Section: 3 Lesson 1 & 2 Property Claims Adjusting

Question 1

A drunk driver ran off the road and slammed into Janes’s home, causing $36,745 in damage to the dwelling and $22,340 in damage to her Personal property. Janes homeowner policy limits were $150,000 for dwelling and $75,000 for her contents. her deductible was $1000. How much would Jane recover?

Answer 1

$35,745 for coverage A and $22,340 for Coverage C

subtract deductible form dwelling damage

Question 2

The basic adjustment calculation formula that is the starting pint for all property insurance claims is what?

Answer 2

Loss payment = $$Amount of Loss-Deductible

Question 3

Dwelling polices :

Answer 3

provide basic property protection for individuals who own rental homes.

Question 4

Sue owns several rental properties. One of her houses is insured for $100k and has a $1k deductible. A tree falls on the house causing $10k worth of covered damages. How much more would Sue receive in a settlement?

Answer 4

$9k> $10k of damages- $1k deductible

Question 5

Dwelling policy generally includes only 4 types of coverage:

Answer 5

dwelling, other structure, contents and loss of useLo

Question 6

Under the dwelling policy, Loss of use is also referred to as what?

Answer 6

Fair Rental Value

Question 7

Insured is covered under a dwelling/DP-3 policy with contents coverage and no endorsements. He has a hunting rifle stolen by forcible entry into the dwelling. The front door is severely damaged and must be replaced. Which of the following is a true statement regarding this loss?

Answer 7

Only the damage to the structure cause but the burglars will be paid

DP-3 covers all risks of direct physical loss unless they are excluded

Question 8

What would be excluded from the Dwelling policy?

Answer 8

Nuclear war

Question 9

If you were to take a Dwelling policy and add additional coverages like liability and medical payments coverage, you would have what kind of policy?

Answer 9

A Homeowners Policy