PUBLIC ADJUSTER QUESTIONS AND ANSWERS 100% PASS

PUBLIC ADJUSTER QUESTIONS AND ANSWERS 100% PASS Program Trigger for terrorist acts must cause a collective damage in excess of? ✔✔• $100,000,000 TF A public adjuster may own no more than 50% in a salvage or similar b ...

PUBLIC ADJUSTER QUESTIONS AND ANSWERS 100% PASS Program Trigger for terrorist acts must cause a collective damage in excess of? ✔✔• $100,000,000 TF A public adjuster may own no more than 50% in a salvage or similar business? ✔✔• F General Average ✔✔• Loss shared by all parties Particular Average ✔✔• Only one party shares in the loss. In a home owner policy there is no deductible for ✔✔• Liability Coverage In BOP covered property is listed and described in what part of the contract? ✔✔• Declarations page What is not eligible for coverage under a livestock floater? ✔✔Poultry What type of carrier must assume the broadest liability under common law? ✔✔Common carriers Named insured is never a _______? ✔✔Lien Holder. Must have insurable interest in the property. How much extra coverage does the BOP allow for building code updates on a loss? ✔✔$10,000 HO-3 only covers ___________ for jewelry? ✔✔Actual Cash Value Promise by one party that is conditioned on an uncertain event and where the value given by each party is unequal is called? ✔✔Aleatory An insurer has ________ days to complete their investigation of a claim? ✔✔30 days Farm insurance coverage G covers? ✔✔Silos Under equipment breakdown coverage, the full replacement cost will be provided if the equipment is repaired in what time period after a loss? ✔✔24 months. In the newest edition of the commercial property form, what is now considered part of the building? ✔✔Vegetated roofs Which Dwelling forms provide broad form coverage for personal property? ✔✔DP-2 and DP-3 The homeowner personal property replacement cost endorsement would pay replacement cost for ___________? ✔✔Used clothing An insurer must acknowledge receipt of a claim within _______ working days? ✔✔10 An insurance contract is considered 4 things ✔✔Aleatory Unilateral Adhesive Conditional Admitted insurers must be financially examined by the Pennsylvania Department of insurance at least once every _______ years? ✔✔5 years. A leased building has to be ____% unoccupied to be considered vacant under the COMMERCIAL PROPERTY policy? ✔✔31% What about for BOP? A building must be _______% vacant to be considered vacant? ✔✔65% BOP additional limit for debris removal is? ✔✔• 25,000 If an insurer wants to cancel or non-renew a policy covering personal property, how much notice is needed? ✔✔• 30 days What is the limit that will be paid for the fire department service charge in the BOP form? ✔✔• $2,500 What is the limit that will be paid for the fire department service charge in the BOP form? ✔✔• $2,500 Under the homeowner forms, how much will be paid under claims expense for loss of earnings by the insured to assist the insurer in the investigation or defense of a claim? ✔✔• $250 per day The insured's dwelling has been vacant for 62 days. Vandals enter the home and do considerable damage. To cover up their act and to avoid detection, the vandals set fire to the dwelling. The insurer will ____________ ✔✔• Deny the entire loss The authority that the public believes the agent has based on the agent's actions is known as ✔✔• Apparent Authority What coverage is NOT included for a $25,000 limit of insurance under the ISO equipment breakdown policy. ✔✔• Fire Damage is excluded Under the BOP forms ____________ is not subject to the 72 hour waiting period if the business is shut down due to action of a civil authority? ✔✔• Extra Expense Coverage XYA Company was forced to shut down because a major fire put one of its main suppliers out of business. Under a special type of Business Income coverag,e how is a supplier of materials referred to? ✔✔• Contributing location "res ipsa laquitur" means? ✔✔• The thing speaks for itself What is proof of loss? ✔✔• A formal statement made by the insured to the insurance company regarding a loss Under HO-3, how much is given for debris removal after a fire loss? ✔✔• 5% of the Coverage A limit What is the type of report indicating the initial results of a claim investigation? ✔✔• Field report The DP-3 proivdes _______ coverage for the dwelling and other detached structures? ✔✔• Open Peril Coverage Which DP forms provide coverage for loss of rental income? ✔✔• Basic Broad and Special Form (DP 2 and 3 What peril has a deductible in aircraft policies? ✔✔• In motion collision