Adjuster Pro - Insurance adjuster test ACE YOUR FIRST
ATTEMPT SCORED 100%
- Types of Deductibles - Ans Fixed
Percentage Franchise
- elements of negligence - Ans 1. Defendant had a legal duty to act or not act in a
prescribed manner
- The defendant failed to act accordingly
- The plaintiff suffered actual loss or injury due to the defendants action or inaction
- The loss or injury to the plaintiff was a direct result of the breach of duty of the
defendant
- Parts of Legal Contract - Ans 1. Agreement
- Consideration
- Competent Parties
- Legal Purpose
- risk management techniques - Ans Avoidance
Reduction Transference Retention
Accumulated Depreciation - Ans An items annual depreciation Multiplied by its age
acknowledgement - Ans Insurer require by law to respond Begin investigating all pertinent facts and issues
Acronym for the four sections of an Insurance policy - Ans DICE D - declarations page I - Insuring Agreement C- Conditions E - Exclusions
Actual Cash Value - Ans Same as fair market value and depreciation value ACV offers lower premiums for less coverage
Formula: replacement cost minus depreciation
Actual Cash Value (ACV) - Ans Replacement cost minus accumulated depreciation
Adequate Premiums - Ans Potential loss can't be too much for insurer to pay Insurer must b able to cover claims and expenses If premiums must be set too high, the risk is not insurable 1 / 2
Adjusters - Ans Contracted to settle claims that arise against the insurer
Adjustment - Ans If a claim is accepted, the insurer must pay promptly after notifying that the claim will be paid If claim is denied the insurer must explicitly state reasons for denial
Adverse Selection - Ans when someone buys health insurance because they know they will probably file a claim
Agent - Ans One who receives the authority to act on behalf of someone else
Aggregate limits - Ans 2 limits
- Max payout for damage or injury per occurrence
- Maximum payout amount the policy will pay per term
Aleatory Contract - Ans a contract where the values exchanged may not be equal but depend on an uncertain event
Annual Depreciation - Ans Replacement cost divided by items useful life span
Apparent Authority - Ans When the insurer does not correct its agent even when the agent may be acting in error
- granted when the insurer does not act
- by not correcting the agent, the insurer implies consent
Assumption of risk - Ans Claimant knew he had the potential to experience damage
Automobile no fault laws - Ans Restrict an individual's rights to sue the driver of a motorized vehicle
Binder - Ans Providing temporary coverage until the policy is issued
Blanket coverage vs specific coverage - Ans Blankets cover more than one property, type of property, or coverage under a single limit
Specific limits - limits that apply to on specific type of property
Breach of product warranty - Ans If a product is not suitable for its intended purpose and causes injury or damage.
broad evidence rule - Ans ACV does not simply come down to RC minus depreciation
Takes into account any evidence available to determine value
Calculating co insurance penalty - Ans Had / should X the loss
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