Claims Adjuster Final (Multiple Choice Questions) 2023 100% VERIFIED Answers

An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - CORRECT ANS The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? - CORRECT ANS A Promise The interest of the insured and all other persons in the property involved in a claim is found in - CORRECT ANS A Proof of Loss An insured rear-ends another driver's vehicle. The auto policy that pays damages to repair the damaged vehicle is a _______? - CORRECT ANS Liability Policy Your insurance company wrote an auto insurance binder for an owner who said that he did not have any prior accidents. Immediately thereafter it was discovered that he did not tell the truth. The company now wants to cancel the binder as quickly as possible. What is true? - CORRECT ANS 5 days notice required For insurance to pay damages, an insurable interest must exist: - CORRECT ANS When the loss takes place Texting while driving is best described as a: - CORRECT ANS Hazard A covered loss is $90,000. Policy A has a limit of $100,000. Policy B has a limit of $200,000. Both policies are pro-rata policies. How much will policy B pay for this loss? - CORRECT ANS $60,000 I sold my home yesterday, signed a deed and transferred title. Last night there was a house fire. I had not yet cancelled my homeowner's insurance. The purchaser also had a homeowner's policy. Which policy should pay to pay the claim? - CORRECT ANS Purchaser's policy Giving prompt notice of loss is best described as a policy: - CORRECT ANS Condition If there is a total loss by an insured peril to a FL building, the insurer must pay: - CORRECT ANS Actual Cash Value A Loss Payable Clause refers to - CORRECT ANS Lenders interest in personal property My coin collection was appraised and my insurance company specifically insured the valued of that collection. That is an example of: - CORRECT ANS A Valued Policy An insurance contract is based on the Principle of: - CORRECT ANS Utmost Good Faith The two kinds of waivers are: - CORRECT ANS express and implied Proximate Cause is the unbroken connection between the occurrence and ____ that grows out of the occurrence. - CORRECT ANS Damages Which loss settlement valuation may be a violation of the Principle of Indemnity? - CORRECT ANS Replacement Cost If the policy limit is $60,000; 80% coinsurance requirement; loss of $60,000 and the value of the property is $100,000, what loss amount will the insurer pay? - CORRECT ANS $45,000 The insured has a Homeowner's insurance policy with a 5% Hurricane deductible.