CLAIMS ADJUSTER
CLAIMS ADJUSTER EXAM QUSTIONS AND ANSWERS LATEST
UPDATE.
Actual Cash Value (ACV) answer >>>>>Cost to replace property with new property
of like kind and quality less depreciation.
Combined Single Limit answer >>>>>One limit per occurrence is what we pay up
to
Split limit answer >>>>>What we pay up to per person and per occurrence
Deductible answer >>>>>What the customer will have to pay; we cover
everything else
Declarations Page (Dec Page) answer >>>>>The basic information about a policy:
Who - names of insurer and insured
What - description of insured property
Where - address and legal description of insured property
When - effective and expiration dates.
How Much - limits of coverage, deductible, premium
,CLAIMS ADJUSTER
Depreciation answer >>>>>Amount taken off for wear and tear
Earned Premium answer >>>>>The amount of the premium for which the policy
protection has been given.
Risk answer >>>>>A chance or uncertainty of loss
endorsement answer >>>>>Something you can add/change on policy; car, kid,
etc.
lapse answer >>>>>The insured did not pay so is not covered; will effect renewal
Named driver exclusion answer >>>>>Excluded from coverage and covered cars;
cannot drive as they would be considered 1st party coverage
Coverage A answer >>>>>Building and structures
Coverage B answer >>>>>Other structures (such as a detached garage, workshop,
swimming pools, fences and gazebos)
Coverage C answer >>>>>personal property
Coverage D answer >>>>>Loss of use
Coverage E answer >>>>>personal liability
, CLAIMS ADJUSTER
Coverage F answer >>>>>Medical Payments
Personal Umbrella Policy answer >>>>>provides protection against a catastrophic
lawsuit or judgment
What is covered through PUP? answer >>>>>Liability (property damage and
bodily injury [excess])
Other- Personal Injury (libel & slander)
Dwelling Components answer >>>>>Construction of dwelling
inflation protection answer >>>>>A rider in some insurance policies that
automatically raises the benefit amount or the maximum daily or annual
payments, based on the rate of inflation, in order to ensure that the amount of
coverage remains adequate over time.
Market Value answer >>>>>the price at which property would sell
named peril basis answer >>>>>Covered for everything named on policy
open peril basis answer >>>>>It's covered for any loss unless it is specifically
excluded
Replacement Cost answer >>>>>The cost to repair or replace property using new
materials of like kind and quality with no deduction for depreciation.
CLAIMS ADJUSTER EXAM QUSTIONS AND ANSWERS LATEST
UPDATE.
Actual Cash Value (ACV) answer >>>>>Cost to replace property with new property
of like kind and quality less depreciation.
Combined Single Limit answer >>>>>One limit per occurrence is what we pay up
to
Split limit answer >>>>>What we pay up to per person and per occurrence
Deductible answer >>>>>What the customer will have to pay; we cover
everything else
Declarations Page (Dec Page) answer >>>>>The basic information about a policy:
Who - names of insurer and insured
What - description of insured property
Where - address and legal description of insured property
When - effective and expiration dates.
How Much - limits of coverage, deductible, premium
,CLAIMS ADJUSTER
Depreciation answer >>>>>Amount taken off for wear and tear
Earned Premium answer >>>>>The amount of the premium for which the policy
protection has been given.
Risk answer >>>>>A chance or uncertainty of loss
endorsement answer >>>>>Something you can add/change on policy; car, kid,
etc.
lapse answer >>>>>The insured did not pay so is not covered; will effect renewal
Named driver exclusion answer >>>>>Excluded from coverage and covered cars;
cannot drive as they would be considered 1st party coverage
Coverage A answer >>>>>Building and structures
Coverage B answer >>>>>Other structures (such as a detached garage, workshop,
swimming pools, fences and gazebos)
Coverage C answer >>>>>personal property
Coverage D answer >>>>>Loss of use
Coverage E answer >>>>>personal liability
, CLAIMS ADJUSTER
Coverage F answer >>>>>Medical Payments
Personal Umbrella Policy answer >>>>>provides protection against a catastrophic
lawsuit or judgment
What is covered through PUP? answer >>>>>Liability (property damage and
bodily injury [excess])
Other- Personal Injury (libel & slander)
Dwelling Components answer >>>>>Construction of dwelling
inflation protection answer >>>>>A rider in some insurance policies that
automatically raises the benefit amount or the maximum daily or annual
payments, based on the rate of inflation, in order to ensure that the amount of
coverage remains adequate over time.
Market Value answer >>>>>the price at which property would sell
named peril basis answer >>>>>Covered for everything named on policy
open peril basis answer >>>>>It's covered for any loss unless it is specifically
excluded
Replacement Cost answer >>>>>The cost to repair or replace property using new
materials of like kind and quality with no deduction for depreciation.
