NV ADJUSTER LICENSE PART 3 EXAM QUESTIONS

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NV ADJUSTER LICENSE (PART 3) EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -48 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Potential losses cannot be too much for the insurer to pay is an example of what qualification?

Answer:

Adequate premiums

Question 2: Lenders have special lender provisions located where in the policy?

Answer:

Conditions

Question 3: What is premium?

Answer:

Fee paid my insured in exchange to insurance policy Question 4: Encourages insured to purchase adequate coverage typically 80% of property value. Had over should X loss

Answer:

Coinsurance

Question 5: Earrhquake, flooding, war, nuclear hazards and intentional are examples of what?

Answer:

Exclusions

Question 6: Process of estimating what an item is worth

Answer:

Valuation Question 7: Large scale disaster6and catastrophic event is an example of which qualification?

Answer:

Exclusions

Question 8: Proven by providing medical or repair bills etc

Answer:

Special damages Question 9: Transfer of rights that allows the insurer to step in to insureds shoes and recover loss after it has paid insurer for claim

Answer:

Subrogation

Question 10: Increases the probability of loss

Answer:

Hazard

Question 11: What are the 6 qualifications that determine what can be insured?

Answer:

Adequate premiums, definable risk, unexpected losses, substantial losses, exclusions and law of large numbers

Question 12: Physucal harm to tangible property

Answer:

Direct loss

Question 13: Exaggerating a claim to increase indemnity

Answer:

Soft fraud

Question 14: Estimated loss of value due to wear, tear and age

Answer:

Depreciation

Question 15: What is DICE?

Answer:

Declaration page, insuring agreement, conditions, exclusions

Question 16: Potholes, asbestos, working in coal mine

Answer:

Physical hazard

Question 17: What is insurance agreement

Answer:

What insured agree to do when covered loss occurs

Question 18: The probability of loss

Answer:

Exposure

Question 19: Deliberately planning or faking a loss

Answer:

Hard fraud Question 20: Policyholders act differently because comfort that insurance will protect

Answer:

Morale hazard

Question 21: Undertaken with no certainty of either gain or loss. Made knowingly by conscious choice.

Answer:

Speculative Question 22: The extent to which person, item or organization is open to damage or loss

Answer:

Exposure

Question 23: The actual cause of loss

Answer:

Peril

Question 24: Slander, fraud, violence; not covered by liability

Answer:

Punitive damages

Question 25: Policyholders deliberate decision, reckless behavior

Answer:

Moral hazard

Question 26: The person accused of comm6the tort

Answer:

Tortfeasor Question 27: Emotional losses, mental anguish, loss of reputation, future loss due to unemployment

Answer:

General damages Question 28: Insured has no say in the wording and insurer is responsible for terms of contract

Answer:

Adhesion