Download Insurance Claims Adjuster-Pro Exam Review: Flood Insurance and NFIP and more Exams Insurance law in PDF only on Docsity!
Adjuster Pro
State Insurance Claims Adjuster-Pro Certification
Insurance Claims Adjuste-Pro Exam
Course Title and Number: Insurance Claims Adjuste-Pro Exam Exam Title: Board Exam Exam Date: Exam 2024- 2025 Instructor: [Insert Instructor’s Name] Student Name: [Insert Student’s Name] Student ID: [Insert Student ID]
Examination
180 minutes
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Adjuster Pro: Insurance Claims Adjuster Certification 2024- Arizona A.Z Adjuster-Pro Exam Review Latest Questions and Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - National flood insurance program (NFIP) under the jurisdiction of FEMA... - =Answer>> flood insurance is only available for communities that participate in the NFIP individuals within participating communities can purchase flood insurance participating communities agree to maintain floodplain management strategies (FIRMS) Flood insurance rate maps - =Answer>> -identify flood zones and hazards -use a measurement called the base flood base flood - =Answer>> a flood so bad that it only happens once in 100 years base flood evaluation (BFE) - =Answer>> the highest level that water would reach during a base flood Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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-attached additions connected to dwelling by rigid exterior wall, solid load bearing wall, stairway, elevated walkaway, roof -detached garages- up to 10% of coverage A limit (all other detached structures are excluded) -construction materials only if inside a covered building -buildings under construction: deductible is doubled -can pay up to 10% coverage for detached garages The dwelling form: coverage B - =Answer>> Covers direct physical loss to contents due to flood requirements for contents coverage: separate purchases and deductible items must be in an enclosed building or secured if building is partially enclosed Coverage C: Other Coverages (NFIP) - =Answer>> -debris removal from premises and covered property -loss avoidance measures -property removed to safety Mitigation: Coverage C other coverages (Flood insurance) - =Answer>> pays up to $1000 for avoidance measures, no deductible, covers sandbags, fill for temporary levees, pumps, plastic sheeting and lumber, labor (paid at federal minimum wage if insured or relatives do the work themselves) ICC Increased cost of compliance (flood insurance) & limit - =Answer>> covers cost of complying with: floodplain Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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management law, ordinances concerning repair or reconstruction limit: $30,000 in addition to coverage A limit payout for ICC can't exceed 250,000 for dwelling and 500,000 for commercial structure The standard flood policy is governed by ________ law and it NOT subject to _____ or ____ local courts - =Answer>> federal state, local Requirements for independent adjusters (flood insurance) - =Answer>> requirements for independent adjusters - =Answer>> - adjusters who want to work for flood claims must be NFIP certified -certified adjusters must complete continuing education about NFIP claims every year -NFIP maintains a database of independent adjusters who are certified to adjust flood claims for both NFIP Direct and WYO carriers Adjuster Certification Application - =Answer>> 1. residential
- manufactured (mobile) home/ travel trailer
- commercial
- large commercial
- condominium (RCBAP) Certification: Residential, mobile home, or small commercial
- =Answer>> adjusters have to meet certain requirements to get the first three areas of authorization Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Mechanical Breakdown Insurance will not cover... - =Answer>> the cost of repairs that exceed the value of the vehicle Excess Liablility - =Answer>> comes into effect only after limits of base policy are reached Follow form & stand alone excess liability policies - =Answer>> -operate only after liability limit of base policy is exhausted -cover only what is also covered by base policy Follow form - =Answer>> follows your base insurance policy to the letter (uses all same provisions, exclusions, and coverages as base policy) stand alone excess liability - =Answer>> covers what base policy covers, but sets own exclusions and limitations to coverage. the adjuster must carefully review policy provisions to ensure a loss is covered umbrella policy - =Answer>> may cover risk and exposures that are not included in underlying policy umbrella policies can operate in several ways: can operate like a stand alone, also works as a primary policy, provides broadest coverage self-insured retention (SIR) - =Answer>> a type of deductible that equals to the limits of the base policy and if the limit of the base policy is paid, this pays the SIR Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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covered by other insurance (boiler and machinery) - =Answer>> windstorm or hail explosion fire or combustion explosion internal furnace explosion social insurance - =Answer>> non profit, mandatory participation, benefits prescribed by the law, designed to meet general needs