Claims Adjuster Exam with 100% Correct and Verified Answers, Exams of Advanced Education

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Claims Adjuster Exam With 100% Correct

And Verified Answers

Multi Peril-Package - Correct Answer-Any policy which provides property & liability coverage (not homeowner) ISO policy - Correct Answer-Sold in Texas, but not Texas form Only Texas DP 1 - Correct Answer-Mainly the only TDP sold, now with plethora of endorsements Texas Standard Fire Policy - Correct Answer-Granddaddy of all Texas property policies Business auto coverage e.g. - Correct Answer-Owner of a taxi to cover collision damage Inland Marine (build milk policy) would cover e.g. - Correct Answer-3k gallons of milk in tanker truck Texas Standard, Standard Fire & Business Owner - Correct Answer-Would all cover damage to something like a gift card shop fire Tx Personal Auto Policy e.g. - Correct Answer-Owner of family far, for potential injury to other people Trucker's policy - Correct Answer-Trucking company, for potential damage to other people's trailers which the trucking company may be pulling Actual Cash Value (ACV) - Correct Answer-Replacement cost less depreciation Garage Liability e.g. - Correct Answer-For valet parking service to have appropriate liability coverage it needs what kind of policy? Flood, workers comp, crop, costal wind among others - Correct Answer-Types of casualty claims I will be unable to handle under license I'm studying for Ocean Marine Hull coverage - Correct Answer-Would have to be written for an insured to cover potential collision damage to insured's ship Covered (if it's not written) - Correct Answer-It's safe to assume that if something is not excluded in writing it's appropriate to assume that the loss is? 15/15/5 rule - Correct Answer-15 calendar days to send notice you received claim

15 business days to resolve case 5 days to pay claim (if applicable) Options for High Risk Drivers? - Correct Answer-Texas started TAIPA Risk pool Minus PIP ($2,500) Uninsured/underinsured motorist coverage - Correct Answer-What does TAIPA provide? When can you get TAIPA - Correct Answer-Once you've been rejected by 2 or more insurance companies Commercial General Liability coverage - Correct Answer-Covers basically any risk imaginable that would "cause" bodily injury or property damage E.g. Customer slip-fall; hit by debris; escalator lurching;poison get well card Multi peril or package - Correct Answer-Any policy that provides both property and liability coverage ISO - Correct Answer-A policy sold in Texas, but is not a Texas Policy form How many Texas Dwelling policies are sold now? - Correct Answer-ONE TX Dwelling Form 1 - Correct Answer-The dwelling policy sold in texas Texas Standard Fire Policy is... - Correct Answer-The granddaddy of all Texas property policies E.g. Owner of a taxi who needs collision damage for his own taxi - Correct Answer- Business auto e.g. E.g. 3,000 gallons of milk in tanker truck - Correct Answer-Inland Marine (Bulk Milk) e.g. E.g.Fire damage to small greeting card shop (3 possible policies) - Correct Answer- Texas Standard Fire, Standard Fire, Business owner e.g. Actual Cash Value (ACV) - Correct Answer-What is replacement cost less depreciation? Garage Liability - Correct Answer-For valet parking service to have appropriate liability coverage... Need what policy? Types of claims I am unable to do without attaining other licenses? (Name at least 2) - Correct Answer-Flood Workers comp Crop

