All Lines Adjusting Study guides, Class notes & Summaries

FLORIDA ALL LINES ADJUSTER TESTS/EXAMS|TESTBANK| (COMPLETE SOLUTION QUESTIONS ALLWITH CORRECT ANSWERS 2023-2024|GUARANTEEA GRADE

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as - Correct answer-A recipient location recipient location - Correct answer-Businesses who support insured by being the primary buyer for their products HO-3 (special form) - Correct answer-covers the dwelling and other structures on a ris...

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as - Correct answer-A recipient location recipient location - Correct answer-Businesses who support insured by being the primary buyer for their products HO-3 (special form) - Correct answer-covers the dwelling and other structures on a ris...

A customer claims he tripped on a stair in John's Art Gallery and broke his leg. The only way the customer will have a successful claim against John's insurance is? - CORRECT ANS John must be found legally liable for the incident Meredith was attending this Christmas party that was held at the Riverstone country club. While walking to the restroom she tripped and fell on one of the steps that was broken. The broken step had been covered up by a new rug. Meredith status in this situation ...

Insurance - CORRECT ANSWERS The transfer of risk. Insured - CORRECT ANSWERS 1ST party. Customer. Person covered by policy. Insurer - CORRECT ANSWERS 2ND party. Insurance company Adjuster - CORRECT ANSWERS Investigates/adjusts claims Licensing age requirement - CORRECT ANSWERS 18 NOT exempt for licensing - CORRECT ANSWERS MBA Expiration date of adjusters license - CORRECT ANSWERS 2nd anniversary of Licensee Birthday. Every 2 years after. Required CE hours - CORRECT ANSWERS 24 hrs Requir...

Principle of indemnity - CORRECT ANSWERS restoration to previous Financial condition, no more, no less Four qualifications of a contract - CORRECT ANSWERS Agreement, consideration, competent parties, legal purpose Six special characteristics of an insurance contract - CORRECT ANSWERS personal, adhesion, utmost good faith, aleatory, unilateral, conditional Personal - CORRECT ANSWERS protects the policy holder from Financial loss. does not protect property from becoming damaged. coverage fo...

Accumulated Depresciation - CORRECT ANSWERS The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - CORRECT ANSWERS An item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulated Depreciation) Adhesion - CORRECT ANSWERS One of the characteristics of an insurance contract. One party sets the terms and the other party can "take it or leave". Adjusted Gro...