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University of Georgia
(Risk Management and Insurance Program)
State Insurance Claims Adjusters Certification
Georgia G.A Claims Adjuster Exam
Course Title and Number: Claims Adjuster 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 Instructions:
**1. Read each question carefully.
- Answer all questions.
- Use the provided answer sheet to mark your responses.
- Ensure all answers are final before submitting the exam.
- Please answer each question below and click Submit when you have** **completed the Exam.
- This test has a time limit, The test will save and submit automatically** **when the time expires
- This is Exam which will assess your knowledge on the course Learning** Resources.
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State Insurance Claims Adjusters Certification 2024- Georgia Adjuster Exam Review Questions with Correct Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - Which of the following is true regarding the Difference in Conditions (DIC) policies? Each DIC contract is unique to the risk that it covers. No two contracts are the same. However, one of the features of most DIC policies is that the policy needs to be accompanied by a named peril property policy to provide the all-risk coverage that is intended. - =Answer>> Each DIC policy is an individually written contract that contains provisions unique to the particular risk that it covers. A neighbor's tree has fallen into the insured's. The insured's homeowners policy will NOT pay to remove the tree UNLESS An insured's homeowners policy will pay up to $1,000 to remove from premises if a neighbor's tree fell by a covered peril, or if the tree blocks a driveway or handicapped ramp, even if no damage to a covered structure has occurred. - =Answer>> The tree is blocking the driveway An insured with a homeowners policy has removed property from the insured location to protect it from loss that could be caused by a covered peril. The removal coverage applies for Removal coverage applies for 30 days Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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breach, injury, and unbroken chain. Libel is a type of intentional tort. - =Answer>> Libel A loss has occurred before the first report has been filed on a value reporting coverage form. Which is NOT true? If the loss is before the first report is due, full amount of the loss will be paid. Because provisional premium is based on 75% of the full amount of coverage, only 75% of the loss is paid if the first report is overdue. - =Answer>> Never more than 75% of the loss is paid. Which of the following forms provides the broadest coverage under an employee theft coverage form? Blanket position bond covers all employees in all positions on a per employee basis. - =Answer>> Blanket position Why don't commercial auto coverage forms automatically include medical payment coverage? Commercial auto coverage forms do not automatically include medical payment coverage. (Often, any person who would occupy the vehicle would be covered under a workers compensation policy.) - =Answer>> Often any person occupying a commercial vehicle would be covered under a workers compensation policy. Which of the following losses would NOT be covered by a homeowner's policy? HO will pay up to $2,500 for silverware by theft; $1,500 for boats, motors, trailers; $1,500 for loss of trailers not used with boats; but no more than $200 for coins. - =Answer>> A coin collection valued at $500 lost in a fire Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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In a participation plan, the insured may be eligible for which of the following? The insured is eligible for dividends (partial premium refund) if the experience during the policy term falls within guidelines established by the insurer at the inception of the policy term. Dividends are not guaranteed, and to be eligible for participation, the account must generate a minimum amount of premium. - =Answer>> A partial premium refund All of the following statements are true regarding fire department service coverage under the Businessowners policy EXCEPT The fire department service charge covers charges up to $1,000 and is payable in addition to the limit of insurance shown in the declarations and is not subject to any deductible. - =Answer>> This coverage limit pays in place of the limit of insurance shown in the Declarations. Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract? A warranty in insurance is a statement guaranteed to be true. When an applicant is applying for an insurance contract, the statements he or she makes are generally not warranties, but representations. Representations are statements that are true to the best of the applicant's knowledge. - =Answer>> Warranty Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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recommendations. - =Answer>> The insurer does not have the right to inspect the insured's property and operations. Which of the following is NOT true concerning the fair rental value coverage provided in a dwelling policy? The cause for the property not being livable must be a covered peril. - =Answer>> Loss or expense caused by the cancellation of a lease is covered. All of the following are options of the insurer in the loss settlement of a standard fire policy EXCEPT In most cases, the insurer will pay the ACV or appraised value of a loss. The SFP does give the insurer with two other options in the loss settlement process: 1) take possession, or 2) repair, rebuild, or replace. - =Answer>> Pay replacement cost value. Which of the following is a casualty loss? Casualty insurance consists primarily of liability coverages, which protect an insured against injury or damage claims made by other parties. Legal liability arises through negligence in this case. - =Answer>> A fire that was caused by the insured's negligence burns a neighboring building. The owner of the building sues the insured. An insured's business is damaged because of a fire and he is forced to close business temporarily for repairs. As a Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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result the insured lost income. What type of loss is this? - =Answer>> Consequential also known as Indirect Loss The insured crashes into a porch and the person sitting on the porch. The person on the porch is injured. The insured's insurance policy has a limit set at $500,000. This amount applies to the total of damages for any bodily injury and property damage resulting from one accident. Which type of limit of liability does the insured have? This single dollar limit of liability applying to the total of damages for bodily injury and property damage combined resulting from one accident or occurrence - =Answer>> Combined Single If a liability policy had split limits of 100/300/100, what is the maximum amount that would be payable in the event of injury to a single person? The first limit shown is the most the policy will pay for bodily injury to any one person - =Answer>> $100, What kind of liability would a person with a swimming pool have? Any conduct that is