Pennsylvania Public Adjuster
Examination
A claim has occurred and the statute of limitation is about to expire. The
law requires
that first party claimants be given a day notice and third party claimants
must be
given a day notice. correct answersA first party claimant must be given
a 30 day
notice and a third party claimant must be given a 60 day notice of the
expiration
statute of of the
limitations.
The standard deductible for each coverage under the "emergency flood
program"
correct is:
answersThe standard deductible for the emergency program is
$2,000. Both
building and contents coverages have a
deductible.
How much additional coverage under a Commercial Property Policy is
provided for
debris
Answer
removal?
Choices:
A. The policy will pay an additional limit of
B. The insured can only rely on the total limit of the
$25,000
property
C. covered
The insured can only rely on 25% of the covered property for
debris removal
expens
e
D. The policy will pay an additional limit of $15,000 correct answersA.
The policyfor up to 25% of the limit of the property for debris removal. If
provides
this limit isthe
sufficient, notpolicy will pay an additional $25,000. (this was increased
from $10,000)
Which of the following statements is correct regarding the
responsibilities
insurance company
of the
when paying liability
claims?
A. The insurer may refuse to pay the cost to defend or settle a claim if the
typecovered
not of loss is by the
policy.
B. The insurer must defend or settle all claims brought against the insured
during the
policy
period.
C. The insurer must defend or settle all claims brought against the insured
for up beyond
years to five the policy
period.
D. The insurer may refuse to defend or settle a claim until the court
establishes
liability. correct
legalanswersA. The insurer is not required to defend or cover
claims made
against the insured that are not covered by the
policy.
The federal crop program that covers the revenue of the entire farm as
opposedcrop
specific to a is
called:
A. Group Risk Income
B. Crop Revenue
Protection
Coverage
C. Adjusted Gross
Revenue
, D. Income Protection Plan correct answersC. Group Risk involves the
revenue.
average countyCrop revenue compares the early market price of the crop to the
harvest
and priceprotection involves a combination of both low harvest prices
Income
All
andoflow those can be tied to a specific crop depending on the farm.
yield.
Adjusted insures
revenue Gross the revenue of the entire farm as opposed to a
specific crop.
Which of the following perils is covered by the Broad Form but is not
covered by the
Basic
Form?
A. Weight of ice and
B.
snow
Vandalism
C.
D. Sinkhole collapse correct answersA. Weight of ice
Riot
and snow
Under the Terrorism Risk Insurance Program Reauthorization Act of
2015, the limit for the Act for total claims paid under the Act by either
maximum
private
the government
insurers or is still
limited
A. $50 to:
B. $200
billion
billion
C. $75
D. $100 billion correct answersD. Even though the Act was amended and
billion
extended, limit
maximum the for all claims paid by either private insurers or the
government
$100 billion dollars
is still in any one
year.
Which of the following is subsidized by the federal
government?
A. Crop hail
B. Multi peril
coverage
C.
coverage
D. Neither correct answersB. Multi peril
Both
coverage
Under business income coverage, what coverage continues payment of
income
the periodafter
of restoration is
A. Maximum period of
complete?
Indemnification
B. Extension of
C. Agreed
coverage
value
D. Extended Business Income correct answersD. The coverage is called
Business Income and will allow for payment after the period of restoration
Extended
is
upcomplete
to a maximum of 60 days. This is included in the form automatically.
Coverage
be extended canfor a longer period by paying an additional
premium.
Under the ISO standard Businessowners form, the building limit of
insurance and
$100,000 is the deductible is $1,000. The building loss amount is
$110,000.
the following Which
is theof correct loss
payment?
A.
B.
$89,000
$110,000
C.
$99,000
Examination
A claim has occurred and the statute of limitation is about to expire. The
law requires
that first party claimants be given a day notice and third party claimants
must be
given a day notice. correct answersA first party claimant must be given
a 30 day
notice and a third party claimant must be given a 60 day notice of the
expiration
statute of of the
limitations.
The standard deductible for each coverage under the "emergency flood
program"
correct is:
answersThe standard deductible for the emergency program is
$2,000. Both
building and contents coverages have a
deductible.
How much additional coverage under a Commercial Property Policy is
provided for
debris
Answer
removal?
Choices:
A. The policy will pay an additional limit of
B. The insured can only rely on the total limit of the
$25,000
property
C. covered
The insured can only rely on 25% of the covered property for
debris removal
expens
e
D. The policy will pay an additional limit of $15,000 correct answersA.
The policyfor up to 25% of the limit of the property for debris removal. If
provides
this limit isthe
sufficient, notpolicy will pay an additional $25,000. (this was increased
from $10,000)
Which of the following statements is correct regarding the
responsibilities
insurance company
of the
when paying liability
claims?
A. The insurer may refuse to pay the cost to defend or settle a claim if the
typecovered
not of loss is by the
policy.
B. The insurer must defend or settle all claims brought against the insured
during the
policy
period.
C. The insurer must defend or settle all claims brought against the insured
for up beyond
years to five the policy
period.
D. The insurer may refuse to defend or settle a claim until the court
establishes
liability. correct
legalanswersA. The insurer is not required to defend or cover
claims made
against the insured that are not covered by the
policy.
The federal crop program that covers the revenue of the entire farm as
opposedcrop
specific to a is
called:
A. Group Risk Income
B. Crop Revenue
Protection
Coverage
C. Adjusted Gross
Revenue
, D. Income Protection Plan correct answersC. Group Risk involves the
revenue.
average countyCrop revenue compares the early market price of the crop to the
harvest
and priceprotection involves a combination of both low harvest prices
Income
All
andoflow those can be tied to a specific crop depending on the farm.
yield.
Adjusted insures
revenue Gross the revenue of the entire farm as opposed to a
specific crop.
Which of the following perils is covered by the Broad Form but is not
covered by the
Basic
Form?
A. Weight of ice and
B.
snow
Vandalism
C.
D. Sinkhole collapse correct answersA. Weight of ice
Riot
and snow
Under the Terrorism Risk Insurance Program Reauthorization Act of
2015, the limit for the Act for total claims paid under the Act by either
maximum
private
the government
insurers or is still
limited
A. $50 to:
B. $200
billion
billion
C. $75
D. $100 billion correct answersD. Even though the Act was amended and
billion
extended, limit
maximum the for all claims paid by either private insurers or the
government
$100 billion dollars
is still in any one
year.
Which of the following is subsidized by the federal
government?
A. Crop hail
B. Multi peril
coverage
C.
coverage
D. Neither correct answersB. Multi peril
Both
coverage
Under business income coverage, what coverage continues payment of
income
the periodafter
of restoration is
A. Maximum period of
complete?
Indemnification
B. Extension of
C. Agreed
coverage
value
D. Extended Business Income correct answersD. The coverage is called
Business Income and will allow for payment after the period of restoration
Extended
is
upcomplete
to a maximum of 60 days. This is included in the form automatically.
Coverage
be extended canfor a longer period by paying an additional
premium.
Under the ISO standard Businessowners form, the building limit of
insurance and
$100,000 is the deductible is $1,000. The building loss amount is
$110,000.
the following Which
is theof correct loss
payment?
A.
B.
$89,000
$110,000
C.
$99,000
