GEORGIA CLAIMS ADJUSTER LICENSING GA CLAIMS ADJUSTER
EXAM QUESTIONS WITH COMPLETE SOLUTIONS GUARANTEED
PASS
What coverage does Community Eligibility apply to? - ANSWER ->Flood insurance through FEMA
What's the difference between Emergency Program and Regular Program in the National Flood Insurance Program? - ANSWER ->Emergency applies to homes in communities that are a normally not a flood hazard.Regular programs are awarded to an entire community that is eligible due to flood hazard.
What is the flood coverage on a regular program in a 1-4 Family Dwelling?- ANSWER>>$250,000
On what policy can you add the Flood Program endorsement? - ANSWER - >None! It has its own policy through the Federal Government.
Difference in Conditions (DIC) Insurance - ANSWER ->A separate insurance policy that provides open-perils coverage to fill in the gaps left by flood coverage if a home is worth over $250K. Coverage is produced through Excess/Surplus Lines.
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What is the waiting period on NFIP coverage? - ANSWER ->30 days after policy purchase
What is the coverage change waiting period for the NFIP? - ANSWER ->5 days
Give examples of the flood peril - ANSWER ->- an overflow of inland or tidal waters
- unusual or rapid accumulation or runoff of surface waters
- Collapse of land along the shore of a lake as a result of erosion
-Mudflow or Mudslide
What kinds of things does flood insurance cover? - ANSWER ->Your house and your things (dwelling and personal property). No indirect charges.
Dwelling coverage extension for flood insurance covers what? How much is it? - ANSWER ->Structures not attached to dwelling (O.S. or Appurtenant structures). 10% of Dwelling limit. ***It is an extension of coverage, NOT the $250K limit so any coverage needed here will reduce the amount able to go to the dwelling.
Contents coverage of flood insurance is limited to what? - ANSWER - >Personal property damaged or destroyed by the flood itself and belongs to insured and resident spouse/relatives. The insured is liable for content of others.
What are the coverages of flood insurance? - ANSWER ->Dwelling, Contents, Debris Removal 2 / 3
How are damaged items valued in flood coverage? - ANSWER ->Dwelling - replacement cost Contents - Actual Cash Value
What kind of property is not covered by flood insurance? - ANSWER - >Basements and underground structure (ex. septic tanks), animals, money/accounts/bills, land, anything else covered by other policies (motor vehicles, aircraft, watercraft)
Loss Valuation on flood insurance - ANSWER ->(amount of insurance purchased/80% Dwellings Total replacement cost) x Loss Amount
Standard deductible on flood insurance - ANSWER ->$1K for Dwelling and $1K for Content
Personal Inland Marine Insurance - ANSWER ->Floaters or policies for world-wide coverage of personal property on an open-peril basis.
Is flood excluded from Personal Inland Marine Insurance? - ANSWER - >NOPE. It's covered!
What are the floaters available on Personal Inland Marine Insurance? - ANSWER ->Personal Articles Floaters, Personal Property Floaters, and Personal Effects Floaters
What perils are covered under Personal Inland Marine Insurance floaters? -
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