Public Adjuster Test Question #1 Solved Papers - Questions with Complete Solutions The purpose of establishing insurable interest in a property insurance policy is to allow the insurer to collect additional premiums from all owners of property. - Correct Answers ✅The purpose of establishing insurable interest in a property is to protect all parties who have interest in the property for one premium.Owned animals, birds or fish are covered for replacement value under homeowners' policies. - Correct Answers ✅Homeowner policies do not cover animals, birds or fish.In a specified (named) perils insurance policy only property in transit losses are covered. - Correct Answers
✅FALSE
In a specified (named) perils insurance policy, the policy covers all insured property that is damaged by a named peril.Exclusions, in property insurance policies, are written to eliminate such perils as - Correct Answers ✅war, nuclear hazards and to a certain extent earthquake and floods.Damage caused by subterranean water that exerts pressure or seeps or leaks through a building, sidewalk, 1 / 3
Public Adjuster Test Question #1 Solved Papers - Questions with Complete Solutions driveway, foundation, swimming pool or other structure is - Correct Answers ✅EXCLUDED under the personal lines property forms.Actual cash value is defined as the cost of replacing property with new property of like kind and quality at current prices. - Correct Answers ✅FALSE Actual cash value is defined as the replacement cost minus depreciation.In property claims, the use of a deductible is to prohibit the insured from sharing in the loss. - Correct Answers ✅A deductible is for the insured to share in a loss,thereby preventing small claims.The coinsurance clause requires the insured to carry an amount of insurance equal to or greater than a specified percentage of the total insured value of the property, at least 80% insurance - Correct Answers ✅To replace the dwelling for full value.After a loss, the insured must prepare an inventory of damaged personal property showing the.. - Correct Answers ✅quantity, 2 / 3
Public Adjuster Test Question #1 Solved Papers - Questions with Complete Solutions description and actual amount of loss for the insurance company.For inclusion in proof of loss documentation, expenses covered for loss of use under additional living expenses can be estimated. - Correct Answers ✅Expenses covered for additional living expenses are actual figures spent.Receipt of the proof of documentation by the insurer is considered the formal presentation of the claim and commits the insured to the facts sworn to and - Correct Answers ✅submitted in the proof of loss.The appraisal provision in a property insurance policy is designed to resolve differences - Correct Answers ✅concerning the amount of loss.The party to the appraisal process who succeeds in being awarded their estimate will have their appraiser's fee paid by the opposition. - Correct Answers ✅Both parties are responsible to pay their own appraiser's fee.
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