SC Claims Adjuster Exam Questions & Answers 100% Accurate

What is ACV equation? - ANSWER-Replacement cost-depreciation What is the coinsurance formula? - ANSWER-Cov you did have / cov should've had x loss = claim payment - deductible To serve in The Director's position they must ? - ANSWER-Appointed by governor, member of governors cabinet, serve at governors pleasure, bonded by 50000 surety bond Powers and duties of the director - ANSWER-Supervise and regulate rates and service of every insurer in state. Enforce insurance related laws in state.. Reports to Atty General. Acts as circuit judge for insurance matters. License individuals, agencies and companies Qualifications to be licensed adjuster - ANSWER-At least 18; apply either on prescribed form or website, pass license exam, pay $80 license fee; not committed any immoral act grounds for license denial, suspension, or revocation Are nonresident applicants for nonresident license required to provide a SLED Background check? - ANSWER-No What is a resident adjuster - ANSWER-Authorized by SC Dept of insurance to represent insurance companies and write insurance policies to citizens of SC; resident of SC and consider it their home of record companies What is a non resident adjuster - ANSWER-When director enters reciprocal agreement with director of another state and each state accepts the other's process and accepts the requirements of that state. Adjuster's license must meet min requirement for SC Duty of adjuster - ANSWER-Dispose of claims