Louisiana Adjuster
The coverage territory of the Business Auto form provides for "worldwide liability
coverage" for private passenger autos that the insured:
a) Hires, leases, rents or borrows without a driver while outside the United States, its
territories and possessions.
b) Purchases while outside the United States, its territories and possessions.
c) Sells while outside the United States, its territories and possessions.
d) Occupies while outside the United States, its territories and possessions.
Hires, leases, rents or borrows without a driver while outside the United States, its territories and possessions..Which of the following dwelling types would be eligible for the Limited Theft coverage endorsement to their Dwelling policy?A nonowner-occupied one-family dwelling.Which of the following shows a correct sequence of activities for an adjuster when negotiating a claim?Acknowledging the claim, then opening a line of communication with the insured or claimant..
A slippery floor is an example of:
A physical hazard.An insured suffers a partial fire loss to his residence. Under an HO-3 policy what insuring agreement is available to pay for temporary, alternate living quarters?Coverage D Which of the following is the BEST explanation as to the reason insurance policies are called "unilateral contracts"?Because the insurance company is the only party to the contract that can be sued if they do not meet the terms..Which of the following terms means "liability through another person"?Vicarious/Imputed liability
All of the following are duties of the insured after a loss, EXCEPT:
Answer Choices:Select the Correct Answer
a) Promptly hiring a public adjuster to assist in presenting the claim to the insurance
company.
b) Promptly reporting the loss to the insurer.
c) Cooperating with the insurer in the investigation of the claim by providing the
information requested by the adjuster.
d) Submitting to an examination under oath (EUO) if requested by the insurer.
Promptly hiring a public adjuster to assist in presenting the claim to the insurance company
The "liberalization clause" of an insurance policy:
a) States that if an insurer decides to broaden its standard policy coverages, then all
outstanding policies issued prior to that decision will automatically receive those new coverages at no additional premium.
b) States that the insurer retains the right to suspend or cancel the policy at any time
during the policy period.
c) States that if a mortgage company liberalizes its loan agreement with the named
insured, the insurer must be sent the revised wording within 60 days.
d) States that if the insurer broadens its underwriting eligibility requirements, all
previously denied applicants must be notified within 60 days.States that if an insurer decides to broaden its standard policy coverages, then all outstanding policies issued prior to that decision will automatically receive those new coverages at no additional premium.When an insurer files a declaratory judgement action with a court of law, all of the
following questions will be resolved by the court, EXCEPT:
- Will the insurer become insolvent if they pay the claim as submitted by the insured?
- Does the insuring agreement within the policy actually provide coverage for the loss
claimed?
- Is there another insurance policy that would be liable to pay part of the claim?
- Has the insured violated any policy condition that would void the coverage provided
by the policy?Will the insurer become insolvent if they pay the claim as submitted by the insured?
Declaratory judgement actions are filed to seek judicial determination of the insurer's rights and obligations as indicated by the policy provisions, conditions, definitions, exclusions, etc. The court would not make a determination regarding the solvency of the insurance company because the purpose of the action is only to answer questions as to whether coverage applies, not if the insurer can actually pay the claim.The Louisiana Commissioner of Insurance may place on probation, suspend, revoke, or refuse to issue, renew or reinstate a claims adjuster's license or may levy a fine not to exceed _______ for each violation.
$10,000.
Meg has been in very good health in the past 3 years. She has been exercising, her blood pressure is at a perfect level and her cholesterol is the envy of all her friends.
