Claims Adjuster Exam with 100% Correct Answers 2024/25, Exams of Insurance Economics

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Claims Adjuster Exam with 100% Correct Answers 2024/25 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 (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 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.