Subrogate Subrogation is the right for an insurer to legally pursue a third
party that caused an insurance loss to the insured. This is done as a
... [Show More] means
of recovering the amount of the claim paid by the insurance carrier to the
insured for the loss. - Correct Answer -While investigating a claim, you
determine that the loss was caused by a defective mechanism in the
dishwasher. You would attempt to_________________________?
Appraisal - Correct Answer -What is the process when an insurer and an
insured have a dispute regarding the amount of damage?
Material Misrepresentation - Correct Answer
-__________________________________________________is a significant
misstatement in an application form. If a company had access to the correct
information at the time of application, the company might not have agreed
to accept the application.
Age, Condition and Life Expectancy - Correct Answer -As an adjuster, you
should base depreciation on these three factors?
Umpire - Correct Answer -An_________________ is a person hired by the
property owner to settle the claim with insurance company on their behalf.
HO-A - Correct Answer -This type of policy provides coverage only for those
perils that are listed in the policy?
Additional Living Expenses - Correct Answer -_________________________ are
extra charges covered by homeowner's policies over and above the
policyholder's customary living expenses.
Occurrence - Correct Answer -_______________________is an event that results
in an insured loss/damages?
Actual Cash Value - Correct Answer -What is value of your property, based on
the current cost to replace it, minus depreciation?
Incurred Expenses - Correct Answer -Expenses that have already sustained
and that have not yet been paid are known as
____________________________________.
Declarations Page - Correct Answer -________________________________is the
part of the written insurance policy that states all the policy's specific's,
including the name of the policyholder, the type of property insured, the
premiums, and the term limits for the coverage.
Negligence - Correct Answer -What is the failure to use that degree of care
which an ordinary person of reasonable prudence would use under similar
circumstances?
Overhead and Profit - Correct Answer -______________________________is the
amount of money dedicated to a general contractor's cost of doing a
business and earning a profit.
Third Party Loss - Correct Answer -____________________________is a situation
involving a person other than an insurer and the insured.
Reserves - Correct Answer -What is the amount representing actual or
potential liabilities kept by and insurer to cover debts to policyholder?
First Party Loss - Correct Answer -This loss involves only the insurer and the
insured?
Liability - Correct Answer -What is the responsibility to another for one's
negligence?
Severity - Correct Answer -_____________________ is the size of a loss, the
extent of damages.
Premium - Correct Answer -___________________________ is the amount paid by
an insured to an insurance company to obtain or maintain an insurance
policy
Replacement Cost - Correct Answer -__________________________________is the
cost associated with replacing property at the current market price.
Policy Period - Correct Answer -The period of a policy is in force, from the
beginning or effective date to the expiration date is the
________________________________?
deductible - Correct Answer -The amount the insured must pay in a loss
before any payment is due is known as the
____________________________________.
Adjuster - Correct Answer -A person who investigates and settles insurance
claims is the ______________________? [Show Less]