Coastal wind Etc.... Ocean Marine Hull Coverage - Correct Answer-Cover potential collision damage to insured's ship When is it safe to assume something is covered? - Correct Answer-When it is not excluded Open peril, special, or all risk policies are... - Correct Answer-Policies that do not name/list covered perils ACV & broad named peril - Correct Answer-In TDP-3, dwelling is covered for all risk and replacement cost, but PP is covered for... Property and Liability - Correct Answer-What 2 default lines of insurance are included in homeowner and business owner policy Inland marine Cargo e.g. - Correct Answer-Someone who bought and is importing furniture from Thailand would want what kind of policy to cover potential damage? E.g. Dwelling Form 3 or equivalent e.g. - Correct Answer-Policy a landlord purchase would provide best coverage on a rental property e.g. Insured has no liability over that property e.g. - Correct Answer-Insured's care, custody & control of other people's property is given unusual treatment in any liability policy e.g. Any Homeowner policy e.g. - Correct Answer-If owner-occupant wants liability and property coverage, they must purchase... E.g. This license approves you to handle both property & liability claims, true or false? - Correct Answer-True At least 80% of replacement e.g. - Correct Answer-In all risk TDP what % of actual replacement cost must be insured to actually have replacement cost coverage? E.g. Exclusions--clarify policy as well as... - Correct Answer-Insuring agreement--clarifies the policy as well as... Declarations Page e.g. - Correct Answer-Where will you find where the damaged property is located? E.g. Promptly or immediately e.g. - Correct Answer-When must first party loss be reported to insurer? E.g.

Falling objects, Water loss (flood is not the answer) - Correct Answer-What would not be covered as direct loss in any of the least expensive policy forms (limited, standard, basic)? E.g. Firefighters during a fire e.g. - Correct Answer-Direct loss from water would be covered if caused by...? E.g. Texas Standard Fire Policy, Standard Fire Policy e.g. - Correct Answer-Small Texas retail store would have to buy one of these 2 if they did not want liability policy...? e.g. Aviation is another place you find this policy - Correct Answer-Where else other than ocean marine policies will you find "hull coverage...? Named insured, spouse if living in same household e.g. - Correct Answer-Most exclusions in policy take away something then give it back by saying "does not apply to you or any family member."..... Who is "you"?.... E.g. surety bond is this type e.g. - Correct Answer-Name a type of bond that one party guarantees with money the performance of another party to another 3rd party? E.g. Personal Injury Protection would require this - Correct Answer-A written letter of rejection if coverage in policy were rejected Flood would result - Correct Answer-What would result from rising water which has touched eart? Paying premiums - Correct Answer-Is the first thing insured must to have coverage prior to any loss Liability will respond to demands of... E.g. - Correct Answer-Auto insured has lost control of auto & caused damage to parked car. which covered in policy will respond to demands of parked car? E.g. You will find this phrase in insuring agreement e.g. - Correct Answer-Other than declaration, where in broad form policy will you find phrase "collapse of building"? E.g. Personal injury Protection e.g. - Correct Answer-Name of coverage offer in auto policy that would pay medical bills incurred by insured as result of at fault accident e.g. None will pay, even policy described as it is not "full coverage"--no such thing - Correct Answer-Insured has full coverage on home, auto, & boat--falls down stairs at home, seriously injures knee, which policy might pay medical bills? show Insurable interest in order... - Correct Answer-to buy insurance policy on property or on life of another person must...

Combustion or Rapid Oxidation - Correct Answer-Fire is defied as this and this accompanied by heat and flame or visible glow Known as Gap Coverage - Correct Answer-In an umbrella policy there is a provision that allows for payment in case underlying policies exclude coverage for even which is.... You have 91 days - Correct Answer-In an umbrella policy there is a provision that Personal Injury examples - Correct Answer-Libel slander & wrongful detention (among others) are examples of what? Insured and covered persons - Correct Answer-Medical payments coverage on auto policy provide medical benefits for injury to... Persons and property - Correct Answer-Vacancy of commercial building or residential property is described as property with... Replacement cost less depreciation - Correct Answer-Actual Cost Value can also be defined as the current Subrogation definition: - Correct Answer-Standing in the shoes of he insured and exercising the insured's common law rights to recover paid damages from legally responsible 3rd party defines what? Transfer, reduce, retain or avoid are the 4 ways to... - Correct Answer-Four methods of handling a pure risk Friendly fire--classified as - Correct Answer-Fire that is intentionally set & remains within its intended boundaries is classified as Companies do not deal with this risk - Correct Answer-List all the ways Insurance deals with this risk Provides coverage that was excluded on an underlying policy - Correct Answer-What is the function of Gap Coverage in an Umbrella Policy> Insurance for Insurance companies - Correct Answer-Reassurance in very simple terms... Fire, vandalism & malicious mischief, are suspended - Correct Answer-Policy condition that causes us to be concerned about building being vacant beyond a period of (usually) 60 days

