Claims Adjuster Exam 1
Actual Cash Value (ACV) correct answers Cost to replace property with
new
of property
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
els
e
Declarations Page (Dec Page) correct answers The basic information about
a
Whopolicy:
- 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 has been
protection
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
covereddrive
cannot cars;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
Personal Umbrella Policy correct answers provides protection against a
catastrophic
lawsuit or
judgment
What is covered through PUP? correct answers Liability (property damage
and bodily
injury
[excess])
Other- Personal Injury (libel &
slander)
Dwelling Components correct answers Construction of
dwelling
inflation protection correct answers A rider in some insurance
policies that raises the benefit amount or the maximum daily or annual
automatically
payments,
based on the rate of inflation, in order to ensure that the amount of
coverage remains
adequate over
time.
Market Value correct answers the price at which property
would sell
named peril basis correct answers Covered for everything named
on policy
open peril basis correct answers It's covered for any loss unless it is
specifically
exclude
d
Replacement Cost correct answers The cost to repair or replace property
using newof like kind and quality with no deduction for
materials
depreciation.
Scheduled Personal Property correct answers endorsement - provides
broader
coverage for personal jewelry, furs, cameras, musical instruments,
silverware,
golf fine arts,
equipment, and stamp/coin collections. must be insured on full
value basis.
Special Limit correct answers Covered up to a certain
amount
unscheduled personal property correct answers Property not specifically
listed in the
polic
y
bodily injury liability correct answers insurance that covers physical injuries
caused by
vehicle a
accident for which you are
responsible
property damage liability correct answers insurance that protects a
driver against
claims if the insured's car damages someone else's property and the
insured is at fault
comprehensive correct answers Covers theft, hitting an animal,
weather, fire, etc.
Collision correct answers Hitting something; colliding with another
object or people
Actual Cash Value (ACV) correct answers Cost to replace property with
new
of property
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
els
e
Declarations Page (Dec Page) correct answers The basic information about
a
Whopolicy:
- 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 has been
protection
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
covereddrive
cannot cars;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
Personal Umbrella Policy correct answers provides protection against a
catastrophic
lawsuit or
judgment
What is covered through PUP? correct answers Liability (property damage
and bodily
injury
[excess])
Other- Personal Injury (libel &
slander)
Dwelling Components correct answers Construction of
dwelling
inflation protection correct answers A rider in some insurance
policies that raises the benefit amount or the maximum daily or annual
automatically
payments,
based on the rate of inflation, in order to ensure that the amount of
coverage remains
adequate over
time.
Market Value correct answers the price at which property
would sell
named peril basis correct answers Covered for everything named
on policy
open peril basis correct answers It's covered for any loss unless it is
specifically
exclude
d
Replacement Cost correct answers The cost to repair or replace property
using newof like kind and quality with no deduction for
materials
depreciation.
Scheduled Personal Property correct answers endorsement - provides
broader
coverage for personal jewelry, furs, cameras, musical instruments,
silverware,
golf fine arts,
equipment, and stamp/coin collections. must be insured on full
value basis.
Special Limit correct answers Covered up to a certain
amount
unscheduled personal property correct answers Property not specifically
listed in the
polic
y
bodily injury liability correct answers insurance that covers physical injuries
caused by
vehicle a
accident for which you are
responsible
property damage liability correct answers insurance that protects a
driver against
claims if the insured's car damages someone else's property and the
insured is at fault
comprehensive correct answers Covers theft, hitting an animal,
weather, fire, etc.
Collision correct answers Hitting something; colliding with another
object or people
