General Adjuster Info

Question 1

Exposure

Answer 1

Determines policy and premium

Question 2

Hazard

Answer 2

Increases exposure

Question 3

Peril

Answer 3

Is loss

Question 4

Risk

Answer 4

Potential for loss

Question 5

Speculative risk

Answer 5

Cannot be insured

Question 6

Pure risk

Answer 6

Can be insured

Question 7

ACV

Answer 7

Fair market value

Replacement value minus depreciation

Question 8

RC

Answer 8

No depreciation = higher premiums

Question 9

Apparent authority

Answer 9

Insurer accepts agents actions

Question 10

Mediation

Answer 10

Each side gets an advisor

Question 11

Arbitration

Answer 11

Legally binding mediation

Question 12

Appraisal

Answer 12

Both sides get an appraiser/get an umpire/ 2/3 decision decides settlement

Question 13

Contributory negligence

Answer 13

Any plaintiff fault = no settlement

Question 14

Comparative negligence

Answer 14

Any plaintiff fault is % reduction of settlement for plaintiff

Question 15

Declarations page

Answer 15

Named insured
Location
Policy dates
Premium amount
Coverage types and limits
Deductible

Question 16

Insuring Agreement

Answer 16

Lists coverage for premium

Question 17

La auto policy requirements

Answer 17

15/30/25

Question 18

4 requirements of legally binding contract

Answer 18

Agreement
Consideration
Competent parties
Legal purpose

Question 19

Public adjuster cannot

Answer 19

Assist a claimant with a 3rd party claim