FREE Insurance Adjuster Questions and Answers

Question 1

One of the key concepts in the insurance sector is "risk." What does it mean?

Accepted Answer

Uncertainty of a financial loss

Answer

Certainty of a financial loss

Answer

Predictability of a financial loss

Answer

Basis of a financial loss

Question 2

A technique used to reduce small claims and assist in lowering insurance premiums is:

Accepted Answer

A deductible

Answer

Arbitration

Answer

Coinsurance

Answer

A value policy

Question 3

There is a chance of suffering financial loss due to owning property.

Accepted Answer

Insurable interests

Answer

Valuation

Answer

Legal liability

Answer

Indemnity

Question 4

There are several categories of "independent adjusters," EXCEPT:

Accepted Answer

A public adjuster

Answer

A ''cat'' adjuster

Answer

A property and casualty adjuster

Answer

A staff adjuster

Question 5

What purpose does an adjuster's interim report serve?

Accepted Answer

To report on the ongoing status of the claim

Answer

To provide the status on all releases

Answer

To provide final estimates of the damages claimed

Answer

To render a final opinion on the claim

Question 6

An adjuster can bind the insurer since they are fiduciary agents. Which of the following claims about this power is false?

Accepted Answer

Only an adjuster's written statements can legally bind an insurer

Answer

The insurer grants this power to the adjuster in a written contract

Answer

The insurer grants this power to the adjuster in a written contract

Answer

An adjuster's acts when handling a claim are legally regarded as those of the insurance provider.

Question 7

Which of the following is the insured's first responsibility following a property loss?

Accepted Answer

Take steps to protect the property from further loss

Answer

Have the damaged property appraised

Answer

Increase his coverage

Answer

Hire an outside claims adjuster

Question 8

In accordance with the law of large numbers, ______________.

Accepted Answer

the larger the number of risks combined into 1 group, the less uncertainty there will be as to the amount of loss that will be incurred

Answer

the larger the number of risks combined into 1 group, the smaller the loss will be to any 1 individual in that group

Answer

the smaller the number of risks combined into 1 group, the larger the loss will be to any 1 individual in that group

Answer

the smaller the number of risks combined into 1 group, the less uncertainty there will be as to the amount of loss that will be incurred

Question 9

When may the Insurance Superintendent revoke an adjuster's license?

Accepted Answer

Not until a hearing is held

Answer

When proof of offense has been received

Answer

By sending a 30 day notice of the renovation

Answer

Anytime

Question 10

The failure to respond to correspondence about claims resulting from the insurer's policies within a reasonable amount of time.

Accepted Answer

Unfair claim settlement act

Answer

Excellent customer service

Answer

Efficiency of the company

Answer

None of the Above