Because Meg is feeling so healthy, she decides to cancel her health insurance policy.This is an example of which of the following risk management methods?Risk retention Emily is an adjuster for Indemnify Insurance and she has been assigned to a first-party claim that was submitted by Harvey. Emily has set up several meetings with Harvey to obtain documents and records relevant to the claim investigation but Harvey has not shown up. Emily has also placed many phone calls to Harvey that he has not answered, nor has he returned the calls when Emily has left a message for him to do so. Which of the following statements is TRUE regarding how this claim will be concluded?The insurance company has legitimate grounds to deny the claim based on Harvey's breach of duty to cooperate in the investigation of the claim.Which of the following CGL forms would pay for bodily injury or property damage liability that occurs during the policy period, but a claim for the occurrence is not submitted until after the policy has expired?The occurrence form..A type of insurance that permits an insured to collect from his/her own insurance
company, without proving the negligence of a third-party, is known as:
No-fault.
A person becomes legally liable by:
Committing a tort
A tort is a civil wrong that violates the rights of others. A person becomes legally liable by committing a tort. Generally, a court of law must determine legal liability.Which of the following statements is TRUE regarding an "examination under oath"?An EUO will only be requested by an insurer if they have reason to believe an insured has not been truthful in their account of the circumstances of the loss. is correct Which of the following sentence which best describes the term "fiduciary"?
a) A person who submits a claim to their insurance company.
b) A person who has been bonded as honest and trustworthy.
c) A person who is entrusted with the assets of another.
d) A person who holds a fiduciary's license.
A person who is entrusted with the assets of another.
Insurance companies, agents, producers and adjusters have a fiduciary responsibility to their clients in the collection and handling of premiums, claim payments, and return of unearned premium. All of these items are "assets" that the fiduciary has been entrusted to handle. There is not a "fiduciary's license".Anna is walking through the park one day while unwrapping an ice cream sandwich. It was a windy day, and the ice cream wrapper was covered with partially melted ice cream. Anna doesn't want to look for a trash can to throw away the wrapper so she simply throws it down. The wind takes the wrapper across the park and drops it to the ground just in time for Ulysses to ride onto it with his unicycle. The melted ice cream on the wrapper causes Ulysses' unicycle to slip out from under him and he falls backward, striking his head on the pavement. Several witnesses saw Anna throw the ice cream wrapper into the wind, so Ulysses sues her for his medical bills. Ultimately, Anna was
not proven to be negligent and her insurance company did not have to pay damages to Ulysses. What is the most likely reason for the court's finding?Anna could not have foreseen that the act of throwing her ice cream wrapper into the wind would have resulted in the bodily injuries to Ulysses.Which of the following losses would be covered by the EC peril of "volcanic eruption" under a standard Dwelling form?
- The cracks in the ceiling of the dwelling due to the earthquake preceding a volcanic
eruption.
- The damage to an exterior patio from a large bolder that was dislodged due to an
aftershock.
- The exterior siding of the dwelling that was ruined by the ash that settled on it from
the erupting volcano.
- The cracked foundation of the covered dwelling resulting from the earthquake that
caused the volcanic eruption.The exterior siding of the dwelling that was ruined by the ash that settled on it from the erupting volcano.
The exterior siding would be covered because it was damaged by the ash from the volcano. All the other answer choices would not be covered because they are associated with an earthquake.Jamie has submitted a claim against Ron's insurance policy for a loss he has
legitimately suffered. This claim is a:
- Third-party property claim.
- First-party liability claim.
- Third-party liability claim.
- First-party property claim.
Third-party liability claim
When a "claimant" submits a claim against an "insureds" policy, the claim is a third-party liability claim (even if the claimant suffered a "property damage loss").Alex has his SUV covered under a standard Personal Automobile policy. He has borrowed a trailer from his friend Josh, hitched it to his SUV, and begins moving some boxes from his house to a new house he recently purchased. After he has unloaded the trailer, he is driving back to his house and loses control of his vehicle, wrapping Josh's trailer around a tree. There is no other insurance covering Josh's trailer and Alex's Part D deductible for "Collision" is $250. His deductible for "Other Than Collision" is $300.Before the accident, the ACV of the trailer was $2,000. The cost to repair or replace the trailer with like kind and quality is $1,800. How much coverage would Alex's policy provide?