of the public, gov. has monopoly Private Insurers - =Answer>> sells insurance based on consumer preferences, offers a wide variety of insurance products, typically exists to benefit a group or profit, insured party voluntarily participates Stock Insurance Companies - =Answer>> always for profit, usually publicly-traded, stockholders provide capital and participate in profits or losses, non-participating insurers: no dividends go to policyholders Mutual Insurance Companies - =Answer>> owned by policyholders (no shareholders), policyholders elect board of directors participating insurers: policyholders participate in dividends Reciprocal Insurers - =Answer>> a group of people or organizations that insure each other, unincorporated, non- profit, operated by attorney-in-fact, members pay into individual accounts, cost of claims shared by the whole group Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Proximate cause - =Answer>> when there is a unbroken chain of events between an occurrence and a loss, then that occurrence is the proximate cause of the loss. original occurrence - =Answer>> causes damage that leads to more damage meaning- that the original occurrence is the proximate cause of the loss First party claim - =Answer>> a claim made by the policyholder on her own policy Third party claim - =Answer>> a claim made by anyone other than the policyholder 5 steps to the claims process - =Answer>> 1. Claimant contacts insurer and files the claim
- The insurer acknowledges the claim and requests all items necessary to prove the loss
- The adjuster investigates the claim and determines whether it is valid
- If the claim is valid, the adjuster evaluates the claim
- Insurer accepts or rejects the claim Vicarious Liability - =Answer>> the transfer of negligence from one party to another 4 elements of negligence - =Answer>> 1. defendant has legal duty to act or not act in a prescribed matter
- defendant failed to act accordingly (breach of duty)
- plaintiff suffered actual loss or injury due to defendants action/inaction Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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- loss of injury to plaintiff was a direct result of breach of duty of the defendant 3 Degrees of Liability - =Answer>> 1.)Full Liability - The insured party is 100% at fault for damages to a third party. 2.)Partial Liability - the insured party is only partially at fault or shares fault with a third party. 3.)No Liability - the insured party has 0% or no liability in the damage to a third party. Assumption of Risk - =Answer>> the claimant knew he had the potential to experience damage or risk Contributory Negligence - =Answer>> can be understood as, "if you hadn't played part in the negligence, you would not have experience's the damages" therefore you get no indemnification Comparative Negligence - =Answer>> an adjuster may seek to suggest a claimant was a % responsible and the policy holder a percentage responsible for damages Reservation of rights or non waiver agreement is issued when... - =Answer>> the case may not fall under the items of the insurance policy special damages - =Answer>> A form of compensatory damages that awards a sum of money for specific, identifiable expenses associated with the injured person's loss, such as medical expenses, repair bills, or lost wages Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Drywall - =Answer>> type of wall covering is compromised of a panel of gypsum plaster pressed between two thick sheets of paper Basic types of foundation used in dwelling construction - =Answer>> post and beam, crawl space, slab How many squares of siding would be needed to cover an exteriro wall measuring 9 feet tall and 40 feet long ( sq.ft.) with 3 windows measuring 20 sq.ft. each? - =Answer>> This wall would need 3 squares of siding. First, we need to deduct the window area from the total value. Three windows are 20 sq.ft. each which equals 60 sq.ft (3x20=60) Take the 360sq.ft. and divide that by the 60 sq.ft 360-60= Then divide 300 by 100 because 1 square foot equals 100 (300/100)= Dormer: - =Answer>> a projection through the slope of a roof for a vertical window policy rescission - =Answer>> rescinding a policy means declaring that it was never a valid agreement and it is only possible under certain circumstances such as material, intentional, or fraudulent misrepresentation Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Homeowner eligibility; Its personal; - =Answer>> HO policies are for individuals, not corporations, businesses, government entities, etc. Homeowner eligibility; own & occupy - =Answer>> HO policies are for individuals who both own and occupy their residences buildings that qualify for HO insurance - =Answer>> residential dwellings with up to 4 families (if at least one of the units is occupied by the owner of the dwelling), dwelling used only for residential purposes (exception= using a room for a home office or having a private daycare or school may be allowed), mobile homes (w proper endorsement), buildings under construction Insurance services offices forms currently used: - =Answer>> HO-2: Broad form HO-3: Special form HO-4: Contents Broad form HO-5: Comprehensive form HO-6: Condo form HO-8: Modified Coverage form George has an HO-2 policy on his home, one