Claims Adjuster Final (Multiple Choice Questions) Well Answered 2023 An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - Correct Answer The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? - Correct Answer A Promise The interest of the insured and all other persons in the property involved in a claim is found in - Correct Answer A Proof of Loss An insured rear-ends another driver's vehicle. The auto policy that pays damages to repair the damaged vehicle is a _______? - Correct Answer Liability Policy Your insurance company wrote an auto insurance binder for an owner who said that he did not have any prior accidents. Immediately thereafter it was discovered that he did not tell the truth. The company now wants to cancel the binder as quickly as possible. What is true? - Correct Answer 5 days notice required For insurance to pay damages, an insurable interest must exist: - Correct Answer When the loss takes place
Texting while driving is best described as a: - Correct Answer Hazard
A covered loss is $90,000. Policy A has a limit of $100,000. Policy B has a limit of $200,000. Both policies are pro-rata policies. How much will policy B pay for this loss? - Correct Answer $60,000 I sold my home yesterday, signed a deed and transferred title. Last night there was a house fire. I had not yet cancelled my homeowner's insurance. The purchaser also had a homeowner's policy. Which policy should pay to pay the claim? - Correct Answer Purchaser's policy Giving prompt notice of loss is best described as a policy: - Correct Answer Condition If there is a total loss by an insured peril to a FL building, the insurer must pay: - Correct Answer Actual Cash Value A Loss Payable Clause refers to - Correct Answer Lenders interest in personal property My coin collection was appraised and my insurance company specifically insured the valued of that collection. That is an example of: - Correct Answer A Valued Policy 1 / 2
An insurance contract is based on the Principle of: - Correct Answer Utmost Good Faith
The two kinds of waivers are: - Correct Answer express and implied
Proximate Cause is the unbroken connection between the occurrence and ____ that grows out of the occurrence. - Correct Answer Damages Which loss settlement valuation may be a violation of the Principle of Indemnity? - Correct Answer Replacement Cost If the policy limit is $60,000; 80% coinsurance requirement; loss of $60,000 and the value of the property is $100,000, what loss amount will the insurer pay? - Correct Answer $45,000 The insured has a Homeowner's insurance policy with a 5% Hurricane deductible. If a hurricane loss of $6,000 occurs to the home that is valued and insured for $100,000, how much will the policy pay? - Correct Answer $1,000 A waiver is defined as - Correct Answer Giving up a known right voluntarily An insured signs a release to settle a claim. In the event the insured discovers injuries or damages that were unknown at the time of settlement, what is generally true? - Correct Answer Release extinguished all causes of action
Which of the following is not a tort: - Correct Answer Breach of contract
The type of damages that pays medical bills is known as: - Correct Answer Special A marine policy has a $1 million limit and a $100,000 franchise deductible. A covered loss is $110,000. How much will the policy pay? - Correct Answer $110,000 Which of the following is NOT included in a proof of loss? - Correct Answer Replacement cost of each item
Property and Liability policies cover: - Correct Answer Persons
What type of tort arises from a negligent act? - Correct Answer Unintentional A car crash victim sued the negligent-drunk driver for damages 5 years after the accident. What is true in FL? - Correct Answer Statute of Limitations applies The best statement regarding the Appraisal process is: - Correct Answer Appraisal determines the value of a loss Florida is a ____Negligence state. - Correct Answer Comparative
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