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GA CLAIMS ADJUSTER LICENSING EXAM
Qs and Ans Expert- Explanation
This Exam contains:
-Guarantee passing score -100 Questions and Answers -format set of multiple-choice -Expert- Explanation Question 1: If the limits of insurance available under the National Flood Insurance Program are inadequate, where can additional coverage be purchased?
- Homeowners Flood Endorsement
- Excess Flood Endorsement
- Personal Umbrella Policy
- Difference in Conditions Policy
Answer:
- Difference in Conditions Policy
Question 2: The acronym FLI is for:
Answer:
DP1 perils; fire, lightning, internal explosions Question 3: The acronym COUP is for:
Answer:
What is covered by collision; car, object, upset, pedestrian/pothole
Question 4: Under the doctrine of the proximate cause, which of the following would be considered fire damage?
- smoke damage
- water damage from the sprinkler system
- firefighters breaking down the door
- all of the above
Answer:
- all of the above
- all perils not otherwise excluded
- perils specified in the policy
- fire only
- perils are not covered under the SFP
Question 5: As a name peril contract, the SFP (Standard Fire Policy) covers:
Answer:
- perils specified in the policy
Question 6: In a liability loss, the person to whom the insured has caused damage is referred to
as the:
- first party
- second party
- third party
- fourth party
Answer:
- third party
Question 7: Why does Yacht insurance get a Lay-Up warranty?
Answer:
During months when a watercraft is not in use - typically in winter - a discount is applied to premium.
Question 8: Required discounts to offer on GA auto policies
Answer:
Defensive driving and good student discount; must offer at least 10% discount Question 9: The acronym PMML is for:
Answer:
hazards "Probably Makes More Loss" or "Please Make My Lunch" physical, moral, morale, legal Question 10: Where can you find the customized equipment endorsement? What kind of limit is used?
Answer:
On the Personal Auto Policy; scheduled limits are used on customized equipment Question 11: The acronym MR. LC is for:
Answer:
Types of property that can be scheduled on a business income/extra expensive from Dependent Properties Endorsement on a Business Income Form or an Extra Expense Forms; contributing locations, recipient locations, manufacturing locations, leader/anchor locations Question 12: What's the difference between Emergency Program and Regular Program in the National Flood Insurance Program?
Answer:
Emergency applies to homes in communities that are a normally not a flood hazard. Regular programs are awarded to an entire community that is eligible due to flood hazard.
Question 13: Q1
When a person decides no to buy insurance because of the cost, what method of handling risk management has been undertaken?
Answer:
risk retention
Question 14: The acronym BPP is for:
Answer:
Building and Personal Property Coverage Question 15: The acronym OSCAR is for:
Answer:
Open peril aka Special/All-Risk/Comprehensive
Question 16: How are damaged items valued in flood coverage?
Answer:
Dwelling - replacement cost Contents - Cash Value Question 17: The acronym ARRT is for:
Answer:
personal risk management; avoidance, retention, reduction, transfer
Question 18: What are the differences between theft and larceny?
Answer:
None
Question 19: Q1
A non-exclusive agent:
- represents only direct writers
- works for a solicitor
- represents more than one insurance company
- is a "captive" agent
Answer:
- represents more than one insurance company
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