NJ Public Adjustment review Exam Questions and
Answers (Latest Update 2023)
A solicitors/adjusters license is valid for two years and must be renewed
every two years – Correct Answers ✅Public Adjuster License
$10,000 bond is required for solicitors/adjusters – Correct Answers ✅Public
Adjuster Bond
documentation of loss required of a policy owner by an insurance company;
must usually be filed within 60 days after the request of the insured or
according to policy provision, 60 days after the date of loss – Correct
Answers ✅Proof of Loss
(1) repair or replace any part to restore the pair or set to its value before the
loss or
(2) pay the difference between actual cash value before and after the loss –
Correct Answers ✅Loss to a Pair or Set
company offering protection through the sale of an insurance policy to an
insured – Correct Answers ✅Insurer
party covered by an insurance policy – Correct Answers ✅Insured
NJ Public Adjustment review Exam Questions and
Answers (Latest Update 2023)
the inception date and expiration date of the policy – Correct Answers
✅Policy Period
maximum amount of coverage available under a liability insurance policy –
Correct Answers ✅Limit of Liability
expectation of a monetary loss that can be covered by insurance. Owner of
the property. – Correct Answers ✅Insurable Interest
attachment to a property insurance policy to protect the interest of the
mortgage in the mortgaged property. If the property is damaged or
destroyed the mortgage is indemnified up to his or her stated interest in the
property. – Correct Answers ✅Mortgage Clause
value of property as established by the price a willing buyer would pay for
property purchased from a willing seller – Correct Answers ✅Market Value
a stipulated agreement between the insurance company and the insured
that the amount of insurance coverage under the policy is sufficient to be in
NJ Public Adjustment review Exam Questions and
Answers (Latest Update 2023)
compliance with the coinsurance requirement. – Correct Answers ✅Agreed
Value
actual or accounting recognition of the decrease in the value of a hard asset
(property) over a period of time – Correct Answers ✅Depreciation
although replacement cost policies provide for replacement of damaged
property at current prices, certain conditions must be met before you can
collect the full amount for the loss. The insurance company will make an
offer of settlement, then withhold a portion of the money until the repairs
are actually made. You must provide receipts showing that you incurred a
cost of equal or greater than the offer of settlement in order for you to
receive all of the holdback moneys. – Correct Answers ✅Recoverable
Depreciation(Holdback)
actual cash value policies state that an offer of settlement is based on the
actual cash value of the property at the time of the loss, therefore, any
depreciation applied because of age, deterioration, etc. is not recoverable. –
Correct Answers ✅Non-Recoverable Depreciation
New Jersey Claims Adjuster Exam 1 Questions and
Answers (Latest Update 2023) Verified Answers
Cost to replace property with new property of like kind and quality less
depreciation. – Correct Answers ✅Actual Cash Value (ACV)
One limit per occurrence is what we pay up to – Correct Answers
✅Combined Single Limit
What we pay up to per person and per occurrence – Correct Answers ✅Split
limit
What the customer will have to pay; we cover everything else – Correct
Answers ✅Deductible
The basic information about a policy:
Who – names of insurer and insured
What – description of insured property
Where – address and legal description of insured property
When – effective and expiration dates.
How Much – limits of coverage, deductible, premium – Correct Answers
✅Declarations Page (Dec Page)
New Jersey Claims Adjuster Exam 1 Questions and
Answers (Latest Update 2023) Verified Answers
Amount taken off for wear and tear – Correct Answers ✅Depreciation
The amount of the premium for which the policy protection has been given.
- Correct Answers ✅Earned Premium
A chance or uncertainty of loss – Correct Answers ✅Risk
Something you can add/change on policy; car, kid, etc – Correct Answers
✅endorsement
The insured did not pay so is not covered; will effect renewal – Correct
Answers ✅lapse
Excluded from coverage and covered cars; cannot drive as they would be
considered 1st party coverage – Correct Answers ✅Named driver exclusion
Building and structures – Correct Answers ✅Coverage A
New Jersey Claims Adjuster Exam 1 Questions and
Answers (Latest Update 2023) Verified Answers
Other structures (such as a detached garage, workshop, swimming pools,
fences and gazebos) – Correct Answers ✅Coverage B
personal property – Correct Answers ✅Coverage C
Loss of use – Correct Answers ✅Coverage D
personal liability – Correct Answers ✅Coverage E
Medical Payments – Correct Answers ✅Coverage F
provides protection against a catastrophic lawsuit or judgment – Correct
Answers ✅Personal Umbrella Policy
Liability (property damage and bodily injury [excess])
Other- Personal Injury (libel & slander) – Correct Answers ✅What is covered
through PUP?
Construction of dwelling – Correct Answers ✅Dwelling Components
NJ Claims Adjuster Exam Questions and Answers (Latest
Update 2023) 100% Verified Answers
Any policy which provides property & liability coverage (not
homeowner) – Correct Answers ✅Multi Peril-Package
Sold in Texas, but not Texas form – Correct Answers ✅ISO policy
Mainly the only TDP sold, now with plethora of endorsements – Correct
Answers ✅Only Texas DP 1
Granddaddy of all Texas property policies – Correct Answers ✅Texas
Standard Fire Policy
Owner of a taxi to cover collision damage – Correct Answers ✅Business
auto coverage e.g.
3k gallons of milk in tanker truck – Correct Answers ✅Inland Marine
(build milk policy) would cover e.g.
NJ Claims Adjuster Exam Questions and Answers (Latest
Update 2023) 100% Verified Answers
Would all cover damage to something like a gift card shop fire – Correct
Answers ✅Texas Standard, Standard Fire & Business Owner
Owner of family far, for potential injury to other people – Correct
Answers ✅Tx Personal Auto Policy e.g.
Trucking company, for potential damage to other people’s trailers which
the trucking company may be pulling – Correct Answers ✅Trucker’s
policy
Replacement cost less depreciation – Correct Answers ✅Actual Cash
Value (ACV)
For valet parking service to have appropriate liability coverage it needs
what kind of policy? – Correct Answers ✅Garage Liability e.g.
Types of casualty claims I will be unable to handle under license I’m
studying for – Correct Answers ✅Flood, workers comp, crop, costal
wind among others
NJ Claims Adjuster Exam Questions and Answers (Latest
Update 2023) 100% Verified Answers
Would have to be written for an insured to cover potential collision
damage to insured’s ship – Correct Answers ✅Ocean Marine Hull
coverage
It’s safe to assume that if something is not excluded in writing it’s
appropriate to assume that the loss is? – Correct Answers ✅Covered (if
it’s not written)
15 calendar days to send notice you received claim
15 business days to resolve case
5 days to pay claim (if applicable) – Correct Answers ✅15/15/5 rule
Texas started TAIPA
Risk pool – Correct Answers ✅Options for High Risk Drivers?
What does TAIPA provide? – Correct Answers ✅Minus PIP ($2,500)
Uninsured/underinsured motorist coverage