NJ Public Adjustment review Exam Questions and Answers (Solved Papers) A solicitors/adjusters license is valid for two years and must be renewed every two years - Correct Answers ✅Public Adjuster License $10,000 bond is required for solicitors/adjusters - Correct Answers ✅Public Adjuster Bond documentation of loss required of a policy owner by an insurance company; must usually be filed within 60 days after the request of the insured or according to policy provision, 60 days after the date of loss - Correct Answers ✅Proof of Loss (1) repair or replace any part to restore the pair or set to its value before the loss or (2) pay the difference between actual cash value before and after the loss - Correct Answers ✅Loss to a Pair or Set company offering protection through the sale of an insurance policy to an insured - Correct Answers ✅Insurer party covered by an insurance policy - Correct Answers ✅Insured the inception date and expiration date of the policy - Correct Answers ✅Policy Period 1 / 3
NJ Public Adjustment review Exam Questions and Answers (Solved Papers) maximum amount of coverage available under a liability insurance policy - Correct Answers ✅Limit of Liability expectation of a monetary loss that can be covered by insurance. Owner of the property. - Correct Answers ✅Insurable Interest attachment to a property insurance policy to protect the interest of the mortgage in the mortgaged property. If the property is damaged or destroyed the mortgage is indemnified up to his or her stated interest in the property. - Correct Answers ✅Mortgage Clause value of property as established by the price a willing buyer would pay for property purchased from a willing seller - Correct Answers ✅Market Value a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is sufficient to be in compliance with the coinsurance requirement. - Correct Answers ✅Agreed Value actual or accounting recognition of the decrease in the value of a hard asset (property) over a period of time - Correct Answers ✅Depreciation 2 / 3
NJ Public Adjustment review Exam Questions and Answers (Solved Papers) although replacement cost policies provide for replacement of damaged property at current prices, certain conditions must be met before you can collect the full amount for the loss. The insurance company will make an offer of settlement, then withhold a portion of the money until the repairs are actually made. You must provide receipts showing that you incurred a cost of equal or greater than the offer of settlement in order for you to receive all of the holdback moneys. - Correct Answers ✅Recoverable Depreciation(Holdback) actual cash value policies state that an offer of settlement is based on the actual cash value of the property at the time of the loss, therefore, any depreciation applied because of age, deterioration, etc. is not recoverable. - Correct Answers ✅Non-Recoverable Depreciation written agreement attached to a policy to add or subtract insurance coverage's. Once attached the endorsement takes precedence over the original provisions of the policy - Correct Answers ✅Endorsement chance that an event will occur - Correct Answers ✅Chance of Loss uncertainty of a financial loss-term used to designate an insured or a peril insured against - Correct Answers ✅Risk
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