GA CLAIMS ADJUSTER LICENSING EXAM

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GA CLAIMS ADJUSTER LICENSING EXAM

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -100 Questions and Answers -format set of multiple-choice -Expert-Verified 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

Question 5: As a name peril contract, the SFP (Standard Fire Policy) covers:

• all perils not otherwise excluded
• perils specified in the policy
• fire only
• perils are not covered under the SFP

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 - Actual 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