Claims Adjuster Exam 1 (A+ GRADED)

Actual Cash Value (ACV) correct answers Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit correct answers One limit per occurrence is what we pay up to Split limit correct answers What we pay up to per person and per occurrence Deductible correct answers What the customer will have to pay; we cover everything else Declarations Page (Dec Page) correct answers 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 Depreciation correct answers Amount taken off for wear and tear Earned Premium correct answers The amount of the premium for which the policy protection has been given. Risk correct answers A chance or uncertainty of loss endorsement correct answers Something you can add/change on policy; car, kid, etc lapse correct answers The insured did not pay so is not covered; will effect renewal Named driver exclusion correct answers Excluded from coverage and covered cars; cannot drive as they would be considered 1st party coverage Coverage A correct answers Building and structures Coverage B correct answers Other structures (such as a detached garage, workshop, swimming pools, fences and gazebos) Coverage C correct answers personal property Coverage D correct answers Loss of use Coverage E correct answers personal liability Coverage F correct answers Medical Payments