Questions And 100 Verified CORRECT Answers

Ae21 Insurance Adjuster License (Actual / ) 85 Questions And 100% Verified CORRECT Answers

A Claim in the property industry is defined as An assertion of of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damage.

What are you really, buying when you purchase insurance Peace of mind

Why is insurance such a unique product It is a financial product, the purchase of a product based on trust.

What is an adjusters most important objective in todays world of insurance?To help those who have been injured, or who have suffered a loss that is covered by the insurance contract.

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Boiler and Machinery Insurance An insurance policy that covers loss from industrial equipment such as steam boilers.Must be an accident or a sudden breakdown

Limits of Machinery coverage Basic min limits are $500,000 per accident though much higher limits are avaliable

Suspension condition Condition that allows the insurer to immediately suspend equipment breakdown insurance on an item of equipment that the insurer determines to be in a dangerous condition.

Exclusions for Machinery Insurance Testing, war, equip being tested, storm damage.

Extortion excluded by all coverages without endorsement

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Securities stolen from the insured will be valued at their

current valuation on:

The day the loss was discovered

Best way for a company to insure high turnover with employee

theft and dishonesty:

Blanket Coverage

Burglary/Robbery Burglary requires evidence of forced entry

2/3 parties to a Surety bond include A principal and obligee

One who guarantees the performance or payment of one party

who is obligated by contract to another is called a:

Surety

When a public adjuster is required to provide a bond to guarantee performance, the public adjuster becomes which party to the bonding agreement? 3 / 4

Principal

The state department requiring a public adjuster to secure a bond would be considered which party to the bonding agreement?Obligee

A major difference between the Surety bond and an insurance policy is the surety has recovery rights against the purchaser of the bonds in the event of a loss

A lost time case is defined as:

(C) An injury that results in more than seven (7) days of work, or for which indemnity benefits would otherwise be due, such as a medical only claim that results in a permanent impairment.

MMI means A date when an employees recuperation from injury is as good as it is going to get

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