CLAIMS ADJUSTER EXAM 1/ 133 QUESTIONS WITH 100%
CORRECT AND VERIFIED ANSWERS/A+ GRADE/2023
Actual Cash Value (ACV) Correct Answer: Cost to replace
... [Show More] property with new property of like
kind and quality less depreciation.
Combined Single Limit Correct Answer: One limit per occurrence is what we pay up to
Split limit Correct Answer: What we pay up to per person and per occurrence
Deductible Correct Answer: What the customer will have to pay; we cover everything else
Declarations Page (Dec Page) Correct Answer: The basic information about a policy:
Who - names of insurer and insured
What - description of insured property
Where - address and legal description of insured property
When - effective and expiration dates.
How Much - limits of coverage, deductible, premium
Depreciation Correct Answer: Amount taken off for wear and tear
Earned Premium Correct Answer: The amount of the premium for which the policy protection
has been given.
Risk Correct Answer: A chance or uncertainty of loss
endorsement Correct Answer: Something you can add/change on policy; car, kid, etc
lapse Correct Answer: The insured did not pay so is not covered; will effect renewal
Named driver exclusion Correct Answer: Excluded from coverage and covered cars; cannot
drive as they would be considered 1st party coverage
Coverage A Correct Answer: Building and structures
Coverage B Correct Answer: Other structures (such as a detached garage, workshop, swimming
pools, fences and gazebos)
Coverage C Correct Answer: personal property
Coverage D Correct Answer: Loss of use
Coverage E Correct Answer: personal liability
Coverage F Correct Answer: Medical Payments
CLAIMS ADJUSTER EXAM 1/ 133 QUESTIONS WITH 100%
CORRECT AND VERIFIED ANSWERS/A+ GRADE/2023
Personal Umbrella Policy Correct Answer: provides protection against a catastrophic lawsuit or
judgment
What is covered through PUP? Correct Answer: Liability (property damage and bodily injury
[excess])
Other- Personal Injury (libel & slander)
Dwelling Components Correct Answer: Construction of dwelling
inflation protection Correct Answer: A rider in some insurance policies that automatically raises
the benefit amount or the maximum daily or annual payments, based on the rate of inflation, in
order to ensure that the amount of coverage remains adequate over time.
Market Value Correct Answer: the price at which property would sell
named peril basis Correct Answer: Covered for everything named on policy
open peril basis Correct Answer: It's covered for any loss unless it is specifically excluded
Replacement Cost Correct Answer: The cost to repair or replace property using new materials of
like kind and quality with no deduction for depreciation. [Show Less]