Claims Adjuster Exam 1 Questions and Answers (Solved Papers) Actual Cash Value (ACV) - Correct Answers ✅Cost to replace property with new property of like kind and quality less depreciation.Combined Single Limit - Correct Answers ✅One limit per occurrence is what we pay up to Split limit - Correct Answers ✅What we pay up to per person and per occurrence Deductible - Correct Answers ✅What the customer will have to pay; we cover everything else Declarations Page (Dec Page) - Correct Answers ✅The
basic information about a policy:
Who - names of insurer and insured What - description of insured property Where - address and legal description of insured property When - effective and expiration dates.How Much - limits of coverage, deductible, premium Depreciation - Correct Answers ✅Amount taken off for wear and tear 1 / 3
Claims Adjuster Exam 1 Questions and Answers (Solved Papers) Earned Premium - Correct Answers ✅The amount of the premium for which the policy protection has been given.Risk - Correct Answers ✅A chance or uncertainty of loss endorsement - Correct Answers ✅Something you can add/change on policy; car, kid, etc lapse - Correct Answers ✅The insured did not pay so is not covered; will effect renewal Named driver exclusion - Correct Answers ✅Excluded from coverage and covered cars; cannot drive as they would be considered 1st party coverage Coverage A - Correct Answers ✅Building and structures Coverage B - Correct Answers ✅Other structures (such as a detached garage, workshop, swimming pools, fences and gazebos) Coverage C - Correct Answers ✅personal property Coverage D - Correct Answers ✅Loss of use 2 / 3
Claims Adjuster Exam 1 Questions and Answers (Solved Papers) Coverage E - Correct Answers ✅personal liability Coverage F - Correct Answers ✅Medical Payments Personal Umbrella Policy - Correct Answers ✅provides protection against a catastrophic lawsuit or judgment What is covered through PUP? - Correct Answers ✅Liability (property damage and bodily injury [excess]) Other- Personal Injury (libel & slander) Dwelling Components - Correct Answers ✅Construction of dwelling inflation protection - Correct Answers ✅A rider in some insurance policies that automatically raises the benefit amount or the maximum daily or annual payments, based on the rate of inflation, in order to ensure that the amount of coverage remains adequate over time.Market Value - Correct Answers ✅the price at which property would sell named peril basis - Correct Answers ✅Covered for everything named on policy
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