{"id":119443,"date":"2023-09-09T22:29:31","date_gmt":"2023-09-09T22:29:31","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=119443"},"modified":"2023-09-09T22:29:33","modified_gmt":"2023-09-09T22:29:33","slug":"new-jersey-claims-adjuster-exam","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/09\/09\/new-jersey-claims-adjuster-exam\/","title":{"rendered":"New Jersey Claims Adjuster Exam"},"content":{"rendered":"\n

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 \u2705Public Adjuster License
$10,000 bond is required for solicitors\/adjusters – Correct Answers \u2705Public
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 \u2705Proof 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 \u2705Loss to a Pair or Set
company offering protection through the sale of an insurance policy to an
insured – Correct Answers \u2705Insurer
party covered by an insurance policy – Correct Answers \u2705Insured<\/p>\n\n\n\n

NJ Public Adjustment review Exam Questions and
Answers (Latest Update 2023)
the inception date and expiration date of the policy – Correct Answers
\u2705Policy Period
maximum amount of coverage available under a liability insurance policy –
Correct Answers \u2705Limit of Liability
expectation of a monetary loss that can be covered by insurance. Owner of
the property. – Correct Answers \u2705Insurable 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 \u2705Mortgage Clause
value of property as established by the price a willing buyer would pay for
property purchased from a willing seller – Correct Answers \u2705Market 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<\/p>\n\n\n\n

NJ Public Adjustment review Exam Questions and
Answers (Latest Update 2023)
compliance with the coinsurance requirement. – Correct Answers \u2705Agreed
Value
actual or accounting recognition of the decrease in the value of a hard asset
(property) over a period of time – Correct Answers \u2705Depreciation
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 \u2705Recoverable
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 \u2705Non-Recoverable Depreciation<\/p>\n\n\n\n

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 \u2705Actual Cash Value (ACV)
One limit per occurrence is what we pay up to – Correct Answers
\u2705Combined Single Limit
What we pay up to per person and per occurrence – Correct Answers \u2705Split
limit
What the customer will have to pay; we cover everything else – Correct
Answers \u2705Deductible
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
\u2705Declarations Page (Dec Page)<\/p>\n\n\n\n

New Jersey Claims Adjuster Exam 1 Questions and
Answers (Latest Update 2023) Verified Answers
Amount taken off for wear and tear – Correct Answers \u2705Depreciation
The amount of the premium for which the policy protection has been given.<\/p>\n\n\n\n