Claims Adjuster Exam 1 Complete 2023 Graded A+ Actual Cash Value (ACV) - Correct Answer Cost to replace property with new property of like kind and quality less depreciation.Combined Single Limit - Correct Answer One limit per occurrence is what we pay up to Split limit - Correct Answer What we pay up to per person and per occurrence Deductible - Correct Answer What the customer will have to pay; we cover everything else Declarations Page (Dec Page) - Correct Answer 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 Answer Amount taken off for wear and tear Earned Premium - Correct Answer The amount of the premium for which the policy protection has been given.Risk - Correct Answer A chance or uncertainty of loss endorsement - Correct Answer Something you can add/change on policy; car, kid, etc lapse - Correct Answer The insured did not pay so is not covered; will effect renewal Named driver exclusion - Correct Answer Excluded from coverage and covered cars; cannot drive as they would be considered 1st party coverage Coverage A - Correct Answer Building and structures Coverage B - Correct Answer Other structures (such as a detached garage, workshop, swimming pools, fences and gazebos) Coverage C - Correct Answer personal property Coverage D - Correct Answer Loss of use Coverage E - Correct Answer personal liability 1 / 2
Coverage F - Correct Answer Medical Payments Personal Umbrella Policy - Correct Answer provides protection against a catastrophic lawsuit or judgment What is covered through PUP? - Correct Answer Liability (property damage and bodily injury [excess]) Other- Personal Injury (libel & slander) Dwelling Components - Correct Answer Construction of dwelling inflation protection - Correct Answer A rider in some insurance policies that automatically raises the benefit amount or the maximum daily or annual payments, based on the rate of inflation, in order to ensure that the amount of coverage remains adequate over time.Market Value - Correct Answer the price at which property would sell named peril basis - Correct Answer Covered for everything named on policy open peril basis - Correct Answer It's covered for any loss unless it is specifically excluded Replacement Cost - Correct Answer The cost to repair or replace property using new materials of like kind and quality with no deduction for depreciation.Scheduled Personal Property - Correct Answer endorsement - provides broader coverage for personal jewelry, furs, cameras, musical instruments, silverware, fine arts, golf equipment, and stamp/coin collections. must be insured on full value basis.Special Limit - Correct Answer Covered up to a certain amount unscheduled personal property - Correct Answer Property not specifically listed in the policy bodily injury liability - Correct Answer insurance that covers physical injuries caused by a vehicle accident for which you are responsible property damage liability - Correct Answer 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 Answer Covers theft, hitting an animal, weather, fire, etc.Collision - Correct Answer Hitting something; colliding with another object or people
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