Withheld (recoverable) depreciation - Correct Answer-Although "holdback" is not a term used in property, commonly used by adjuster... what does it refer to in terms of claim payment 3rd party or claimant - Correct Answer-Person who is not party to contract but has interest in coverage is... Reserve - Correct Answer-Required to establish approximate value of claim & establish figure known as "what" to make funds available for payment Must have 30 hours - Correct Answer-Upon receipt of License you're required to have how many hours of continuing education before next renewal None of them respond to this damage - Correct Answer-Insured has "full coverage" under auto, accidentally backs over his own motorcycle--what part of policy respond to his claim for motorcycle damage? Immediately be paid - Correct Answer-After all investigation is complete & you're aware that liability for insured's claim is clear, when should claim get paid? Article 542.003 (acknowledge) - Correct Answer-15 days to acknowledge receipt of new claim Article 542.003 (claim to be paid) - Correct Answer-We have 5 business days to make payment once we have told insured claim or part of claim will be paid 15 business days to... - Correct Answer-Affirm or deny payment once insured has complied with all claim department's requests Notify the insured - Correct Answer-Within 10 days after receiving an offer of settlement in investigation & handling of liability claim against our insured To protect assets - Correct Answer-What is the purpose of insurance? Vacant - Correct Answer-When a property is empty of all persons & property it is considered Contractual Liability - Correct Answer-Agreement which one party voluntarily accepts cost of someone else's potential risk of loss Hostile Fire - Correct Answer-Friendly fire that escapes its intended boundaries & does damage Scoping - Correct Answer-Property claims equivalent of investigating a loss

Proof of loss - Correct Answer-When insured files claim that is suspected of being potentially fraudulent--you should always have him file a motorized what? Fingerprinting - Correct Answer-In addition to application for license, certificate of completion and payment of license fee, Texas residents are required to also get... 2 hours... - Correct Answer-At least how many hours must be on the subject of ethics or consumer protection? Knowingly (21.21) - Correct Answer-______________ misrepresenting to claimants pertinent facts or policy provisions relating to coverages at issue is on of provisions of Article 21.21 of Texas Insurance Code Delay or refuse (21.21) - Correct Answer-it's a violation of article 21.21 to ______ or ______ settlement of claim solely because there is other insurance of different type available Negotiation - Correct Answer-When 2 or more parties talk out a solution to a dispute; mutually agreeable compromise; "act of "talking it out" Denial of claim - Correct Answer-what resolution of claim is considered least desirable, though sometimes inevitable? Legal duty to someone - Correct Answer-Settling a liability claim on behalf of insured takes care of the insured's: If a claim cannot be resolved, what is usually the final venue for resolution? - Correct Answer-Court Excluding real property, any property "totaled" becomes: - Correct Answer-Salvage Call supervisor & find out companies rules regarding salvaged items - Correct Answer- Adjuster pays for total loss of most contents in home following nasty fire confined in kitchen--smoke & water damages were extensive but some items salvageable. What should adjuster's next move be in regard to salvageable items? In scenarios where things may look, feel & actually would be inappropriate: - Correct Answer-Better to appear inappropriate than to behave innapropriate lay E.g. Insured offers adjuster gift card for doing great job & working hard--be polite and decline with appreciation Adjuster has to total home due to tornado & insured has replacement cost policy--what is upper payment threshold? E.g. - Correct Answer-Highest threshold is the limit, next is replacement cost/cost of rebuilding e.g.