California Adjuster Test Questions Solved
Business Owner Package (BOP) -correct answer \u2705 bundles property, liability,
and income protection in a single package. Sometimes referred to as
homeowner’s insurance for businesses.
Is inflation coverage (guard) feature typically found in a BOP? -correct
answer \u2705 Yes
What is the value feature in a BOP? -correct answer \u2705 Replacement Cost
What are the two basic types of coverage in a Commercial Package Policy? –
correct answer \u2705 Liability and Property coverages
What is a surety bond? -correct answer \u2705 A contract establishing liability
including at least 3 parties:<\/p>\n\n\n\n
California Adjuster Test Questions Solved
Indemnitor -correct answer \u2705 Fourth party in a surety bond who agrees to
reimburse the surety for losses sustained if the principal defaults.
Limited Cooking and Fast Food Restaurant qualifications for a BOP. -correct
answer \u2705 1. 7,500 sq. ft. or fewer<\/p>\n\n\n\n
California Adjuster Test Questions Solved<\/p>\n\n\n\n
California Adjuster PSI Exam Questions and Answers
(100% Correct Answers) 2023
Which of the following is not a duty of an insurer in case of a loss?
Conduct a thorough investigation
Establish claim procedures and methods of documentation
Acknowledge receipt of a claim in a timely fashion
Separate the damaged property from the undamaged property and protect
the property from further loss – correct answer \u2705The correct answer is:
Separate the damaged property from the undamaged property and protect
the property from further loss.
EXPLANATION:
The insurance company is not required to separate the damaged property
from the undamaged property nor to protect the property from further loss.
This is the responsibility of the insured.
Which of the following statements is true about “additional coverages” in
most insurance policies?
They are included at no extra cost.<\/p>\n\n\n\n
California Adjuster PSI Exam Questions and Answers
(100% Correct Answers) 2023
They are automatically included only when the loss is less than a deductible.
They are included for a minimum premium.
They are optional on the part of the insured. – correct answer \u2705The correct
answer is: They are included at no extra cost.
EXPLANATION:
Examples of “additional coverages” would be debris removal and reasonable
repairs which are automatically included in most property forms.
Which of the following are are essential if a salvage award is to be made?
I. The property involved must be in peril from some hazard.
II. The salvage service must be voluntary.
III. The effort must be successful.
I and III only
I and II only
I, II and III<\/p>\n\n\n\n
California Adjuster PSI Exam Questions and Answers
(100% Correct Answers) 2023
II and III only – correct answer \u2705The correct answer is: I, II and III
EXPLANATION:
All of these are essential if a salvage award is to be made.
The endorsement for water that backs up through a sewer or drain including
mechanical breakdown of a sump pump contains which of the following?
A separate stated limit of coverage
A separate stated deductible for covered losses
Both answers are correct
Neither answer is correct – correct answer \u2705The correct answer is: Both
answers are correct.
EXPLANATION:
The endorsement will set a limit of coverage per occurrence for these losses
and also impose a stated deductible, which could be less than or greater
than the standard deductible for property losses stated on the declarations<\/p>\n\n\n\n
California Adjuster PSI Exam Questions and Answers
(100% Correct Answers) 2023
page. Both the coverage limit and the deductible vary based on each
insurer’s underwriting guidelines.
All of the following are duties of an insured when filing a claim, EXCEPT:
Providing an adjuster to investigate the claim.
Providing a proof of loss statement.
Preserving the undamaged property to the best of his\/her ability to avoid
additional loss.
Full cooperation in providing the insurance company with all relevant books
and records. – correct answer \u2705The correct answer is: Providing an
adjuster to investigate the claim.
EXPLANATION:
It is the duty of the insurer to investigate the claim. The insured is not
obligated to obtain an adjuster. If there is a dispute, the insured has the
option of retaining an attorney or hiring a public adjuster.
<\/p>\n\n\n\n
California Insurance Adjuster Exam Questions and
Answers (100% Correct\/Verified Answers)2023
Which kind of losses are covered under a standard fire policy? – correct
answer \u2705Direct
All fires are not covered by the Standard Fire policies, only those that: –
correct answer \u2705are hostile and have a flame or glow
At what time does a fire policy go into affect? – correct answer \u270512:01am
standard time at the location of the insured’s property
A property is insured under two Standard Fire policies for $25,000 each. A
fire causes $10,000 worth of damage. What is the maximum amount the
insured may collect under each policy? – correct answer \u2705$5,000
A fire burning in the middle of the living room would be considered: – correct
answer \u2705a hostile fire
An insured’s house is damaged by fire caused by a neighbor’s negligence.
The insurance company will attempt to recover damage from the neighbor.
This is called: – correct answer \u2705subrogation<\/p>\n\n\n\n
California Insurance Adjuster Exam Questions and
Answers (100% Correct\/Verified Answers)2023
Which of the following statements are true concerning requirements of the
standard fire policy? – correct answer \u2705The insured must separate damaged
from undamaged property in the event there is a loss AND If a loss occurs,
the insured normally has 60 days to file a proof of loss with the insurer
Which types of property are excluded from coverage under the basic fire
policy? – correct answer \u2705accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy? – correct answer \u2705the
named insured and his legal representatives
An agreement which affords temporary insurance protection until the policy
is issued is called: – correct answer \u2705a binder
as a general rule, a complete fire insurance policy would be made up of: –
correct answer \u2705the Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing<\/p>\n\n\n\n
California Insurance Adjuster Exam Questions and
Answers (100% Correct\/Verified Answers)2023
b) misrepresentation
c) over-insurance
d) concealment – correct answer \u2705over-insurance
replacement cost minus depreciation: – correct answer \u2705Actual Cash Value
(ACV)
The Standard Fire policy with an extended coverage endorsement attached
covers which of the following: – correct answer \u2705riot
A loss due to order of Civil Authority: – correct answer \u2705is excluded unless
the loss occurs because of an order by Civil Authorities for the purpose of
controlling a fire
The term “unoccupancy” refers to the absence of : – correct answer
\u2705persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance
company notifies the mortgagee the insured has not filed a proof of loss. To<\/p>\n\n\n\n
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Answers (100% Correct\/Verified Answers)2023
protect their interest, the mortgagee must file a proof of loss within
_<\/em><\/strong> days after what date? – correct answer \u270560 days after April 30th
For recovery under the Standard Fire policy, a party must: – correct answer
\u2705be named in the policy and show an insurable interest in the property at
the time the loss occurs
What is the requirement on how much experience one must have to be
elected the insurance commissioner in Georgia? – correct answer \u2705None
Once elected, how long is the insurance commissioner’s term? – correct
answer \u27054 years
Is there a limit on the number of terms an insurance commissioner can
serve? – correct answer \u2705No
Who is Georgia’s current insurance commissioner? – correct answer \u2705Ralph
Hudgens
<\/p>\n\n\n\n