INSURANCE ADJUSTER EXAM 203 QUESTIONS WITH 100% CORRECT
AND COMPLETE SOLUTIONS/A+ GRADE/2023 VERSION
Which kind of losses are covered under a standard
... [Show More] fire policy? Correct Answer: Direct
All fires are not covered by the Standard Fire policies, only those that: Correct Answer: are
hostile and have a flame or glow
At what time does a fire policy go into affect? Correct Answer: 12:01am standard time at the
location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000
worth of damage. What is the maximum amount the insured may collect under each policy?
Correct Answer: $5,000
A fire burning in the middle of the living room would be considered: Correct Answer: a hostile
fire
An insured's house is damaged by fire caused by a neighbor's negligence. The insurance
company will attempt to recover damage from the neighbor. This is called: Correct Answer:
subrogation
Which of the following statements are true concerning requirements of the standard fire policy?
Correct Answer: The insured must separate damaged from undamaged property in the event
there is a loss AND If a loss occurs, the insured normally has 60 days to file a proof of loss with
the insurer
Which types of property are excluded from coverage under the basic fire policy? Correct
Answer: accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy? Correct Answer: the named insured and his legal
representatives
An agreement which affords temporary insurance protection until the policy is issued is called:
Correct Answer: a binder
as a general rule, a complete fire insurance policy would be made up of: Correct Answer: the
Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
c) over-insurance
d) concealment Correct Answer: over-insurance
replacement cost minus depreciation: Correct Answer: Actual Cash Value (ACV)
INSURANCE ADJUSTER EXAM 203 QUESTIONS WITH 100% CORRECT
AND COMPLETE SOLUTIONS/A+ GRADE/2023 VERSION
The Standard Fire policy with an extended coverage endorsement attached covers which of the
following: Correct Answer: riot
A loss due to order of Civil Authority: Correct Answer: is excluded unless the loss occurs
because of an order by Civil Authorities for the purpose of controlling a fire
The term "unoccupancy" refers to the absence of : Correct Answer: persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance company notifies the
mortgagee the insured has not filed a proof of loss. To protect their interest, the mortgagee must
file a proof of loss within _________ days after what date? Correct Answer: 60 days after April
30th
For recovery under the Standard Fire policy, a party must: Correct Answer: be named in the
policy and show an insurable interest in the property at the time the loss occurs
What is the requirement on how much experience one must have to be elected the insurance
commissioner in Georgia? Correct Answer: None
Once elected, how long is the insurance commissioner's term? Correct Answer: 4 years
Is there a limit on t [Show Less]