ybecause yof yhis ygood yinsurance. yRobby's ybehavior yis
Public yadjuster y- yANS--A yfiduciary yagent yof ybehalf yof ythe yclaimant
Insured y- yANS--An yindividual yor yorganization ythat ypays ypremiums yin yexchange yfor
yfinancial yprotection
Principle yof yindemnity y- yANS--Prevents yan yinsured yfrom ymaking ya yprofit
Policy yrecission y- yANS--
Public yadjuster y- yANS--Hired yby ythe yclaimant yand ypaid ycommission
Susan's ybusiness yis ynot ysimilar yto yher yhusbands y- yANS--Susan yis ya ysuccessful
yplastic ysurgeon yand ywants yto ypurchase yliability yinsurance. yHer yhusband, ya
yteacher, yis ypart yof ya yrisk yretention ygroup yand yis yquite yhappy ywith yhis yinsurance.
ySusan ydecides yto yapply yto yher yhusband's ygroup, ybut yher yapplication yis ydenied.
yWhy yis ythis?
, A yloss y- yANS--Ninas yhome yis ylocated yin ya yhigh ycrime yneighborhood. yOne yday,
yshe ycomes yhome yfrom ywork yto yfind ythat yher ygarage ydoor yhad ybeen yvandalized
yand ymust ybe yreplaced. yNina's yinsurer ypays yher ya y$2,200 ysettlement yfor yher yclaim.
yThe yinsurer yconsiders ythe ysettlement;
Conditions y- yANS--Edna yloses ysome yof yher yproperty yin ya yhailstorm. yWhen yan
yadjuster ycomes yto yinvestigate ythe yloss, yhe ygives yan yestimate ythat yEdna ythinks yis
yfar ytoo ylow. yAs ynegotiations ycontinue, yneither yEdna ynor ythe yadjuster ywill ybudge.
yWhere yin yEdna's ypolicy ywould yyou yfind ythe yprocedure yto yfollow yin ythis ysituation?
Adjuster/claimant ynegotiations y- yANS--Easiest yand yleast ycostly ynegotiation ymethod
The yoffered ymust yhave yno ymore ythan yone ystipulation y- yANS--This ydoes yNOT
ymake yacceptance yof yan yoffer yto ycontract ylegally yenforceable
Conditions y- yANS--Where ywould yyou yfind ythis ystatement yin ya ypolicy? y"The yinsured
ymust ymake yreasonable yeffort yto yprotect ythe ycovered yproperty yfrom yfurther
ydamages"
Wind y- yANS--Janes yshed yburns ydown yin ya ytornado, ywhen ya ytree yfalls yon ythe yroof
yand ysnaps ya ypower yline, ywhich ythen yignited ythe ystructure. yWhat yis ythe yproximate
ycause yof yloss?
Conditions y- yANS--Where ycan yyou yfind ythe y"duties yof ythe yinsured yafter yan
yoccurrence"?
The yrental yfees yare yan yextra yexpense ythat yresulted yfrom ythe ydirect ydamage yto ythe
yport y- yANS--After ya yhurricane yseverely ydamaged ythe yGrayson yFishing yPort, ythey
ymust yrent yanother ydock yto ycontinue ytheir ycommercial yfishing yoperations yuntil
yrepairs ycan ybe yMande yto ytheir yport. yThe yGrayson yFishing yPort yis ycovered yunder
ya ycommercial yinsurance ypolicy ywith yTime yElement ycoverage. yWhat ymust ythey
yprove yin yorder yto ybe yindemnified yfor ythe yrental yfees?
Declarations y- yANS--Where ycan yyou yfind ythe ypolicy yperiod yin ya ypolicy?
Internal yexplosion y- yANS--In ya ybasic yform ydwelling ypolicy ythere yare ythree ycovered
yperils. yFire yand ylightning yare ytwo yof ythem, ywhat yis ythe ythird?
Subrogation y- yANS--One ynight, ysally ysets yfire yto yJimmy's yrestaurant. yThankfully,
yjimmy yhas ycommercial yproperty yinsurance, yand yit ycovers ythe ydamages yto ythe
yrestaurant. yWhich ycondition ymakes yis ypossible yfor ythe yinsurance ycompany yto ygo
yafter ySally yto yget yback ywhat ythey ypaid yout yto yJimmy?
Coverage yfor yslander yand ycopyright y- yANS--Typically yincluded yin ya yBOP
EXAM PERFECTLY SOLVED
The ysource yof ythe yadjusters yauthority y- yANS--In ythe ycontext yof yinsurance
yadjusting, ywho yis ythe yprincipal?
Coverage yis ynot ynegotiable y- yANS--When yNancy yis ypulling yinto yher ydriveway, yshe
yaccidentally yhit ythe ygas yand yplowed ythrough yher yfront ywall. yShe ytries yto ynegotiate
ythe yclaim ywith ythe yadjuster, ywhy yis ythis ynot ypossible?
True y- yANS--True yor yfalse: yassuring ya yclaimant ya ypolicy yis ycovered ywithout
ydetermining ythe ycause yof yloss yis yconsidered yimproperly yacting yas ya yfiduciary
yagent?
