Claims Adjuster Exam 1 questions with correct answers

Claims Adjuster Exam 1 questions with
correct answers

Actual |Cash |Value |(ACV) |- |CORRECT |ANSWER✔✔-Cost |to |replace |property |with |new |property |
of |like |kind |and |quality |less |depreciation.



Combined |Single |Limit |- |CORRECT |ANSWER✔✔-One |limit |per |occurrence |is |what |we |pay |up |to



Split |limit |- |CORRECT |ANSWER✔✔-What |we |pay |up |to |per |person |and |per |occurrence



Deductible |- |CORRECT |ANSWER✔✔-What |the |customer |will |have |to |pay; |we |cover |everything |
else



Declarations |Page |(Dec |Page) |- |CORRECT |ANSWER✔✔-The |basic |information |about |a |policy:

Who |- |names |of |insurer |and |insured

What |- |description |of |insured |property

Where |- |address |and |legal |description |of |insured |property

When |- |effective |and |expiration |dates.

How |Much |- |limits |of |coverage, |deductible, |premium



Depreciation |- |CORRECT |ANSWER✔✔-Amount |taken |off |for |wear |and |tear



Earned |Premium |- |CORRECT |ANSWER✔✔-The |amount |of |the |premium |for |which |the |policy |
protection |has |been |given.

,Risk |- |CORRECT |ANSWER✔✔-A |chance |or |uncertainty |of |loss



endorsement |- |CORRECT |ANSWER✔✔-Something |you |can |add/change |on |policy; |car, |kid, |etc



lapse |- |CORRECT |ANSWER✔✔-The |insured |did |not |pay |so |is |not |covered; |will |effect |renewal



Named |driver |exclusion |- |CORRECT |ANSWER✔✔-Excluded |from |coverage |and |covered |cars; |
cannot |drive |as |they |would |be |considered |1st |party |coverage



Coverage |A |- |CORRECT |ANSWER✔✔-Building |and |structures



Coverage |B |- |CORRECT |ANSWER✔✔-Other |structures |(such |as |a |detached |garage, |workshop, |
swimming |pools, |fences |and |gazebos)



Coverage |C |- |CORRECT |ANSWER✔✔-personal |property



Coverage |D |- |CORRECT |ANSWER✔✔-Loss |of |use



Coverage |E |- |CORRECT |ANSWER✔✔-personal |liability



Coverage |F |- |CORRECT |ANSWER✔✔-Medical |Payments



Personal |Umbrella |Policy |- |CORRECT |ANSWER✔✔-provides |protection |against |a |catastrophic |
lawsuit |or |judgment



What |is |covered |through |PUP? |- |CORRECT |ANSWER✔✔-Liability |(property |damage |and |bodily |
injury |[excess]) |

, Other- |Personal |Injury |(libel |& |slander)



Dwelling |Components |- |CORRECT |ANSWER✔✔-Construction |of |dwelling



inflation |protection |- |CORRECT |ANSWER✔✔-A |rider |in |some |insurance |policies |that |
automatically |raises |the |benefit |amount |or |the |maximum |daily |or |annual |payments, |based |on |
the |rate |of |inflation, |in |order |to |ensure |that |the |amount |of |coverage |remains |adequate |over |
time.



Market |Value |- |CORRECT |ANSWER✔✔-the |price |at |which |property |would |sell



named |peril |basis |- |CORRECT |ANSWER✔✔-Covered |for |everything |named |on |policy



open |peril |basis |- |CORRECT |ANSWER✔✔-It's |covered |for |any |loss |unless |it |is |specifically |
excluded



Replacement |Cost |- |CORRECT |ANSWER✔✔-The |cost |to |repair |or |replace |property |using |new |
materials |of |like |kind |and |quality |with |no |deduction |for |depreciation.



Scheduled |Personal |Property |- |CORRECT |ANSWER✔✔-endorsement |- |provides |broader |
coverage |for |personal |jewelry, |furs, |cameras, |musical |instruments, |silverware, |fine |arts, |golf |
equipment, |and |stamp/coin |collections. |must |be |insured |on |full |value |basis.



Special |Limit |- |CORRECT |ANSWER✔✔-Covered |up |to |a |certain |amount



unscheduled |personal |property |- |CORRECT |ANSWER✔✔-Property |not |specifically |listed |in |the |
policy