- Study guides, Class notes & Summaries

Property and Casualty Adjuster In UPDATED ACTUAL Exam Questions and CORECT Answers Indemnity - CORRECT ANSWER before loss occurred, no better or worse -Insured restored to approximate financial condition as Independent Adjuster - CORRECT ANSWER Binder - CORRECT ANSWER -must represent more than 1 company -Commits company to act as if the policy has been issued, temporary contract, initiate coverage, oral or written, expires when policy coverages begins

-

16 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

Utah Property and Casualty Insurance UPDATED Exam Questions and CORECT Answers Abandonment - CORRECT ANSWER -The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - CORRECT ANSWER -A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident - CORRECT ANSWER and at a specific place. -An unplanned, unforeseen event whi...

-

46 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

Texas Property & Casualty License UPDATED ACTUAL Exam Questions and CORRECT Answers Property vs Casualty: What is considered property? - CORRECT ANSWER Personal Property Property vs Casualty: What is considered casualty? - CORRECT ANSWER losses. Legal liability to others. 3rd Party Risk - CORRECT ANSWER Pure Risk - CORRECT ANSWER -uncertainty of financial loss -Chance of Loss Speculative Risk - CORRECT ANSWER -Structure & -Non-prope

-

13 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

WV Insurance Exam Study Guide UPDATED ACTUAL Exam Questions and CORRECT Answers Up to the policy limit - CORRECT ANSWER -If insurance fails to notify the mortgage that the policy is canceled and there is a fire loss, what could the mortgage company collect? Official Used Car Guide Amount - CORRECT ANSWER on a Total Loss Vehicle? No - CORRECT ANSWER -Which amount would be paid -Can an adjuster give legal advice?

-

9 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

wv insurance; property & casualty UPDATED ACTUAL Exam Questions and CORRECT Answers a domestic user will be examined by the commissioner at least once every ___ - CORRECT ANSWER -5 years. an insurance company owned by its policyholder is known as ___ - CORRECT ANSWER -mutual insurance company. an insurance company headquartered in ohio, conductin

-

23 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

Insurance: Property & Casualty UPDATED ACTUAL Exam Questions and CORRECT Answers Accident - CORRECT ANSWER specific time and place. -A sudden and unexpected event which occurs at a Actual Cash Value (ACV) - CORRECT ANSWER -The cost to replace an item of property at the time of loss, less an allowance for depreciation. Often used to determine amount of reimbursement for a loss. Additional Living Expense - CORRECT ANSWER -A coverage designed to reimburse the insured for ...

-

21 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

Maine Property &Casualty Adjuster Exam Prep UPDATED ACTUAL Exam Questions and CORECT Answers What is the interest rate for claims not paid and over 30 days? - CORRECT ANSWER ½ % per month A CEO is piloting a rented aircraft and injures someone. What kind of coverage is this covered under? - CORRECT ANSWER -Non-owned aircraft coverage How are wages computed for workers compensation? - CORRECT ANSWER average after take weekly wages

-

19 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

WV state life insurance UPDATED ACTUAL Exam Questions and CORRECT Answers Absolute Assignment - CORRECT ANSWER - Policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in form. Accidental Death Benefit Rider - CORRECT ANS...

-

6 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

West Virginia Adjusters Exam 2 UPDATED ACTUAL Exam Questions and CORRECT Answers Chris and Matt are playing a friendly game of one-on-one basketball in Matt's driveway. When Chris goes up for a slam dunk, Matt accidentally trips him while attempting to block the shot. Chris lands hard and tears the ACL in his left knee. Matt's homeowners liability insurance will cover Chris' medical bills because: - CORRECT ANSWER - Matt's actions were unintentional, but negligent. W...

-

10 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

West Virginia Adjusters Exam UPDATED ACTUAL Exam Questions and CORRECT Answers Which of the following is NOT an example of an "indirect loss"? - CORRECT ANSWER - During a fire, the fire department hoses down a house to extinguish the flames. The water damage that results is an indirect loss. When the settlement difference between an insurer and a claimant is minor: - CORRECT ANSWER - it should be settled in favor of the claimant. Which of the following activities is a spe...

