adjuster

Law of Large Numbers Correct Answer: the more examples used to develop any statistic, the more reliable the statistic will be Underwriting Correct Answer: The process and insurance company uses to decide whether to except or reject an application for a policy insurance. underwriters evaluate the risk and exposure of a potential policyholders they decide how much coverage the policyholder should receive how much they should pay for it or whether even to except the risk and insure them. under...

Accident Correct Answer: Sudden, unexpected events that cause property damage or bodily injury. Actual Damages Correct Answer: Damages that have a specified cost to repair them Actual Total Loss Correct Answer: Complete destruction of insured property, so that nothing of value remains. ACV (Actual Cash Value) Correct Answer: This is the value of the property after depreciation. As ALE (Additional Living Expense) Correct Answer: If a homeowner is temporarily displaced from their ...

All of the following are exempted from the requirement of an adjuster's license examination except: A. Those persons holding CPCU designation; B. those persons adjusting workers compensation claims; C. Those persons who have received the Associate in Claims (AIC) designation; D. Those persons who have a certificate of completion showing that within the past 12 months the applicant has completed a certified adjuster prelicensing education program and passed the state examination. Correct Answer:...

Subrogate Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid by the insurance carrier to the insured for the loss. - While investigating a claim, you determine that the loss was caused by a defective mechanism in the dishwasher. You would attempt to_________________________? Appraisal - What is the process when an insurer and an insured have a dispute regarding th...

In GA, _____insurance cannot be written by a reciprocal type insurer. - life No insurer or licensee doing business in Georgia may pay any commissions or valuable consideration to any person fo r services as an agent, subagent, or adjuster unless that person is duly licensed under the - Code Mediation is not _____ on the parties involved, but with arbitration the decision is final and _____. - Binding Standard and Poor's, A.M. Best and Moody's are examples of: - Independent Rating Services What...

All of the following are criteria for an accident to have occurred "in the course of" the employment under a workers' compensation policy, EXCEPT: - While performing a task that a fellow worke r requested, that was unusual to the employee's job description, but occurred on the employer's premises during working hours. Which of the following statements is NOT TRUE regarding the implied warranties of an Ocean Marine policy? - The implied warranties are attached to the policy as an endorsement...