Civil ydisputes ybetween yparties y- yANS--Tort yLaw
The yprinciple yof yindemnity y- yANS--Melindas yhome ysustained y$6,500 yin ydamages
ywhen yJared yran yinto yit ywith yhis ytruck. yMelinda yreceived y$6,599 yfrom yher
yinsurance ycompany yand yJared yalso ypaid yher y$5,000. yMelinda yhas ynow yprofited
yfrom ythis yloss yand yis yin yviolation yof:
A ymorale yhazard y- yANS--Robby ydrives ylikes yto yrace yother ydrivers yand yisn't
yconcerned ywith ydamages ybecause yof yhis ygood yinsurance. yRobby's ybehavior yis
Public yadjuster y- yANS--A yfiduciary yagent yof ybehalf yof ythe yclaimant
Insured y- yANS--An yindividual yor yorganization ythat ypays ypremiums yin yexchange yfor
yfinancial yprotection
Principle yof yindemnity y- yANS--Prevents yan yinsured yfrom ymaking ya yprofit
Policy yrecission y- yANS--
Public yadjuster y- yANS--Hired yby ythe yclaimant yand ypaid ycommission
Susan's ybusiness yis ynot ysimilar yto yher yhusbands y- yANS--Susan yis ya ysuccessful
yplastic ysurgeon yand ywants yto ypurchase yliability yinsurance. yHer yhusband, ya
yteacher, yis ypart yof ya yrisk yretention ygroup yand yis yquite yhappy ywith yhis yinsurance.
ySusan ydecides yto yapply yto yher yhusband's ygroup, ybut yher yapplication yis ydenied.
yWhy yis ythis?
, A yloss y- yANS--Ninas yhome yis ylocated yin ya yhigh ycrime yneighborhood. yOne yday,
yshe ycomes yhome yfrom ywork yto yfind ythat yher ygarage ydoor yhad ybeen yvandalized
yand ymust ybe yreplaced. yNina's yinsurer ypays yher ya y$2,200 ysettlement yfor yher yclaim.
yThe yinsurer yconsiders ythe ysettlement;
Conditions y- yANS--Edna yloses ysome yof yher yproperty yin ya yhailstorm. yWhen yan
yadjuster ycomes yto yinvestigate ythe yloss, yhe ygives yan yestimate ythat yEdna ythinks yis
yfar ytoo ylow. yAs ynegotiations ycontinue, yneither yEdna ynor ythe yadjuster ywill ybudge.
yWhere yin yEdna's ypolicy ywould yyou yfind ythe yprocedure yto yfollow yin ythis ysituation?
Adjuster/claimant ynegotiations y- yANS--Easiest yand yleast ycostly ynegotiation ymethod
The yoffered ymust yhave yno ymore ythan yone ystipulation y- yANS--This ydoes yNOT
ymake yacceptance yof yan yoffer yto ycontract ylegally yenforceable
Conditions y- yANS--Where ywould yyou yfind ythis ystatement yin ya ypolicy? y"The yinsured
ymust ymake yreasonable yeffort yto yprotect ythe ycovered yproperty yfrom yfurther
ydamages"
Wind y- yANS--Janes yshed yburns ydown yin ya ytornado, ywhen ya ytree yfalls yon ythe yroof
yand ysnaps ya ypower yline, ywhich ythen yignited ythe ystructure. yWhat yis ythe yproximate
ycause yof yloss?
Conditions y- yANS--Where ycan yyou yfind ythe y"duties yof ythe yinsured yafter yan
yoccurrence"?
The yrental yfees yare yan yextra yexpense ythat yresulted yfrom ythe ydirect ydamage yto ythe
yport y- yANS--After ya yhurricane yseverely ydamaged ythe yGrayson yFishing yPort, ythey
ymust yrent yanother ydock yto ycontinue ytheir ycommercial yfishing yoperations yuntil
yrepairs ycan ybe yMande yto ytheir yport. yThe yGrayson yFishing yPort yis ycovered yunder
ya ycommercial yinsurance ypolicy ywith yTime yElement ycoverage. yWhat ymust ythey
yprove yin yorder yto ybe yindemnified yfor ythe yrental yfees?
Declarations y- yANS--Where ycan yyou yfind ythe ypolicy yperiod yin ya ypolicy?
Internal yexplosion y- yANS--In ya ybasic yform ydwelling ypolicy ythere yare ythree ycovered
yperils. yFire yand ylightning yare ytwo yof ythem, ywhat yis ythe ythird?
Subrogation y- yANS--One ynight, ysally ysets yfire yto yJimmy's yrestaurant. yThankfully,
yjimmy yhas ycommercial yproperty yinsurance, yand yit ycovers ythe ydamages yto ythe
yrestaurant. yWhich ycondition ymakes yis ypossible yfor ythe yinsurance ycompany yto ygo
yafter ySally yto yget yback ywhat ythey ypaid yout yto yJimmy?
Coverage yfor yslander yand ycopyright y- yANS--Typically yincluded yin ya yBOP
