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PUBLIC ADJUSTER 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: Frame construction
Answer:
Wood
Question 2: Masonry noncombustible
Answer:
Walls masonry, floor noncomb
Question 3: Losses up to 2,500 will be covered based upon a...
Answer:
Replacement cost
Question 4: Complete investigation
Answer:
30 working days
Question 5: Noncombustible
Answer:
Metal
Question 6: Subrogation
Answer:
going after the third party's negligence
Question 7: Personal property is adjusted on a .....
Answer:
ACV basis
Question 8: Material misrepresentation
Answer:
can reject coverage
Question 9: Dwelling and commercial(Nonowner occupied)
Answer:
Nonpayment and material mis 15 days, underwriting 60 days Question 10: Refund payments, return instruments, and take necessary actions under contract
Answer:
15 working days
Question 11: Exclusions for A and B
Answer:
Weather, acts or decisions, and faulty planning
Question 12: Homeowner form HO 00 02 or Broad form
Answer:
written on a replacement cost basis, must have 80% value
Question 13: Scheduled Personal Property Endorsement
Answer:
have values in excess of the policy limit, no deductible.
Question 14: Homeowners policy
Answer:
owner occupied private residential exposures, covers direct loss of A, B, and C
Question 15: Hazards
Answer:
Physical, Moral, and Morale
Question 16: Respond to an insurance department inquiry
Answer:
15 working days
Question 17: Death of insured
Answer:
180 days after death or after the policy ends
Question 18: FRC
Answer:
replace damaged with functional equivalent
Question 19: Days to rescind a contract
Answer:
- calendar days
Question 20: excess coverage
Answer:
pays after primary
Question 21: Provide claim forms and reasonable assistance
Answer:
10 working days
Question 22: Coverage C
Answer:
Personal Property Question 23: Dwelling policy provides insurance for residential properties up to..
Answer:
- units occupied by no more than 5 roomers
Question 24: How can an adjuster collect his fee?
Answer:
a percentage of each check, not the lump sum
Question 25: Indemnity
Answer:
Principle of restoring the extent of the loss
Question 26: Public Adjuster minimum standards
Answer:
Title must read Public Adjuster contract Name phone number address and business name of Adjuster Address of the insured and name Percentage of the payments received execution date and signatures right to cancel
Question 27: ACV
Answer:
Replacement cost minus depreciation
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