Claims Adjuster Trivia

Question 1

Who oversees the insurance sector's central regulation?

Accepted Answer

State Department of Insurance

Answer

Conflict of Interest

Answer

Both Federal and State Government

Answer

The Insured

Question 2

Which statements are false if an item has a stated, agreed-upon value?

Accepted Answer

The agreed value is able to fluctuate with current market value

Answer

Convicted of a misdemeanor not related to duties as an adjuster

Answer

The total amount of money the insurance business has made over a certain amount of time

Answer

Duplicate insurance policies

Question 3

Public adjusters are always compensated:

Accepted Answer

On a fee basis--usually 10%

Answer

On a fee basis--usually 9%

Answer

On a fee basis--usually 5%

Answer

On the next policy anniversary date

Question 4

Which of the following describes a provision in property and casualty contracts that indicates all current, similar policies or endorsements will be interpreted to include the widened coverage if policy or endorsement forms are expanded, and no additional premium is required?

Accepted Answer

Liberalization

Answer

Subrogation

Answer

Abandonment

Answer

Notarization

Question 5

In an insurance policy, which of the following is NOT a section?

Accepted Answer

Closing Statement

Answer

Introduction Statement

Answer

Grocery Store

Answer

First Page

Question 6

A liberalization clause: what is it?

Accepted Answer

Declares that if the insurance provider expands the scope of that policy, it will be automatically updated

Answer

To provide insurance for moving property that isn't otherwise covered by the policy

Answer

Describe losses for which the insured is not covered

Answer

To develop best practice standards within the insurance industry

Question 7

Which fundamental policy component is thought to be the most informative among all the others?

Accepted Answer

Declarations Page

Answer

Premium

Answer

Section Ii

Answer

Insuring Agreement

Question 8

Who provides a declaratory decision about the validity of a claim?

Accepted Answer

The court

Answer

Insurer attorney

Answer

Claims adj

Answer

Claimants attorney

Question 9

What kind of liability does an employer accept through its employees?

Accepted Answer

Vicarious

Answer

Primary

Answer

No fault

Answer

Contingent

Question 10

Something that is considered valuable in legal terms when something is given in exchange for a promise.

Accepted Answer

Consideration

Answer

Intensity

Answer

Contingent

Answer

Primary