-

10 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

West Virginia Adjuster UPDATED ACTUAL Exam Questions and CORRECT Answers What is NOT a factor in establishing negligence on the insured's part? - CORRECT ANSWER - There is a breach of protection. One characteristic of an insurance contract is that both parties must perform certain acts to assure that the contract is legally enforceable. This is called...? - CORRECT ANSWER - Executory The responsibility of the federal government in the regulation of the insurance industry is li...

-

33 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

West Virginia Adjuster Exam 8 UPDATED ACTUAL Exam Questions and CORRECT Answers Stephanie lets Chad borrow her truck so he can pick up materials for his home remodeling project. While backing out of the parking space at the hardware store, Chad backs into Mary's vehicle and damages her driver's side door. Which insurance policy would cover the damages caused to Mary's car? - CORRECT ANSWER - Stephanie's auto liability insurance Tom purchases a new car from his local ca...

-

10 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

West Virginia Adjuster Laws & Regulations UPDATED ACTUAL Exam Questions and CORRECT Answers In case of suspected arson, an adjuster must: A. Notify the insured. B. Notify the insured and the insurer. C. Make proper documentation in a written report. D. Notify the Fire Marshall. - CORRECT ANSWER - D. Notify the Fire Marshall. Farmer Brown returned from the fields to find his barn engulfed in flames. His son described how a tornado had blown down one wall of the barn, overturnin...

-

7 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

Adjuster license practice test UPDATED ACTUAL Exam Questions and CORRECT Answers The purpose of the principle of indemnity is - CORRECT ANSWER - to prevent an insured from making a profit on a loss. Jerrod is awarded $4000 in a court case after Ollie accidentally starts a fire and burns down his detached garage. This award is an example of - CORRECT ANSWER - special damages Which of the following best describes a Fraternal Benefit Society - CORRECT ANSWER fraternal benefit soc...

-

51 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

Adjuster License Practice Test #1 UPDATED ACTUAL Exam Questions and CORRECT Answers 520 weeks of PPD benefits eligibility - CORRECT ANSWER - When an injured worker has a permanent disability rating greater than 50% Railroad worker coverage - CORRECT ANSWER - Covered by Federal Employers Liability Act (FELA) Contributory negligence state damages - CORRECT ANSWER - 0% Comparative negligence state damages - CORRECT ANSWER - 100

-

5 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

WV Licensing Test Study UPDATED ACTUAL Exam Questions and CORRECT Answers 1. Methods of risk management include: A. Transfer B. Sharing C. Avoidance D. All of the above. - CORRECT ANSWER - D. All of the above. 2. An insured has suffered a fire loss to his/her dwelling. This insured is which party to the

-

42 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

WV Adjuster License - Part I: General Insurance Laws and Regulations UPDATED ACTUAL Exam Questions and CORRECT Answers Adjuster - CORRECT ANSWER - Any individual who, for compensation, fee or commission, investigates and settles claims arising under property, casualty or surety insurance contracts, on behalf of either the insurer or insured. The term "adjuster" includes public adjusters, company adjusters and crop adjusters unless specified otherwise. Company adjuster - CO...

-

21 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

WV Licensing UPDATED ACTUAL Exam Questions and CORRECT Answers 2 - CORRECT ANSWER - Number of years a surviving spouse or dependent has to file claim if death results from Black Lung 3 - CORRECT ANSWER - Number of days waiting period to apply for disability benefits 3 - CORRECT ANSWER - Number of years from last date of exposure that employee has to file claim for compensation for black lung (occupational pneumoconiosis) 5 - CORRECT ANSWER - Number of days removable property is...

-

31 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

WV Licensing UPDATED Exam Questions and CORRECT Answers How long does an insurance company have to pay a mine subsidence claim? - CORRECT ANSWER - 120 days after receiving proof of loss If a black lung employee dies, how long does family have to enter a claim? - CORRECT ANSWER - 2 years What is the "value policy law" with regard to insurance? - CORRECT ANSWER payout = policy limit - deductible. - Maximum HAVE to pay out the policy limit in the event of a total loss (even...

-

23 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

WV State Life Insurance Exam UPDATED ACTUAL Exam Questions and CORRECT Answers A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a: - CORRECT ANSWER - Risk retention group Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated? - CORRECT ANSWER - 1970-Fair Credit Reporting Act Q purchases a $500,000 life insurance policy and pays $900 in premiums ...

-

19 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS