Rhode Island Adjuster's Exam Questions and Answers with Certified Solutions | Verified | Latest Update 2024 | Graded A+

Rhode Island Adjuster's Exam Questions and Answers with Certified Solutions | Verified | Latest Update 2024 | Graded A+ How many days does the insurer have to send out forms when notified of accident? ten days At what time is the policy effective? 12:01 am What are the financial responsibility limits in Rhode Island? 25/50/25 By virtue of payment, the insurance company assumes the rights of the insured to pursue the responsible party for damages only to the extent of the insurance company's payment, and as a service, the insurance company will attempt to recover the insured's deductible. What does this describe? subrogation When companies cannot come to a decision of who is liable and responsible for damages, what process solves this problem? arbitration What happens when an insurance company brings you back to your condition before the loss occurs? indemnification If the insured has an auto policy with $50,000 liability coverage and sees a neighbor he dislikes and runs the neighbor's foot over, how much would the insurer pay? $0.00 Insured's Honda Accord is in body shop so he borrows a friend's Toyota Corolla and gets into an accident and both have a PAP. What company would pay for the friend's car? Toyota's insurer What is NOT a comprehensive loss? collision with a shopping cart What is covered after a hurricane? windstorm