Adjuster 2

Question 1

which of the following statements about a mortgagees right under the dwelling property basic form dp1 is incorrect

Answer 1

the mortgagee may abandon the insured property to the insurer

Question 2

the procedure for resolving a disagreement between an insured and insurer about a loss as described in which of the following parts of an insurance policy

Answer 2

conditions

Question 3

in a commercial property form if a building is laughing and get coverage for vandalism will continue for up to how many days

Answer 3

60

Question 4

in a shirt has an ho-3 form when using a snowblower borrowed from a neighbor the insured strikes a large Rock and causes $2,000 worth of damage to the snow blower under what section the policy could payment be made on the insured’s behalf

Answer 4

personal liability

Question 5

Which of the following statements about a mortgagee’s rights under the dwelling property basic form (dp-1) is INCORRECT?

Answer 5

The mortgagee may abandon the insured property to the insurer

Question 6

The procedure for resolving a disagreement between an insured and insurer about a loss is described in which of the following parts of an insurance policy?

Answer 6

Conditions

Question 7

An insured’s HO-2 Form has a $100,000 coverage limit on the dwelling and a $50,000 Personal Property limit with the standard deductible. If a sailboat valued at $1,500 is stolen from the insured’s premises, the insured will collect a MAXIMUM of which of the following amounts?

Answer 7

$1,250

Question 8

In a Commercial Property form, if a building is left vacang, coverage for vandalism will continue for up to how many days?

Answer 8

60

Question 9

An insured has an HO-3 Form. When using a snow blower borrowed from a neighrbor, the insured strikes a large rock and causes $2,000 worth of damage to the snow blower. Under which section of the policy could payment be made on the insured’s behalf?

Answer 9

Personal liability

Question 10

The owner-operator of a computer store often leaves expensive computers balanced negligently on the edges of tables, believing that any damage to the computers will be paid by the insurance policy. This situation is BEST described as a

Answer 10

Morale hazard

Question 11

S is purchasing a Commercial Property policy to cover a commercial building valued at $100,000. The policy includes an 80 percent Coinsurance clause. To avoid a coinsurance penalty in the event of a partial loss, S should purchase a policy with minimum limits of AT LEAST which of the following amounts?

Answer 11

$80,000

Question 12

All of the following parties must be certified as appraisers except?

Answer 12

CEO

Question 13

In HO-3 coverage a burglar damaged $3000 worth of property, steal $450 in cash and a $50 pet turtle, if the policy has a $250 deductible, how much will the insured collect?

Answer 13

$3,200

Question 14

The limits of liability are found in what section of the policy

Answer 14

Declaration

Question 15

when would a binder stop being in effect?

Answer 15

When the policy becomes effective

Question 16

When canceling a policy by mail, how many days notice must we give?

Answer 16

30 days

Question 17

If an insured is struck in the rear and the other motorist is uninsured you would do the follwoing?

Answer 17

Waive deductible for UMPD

Question 18

An employee of Brad’s Plumbing starts a fire at the home of Mr. Joley ‘s house while doing plumbing work. Which policy could not be used?

Answer 18

Mr. Joley ‘s homeowners policy AND Brad’s Plumbing workers comprehensive policy

Question 19

Which of the following liability coverages may require the insured’s consent before the insurance company settled and pays a loss?

Answer 19

Professional

Question 20

In a Commercial General Liability policy, medical payment expenses MUST be

Answer 20

Reported within one year of the date of the accident

Question 21

J drives L’s car. Both J and L have a personal auto policy. Which of the following statements is CORRECT concerning coverage of J causes an accident?

Answer 21

L’ s policy is primary and J’ s is excess

Question 22

Which of the following sections of an insurance policy states who may be insured in addition to the name insured?

Answer 22

Definitions

Question 23

Investments consultants should purchase which of the following polices to protect themselves from errors and omissions?

Answer 23

Professional Liability

Question 24

Which of the following coverages would be BEST suited for a prospective insured that wants coverage against liability assumed by written and oral agreements?

Answer 24

Contractual Liability

Question 25

An insurance binder is best described as

Answer 25

Temporary short - term evidence coverage

Question 26

Which of the following statements BEST describes a representation in an insurance application?

Answer 26

It is a statement made by the insured that certain conditions exist at the time of application

Question 27

Which of the following occurrences would be included under the definition of a personal injury?

Answer 27

A customer injured in a department store when a sign falls on her sues the store for medical cost and paid and suffering

Question 28

Which of the following types of policies will cover a contractors employees for injuries sustained on the job?

Answer 28

Workers compensation

Question 29

A prospective insured wishes to protect her firm against criminals taking money from a messenger going from firm to a namk. In this situation, the prospect should purchase coverage for

Answer 29

Robbery

Question 30

Under a Fidelity Bond, which of the following individuals is considered an insured?

Answer 30

An employer

Question 31

Which of the following means alongside of the vertebrae

Answer 31

Para vertebrae

Question 32

Which constitutes a covered auto under a RI auto policy?

Answer 32

A registered trailer used to transfer business equipment

Question 33

Viewing of a damaged vehicle for the purpose of preparing an estimate shall be made within how many days of notification

Answer 33

Three days

Question 34

What must be documented in a claim file

Answer 34

Amounts for depreciation betterment, old damage

Question 35

Coverage for a trailer is included in all but which of the following coverages

Answer 35

Collision

Question 36

After an insurance producer license is issued, a licensee MUST complete how many hours of approved continuing education sources every two years?

Answer 36

Fifteen

Question 37

an insurer that generally fails to affirm or deny coverage of claims within a reasonable period of time after receiving Proof of Loss may be found guilty of

Answer 37

An unfair claims practice

Question 38

Which of the following situations is considered an insurance transaction

Answer 38

Two parties negotiate the term of coverage when executing an insurance contract

Question 39

Upon determining that a producer has violated the insurance law, the insurance commissioner is required to take which of the following actions

Answer 39

Hold a hearing on the infraction

Question 40

Making false or misleading statement about dividends or shares of surplus previously paid on an insurance policy is known as

Answer 40

Misrepresentation

Question 41

Controlled business includes insurance provided by insurance producers on the

Answer 41

Property of their employee

Question 42

The insurance commissioner may suspend, revoke, or deny a prods license for all of the following reason EXCEPT

Answer 42

Conviction of a misdemeanor

Question 43

After an insurer receives a satisfactory proof of Loss from an insured on a homeowner fire loss, payment is due within a MAXIMUM of how many days

Answer 43

5

Question 44

The purpose of the FAIR plan is to provide

Answer 44

Basic property insurance for which coverage is not available in the regular market

Question 45

Coverage of goods in transit is usually provided by which of the following types of insurance

Answer 45

Inland Marine

Question 46

In this state, a domestic insurer is defined as a company that

Answer 46

Is incorporated in this state

Question 47

A document attached to an insurance policy that changes the policy in some way is known as

Answer 47

An endorsement

Question 48

The type of compensatory damages that reimburse the injured party for direct and specific expenses involved in the loss, such as medical expenses and lost wages is known as

Answer 48

Special damages