PUBLIC ADJUSTER Already Passed!!

Program Trigger for terrorist acts must cause a collective damage in excess of? - ANSWER • $100,000,000 TF A public adjuster may own no more than 50% in a salvage or similar business? - ANSWER • F General Average - ANSWER • Loss shared by all parties Particular Average - ANSWER • Only one party shares in the loss. In a home owner policy there is no deductible for - ANSWER • Liability Coverage In BOP covered property is listed and described in what part of the contract? - ANSWER • Declarations page What is not eligible for coverage under a livestock floater? - ANSWER Poultry What type of carrier must assume the broadest liability under common law? - ANSWER Common carriers Named insured is never a _______? - ANSWER Lien Holder. Must have insurable interest in the property. How much extra coverage does the BOP allow for building code updates on a loss? - ANSWER $10,000 HO-3 only covers ___________ for jewelry? - ANSWER Actual Cash Value Promise by one party that is conditioned on an uncertain event and where the value given by each party is unequal is called? - ANSWER Aleatory An insurer has ________ days to complete their investigation of a claim? - ANSWER 30 days Farm insurance coverage G covers? - ANSWER Silos Under equipment breakdown coverage, the full replacement cost will be provided if the equipment is repaired in what time period after a loss? - ANSWER 24 months. In the newest edition of the commercial property form, what is now considered part of the building? - ANSWER Vegetated roofs Which Dwelling forms provide broad form coverage for personal property? - ANSWER DP-2 and DP-3 The homeowner personal property replacement cost endorsement would pay replacement cost for ___________? - ANSWER Used clothing An insurer must acknowledge receipt of a claim within _______ working days? - ANSWER 10 An insurance contract is considered 4 things - ANSWER Aleatory Unilateral Adhesive Conditional Admitted insurers must be financially examined by the Pennsylvania Department of insurance at least once every _______ years? - ANSWER 5 years. A leased building has to be ____% unoccupied to be considered vacant under the COMMERCIAL PROPERTY policy? - ANSWER 31% What about for BOP? A building must be _______% vacant to be considered vacant? - ANSWER 65% BOP additional limit for debris removal is? - ANSWER • 25,000 If an insurer wants to cancel or non-renew a policy covering personal property, how much notice is needed? - ANSWER • 30 days What is the limit that will be paid for the fire department service charge in the BOP form? - ANSWER • $2,500 What is the limit that will be paid for the fire department service charge in the BOP form? - ANSWER • $2,500