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ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER-premiums are collected into a

What is insurance? protection against financial loss what is a premium a scheduled amount to be paid for an insurance policy. What are premiums used for premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity payment for damages, that is not more or less than the am...

What is insurance? protection against financial loss what is a premium a scheduled amount to be paid for an insurance policy. What are premiums used for premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity payment for damages, that is not more or less than the am...

Which of the following is NOT one of the duties of the Department of Financial Services? a. License adjusters b. Set rates and write policies for various company products c. Supervise the claims activity of adjusters d. Investigate charges of unethical conduct of adjusters B. Set rates and write policies for various company products The adjuster has a particular relationship to his principal, the insurer. Which of the following best describes this relationship? a. It is a fiduciary relat...

What is insurance? - correct answer protection against financial loss what is a premium - correct answer a scheduled amount to be paid for an insurance policy. What are premiums used for - correct answer premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - correct answer the insurer collects premiums from all policy holders and uses them to pay out the claims of...

John is doing some lawn maintenance using a steel blade on his weed-whacker. He fails to properly tighten the blade and it comes loose while he is trimming some tall grass at the edge of his property. The blade flies off towards his neighbor's house and crashes into the HVAC unit, severing the lines and effectively destroying the unit. Which coverage in John's homeowners policy might pay for the damage he caused to his neighbor's HVAC system? A. Coverage E - Personal Liability B. Coverage...

Adjuster Pro - Insurance adjuster test 2023 100% Correctly Answered What is insurance? - CORRECT ANS protection against financial loss what is a premium - CORRECT ANS a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANS premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - CORRECT ANS the insurer collects premiums from all policy ...

Accumulated Depreciation - CORRECT ANS 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 ANS A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - CORRECT ANS One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, a...