day a plane flying overhead loses a tire which smashes through George's roof, casuing extensive damage to his home and its contents. George files a claim with his insurer for the damages to his property. Which 2 perils under georges insurer may cover the claim - =Answer>> falling objects and aircraft Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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coverage only applies if fungi or rot is caused by a covered peril and coverage amount includes the cost of removing the fungi or rot, testing air, and replacing Permitted Incidental Occupancies Endorsement - =Answer>> provides a specified amount of coverage for on-premi Home Day Care Coverage Endorsement - =Answer>> homeowners endorsement as long as the business is conducted by the insured on their residence premises and scheduled in the endorsement. amount of premium depends on number of children for which the insured provides care (not including the insureds own children) Business Pursuits Endorsement - =Answer>> endorsement that provides personal liability and medical payments coverage for the insured's business pursuits that are described in the endorsement coverage doesn't apply if the insured is the owner of or partner in the business OR any liability arising out of aircraft, hovercraft, motor vehicles, watercraft, or draft animals Watercraft Liability Endorsement - =Answer>> specifically, this endorsement is intended for watercraft powered by motors with more than 25 horsepower and sailing vessels 26 feet or more in length Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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vessels must be scheduled in this endorsement does not apply to watercraft being operated in racing activities, being rented out by others. or craft used to carry people for a fee Personal Injury - =Answer>> Involves injury arising out of such activities as oral or written publication of material that slanders another person, invasion of privacy, wrongful eviction, or wrongful entry The permitted incidental occupancies endorsement to a homeowners policy provides - =Answer>> a specified amount of coverage under Coverage B and Coverage C for business purposes DP-1 Basic Form - =Answer>> NAMED PERIL COVERAGE covers only fire, lighting, internal explosion DP-1 Basic form endorsements - =Answer>> VMM: Vandalism and Mischief- intentional injury or destruction of covered property (doesn't include theft, burglary, larceny, pilferage) Extended coverage: Windstorm. civil commotion, smoke, hail, aircraft, vehicles, volcanic eruption, external explosion, riot DP-2 Broad form - =Answer>> Same perils as DP-1 Basic form
- coverage for the extended coverage endorsement perils Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Barns, outbuildings, and other farm structures (coverage g) covers - =Answer>> barns, silos, and granaries, pens and fencing (except fields and pastures), corrals and livestock chutes, feeding structures, outdoor masts, towers, and antennae, farming storage structures, construction or repair materials kept on or adjacent to these structures Commercial coverage forms (coverage e, f, and g) extensions and exclusions - =Answer>> extensions: private light and power poles with a limit of $250 per occurrence exclusions: land, field or pasture fencing, foundations, pilings and piers, cost of evacuations, grading or filling, structures also used as dwellings Inland marine forms - =Answer>> Mobile Agricultural Machinery and Equipment; Livestock Floater: covers agricultural machines and their tools and equipment, allows higher limits of insurance than other forms, provides scheduled and unscheduled blanket cov., requires co insurance for full cov to apply, gives open-peril cov with ACV valuation property not covered: equipment for sale or on consignment, machinery used in logging or forestry Livestock floater: covers horses, mules, cattle, swine, sheep and goats, scheduled and unscheduled cov, includes animal injured or killed in transit, named-peril cov, requires co insurance Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Custom Farming Liability Coverage - =Answer>> covers farmers doing contract work, will not apply if farmer makes more than $5,000 per year as a contractor Farm Employees Liability - =Answer>> is available by endorsement, covers employee injuries not allowed under workers comp agritainment - =Answer>> farm-based entertainment. excluded from farm form. agritainment property: adds coverage to damage to tje farmers property causes by agritainment agritainment liability: covers farmers liability for injuries that occur during agritainment activities on his farm Loss settlement valuations - =Answer>> usually acv, cosinsurance required for RC valuations replacement cost claims process: - =Answer>> insurer only pays full amount after repairs are done Commercial property~ cancellation/non renewal - =Answer>> insurer should inform policyholder at least 45 days before cancellation & the penalty for not giving 45 days notice is the insurer must give additional 30 days of coverage at same rates Commercial property~vacancy definition - =Answer>> building is closed for 60 days less than 31% of buildings available floor space is occupied for 60 days Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