inherently dangerous imposes this liability. The claimant does not have to prove anythhing. - =Answer>> Absolute An agent license can be issued - =Answer>> Only to individuals If a policy has been in affect for at least 60 days or is due for renewal, a cancellation may only be affected for this reason Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Provides the insurer a method of settling a loss when only a part of the insured pair or set is damaged. The insurer will pay for the loss or damage to an insured item, plus the amount that the loss of one item detracts from the value of undamaged item(s) of the pair or set. - =Answer>> Pair and Set Clause The essential parts of an insurance policy - =Answer>> Insuring clause, Exclusions, Conditions Because an insurance policy is legal contract, it must conform to the state laws governing contracts which require all the following statements except Legal purpose, Consideration, Conditions, Offer and Acceptance - =Answer>> Conditions An insurance contract must contain all of the following to be considered legally binding EXCEPT Offer and Acceptance, Consideration, Beneficiary's Consent, Competent Parties The essential elements of a legal contract are Offer and Acceptance, Consideration, Competent Parties, Legal Purpose - =Answer>> Beneficiary's consent ** Something of value one party gives to another. --The consideration on the part of the insured is the payment of premium and the representations made in the policy. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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** When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as which of the following? -Consideration is something of value that each party gives to the other. The consideration on the part of the insured is the payment of premium and the representations made in the application. - =Answer>> Consideration In the event of a loss covered by the policy, the named insured is required to submit to the insurer a signed sworn proof of loss within - =Answer>> A specific time (usually 60 days, time may vary) Physical damage coverage on customers' autos while in care, custody and control of the garage operation. - =Answer>> Garagekeepers Liability Which of the following statements is true regarding physical damage coverage in a garage form? Collision coverage is provided only for dealers Autos held for sale by a dealer are listed individually in the policy No coverage is provided for autos stored for more than 45 days at a location not shown in the declarations Specific causes-of loss coverage is not available for physical damage coverage Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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The insured's business autos - =Answer>> The insured's business income losses due to personal injury When a policy is cancelled for a reason other than nonpayment of premium or if the policy is nonrenewed, the insurer must notify the insured of his/her possible eligibility for insurance through - =Answer>> The Georgia Automobile Insurance Plan Business Auto Coverage applies only to those autos which are identified as "covered autos" in the declarations of the policy. Covered autos are identified by - =Answer>> A symbol What would not qualify as a hired auto? Hired automobiles include those that are leased, hired, rented or borrowed excluding autos that are owned by employees - =Answer>> An auto borrowed from an employee Who is does the Garage Coverage Form insure? - =Answer>> Auto businesses such as auto dealers, service stations, auto repair shops Who is not an insured for liability on a BAP? A Business Auto Policy defines who is not an insured; the owner of a car the insured borrows is one of them. - =Answer>> The owner of a car the insured borrows What is a true statement concerning underinsured motorist coverage under a personal auto policy? - =Answer>> Coverage applies only to the extent that the underinsured Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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motorist limits exceeds the bodily injury limits carried by the operator of the other vehicle. A situation where a jewelers block would cover a loss. Property covered in transit by registered mail (precious and semi-precious stones, metals available for sale, jewelry sold but not delivered, raw materials to be used to create jewelry ) ex: A jeweler fixes a necklace and sends it by registered mail to the owner. When the necklace arrives it has been damaged. - =Answer>> Jewelers Block Coverage What is not a consideration when paying an inland marine claim? Cost to replace the property Market value when the property was first purchased ACV on date of loss Cost to repair or restore the property - =Answer>> Market value when the property was first purchased What is the maximum an insurer will pay under the equipment dealers cleanup and removal extension of an inland marine policy? - =Answer>> $10,000 for all expenses incurred during a 12-month period Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Program made up of private insurers that write and service National Flood Insurance policies on a no risk-bearing basis through a special arrangement with the Federal Insurance Admin. WYO retains part of the flood insurance premium to pay for commissions and administrative costs. The remaining premiums, plus investment, are used to cover losses. - =Answer>> WYO Program (Write Your Own) True statements concerning coinsurance in the event of a total loss.The coinsurance clause does not operate and the face amount of the policy is paid. Encourage insurance to value EXCEPT - =Answer>> The coinsurance formula will be applied to total losses When a mortgagee is named in a mortgagee clause attached to a fire or other direct damage policy - =Answer>> the loss reimbursement will be paid to the mortgagee as their interest may appear; and, the mortgagee's rights of recovery will not be defeated by any act or neglect of the insured. The mortgagee is also given other rights, such as bringing a suit in their own name to recover damages. The true statement concerning underinsured motorists coverage under a personal auto policy - =Answer>> Coverage applies only to the extent that the underinsured motorists limits exceed the bodily injury limits carried by the operator of the other vehicle FAIR Plans are state insurance pools that provide property insurance to high risks areas, such as neighborhoods that Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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have deteriorated or are in urban decay. What does the acronym FAIR stand for? - =Answer>> Fair Access to Insurance Requirements Under the Commercial Crime coverage part, loss resulting from employee theft is Employee Theft covers losses resulting from the theft of covered property by employees. Property covered under this form includes money, securities, and property other than money or securities. - =Answer>> Excluded unless a limit of insurance is shown in the Declarations for Employee Theft coverage The damage coverage would pay for the loss of the a product that is damaged and can't be sold - =Answer>> Utility service - direct damage The broadest form of hull coverage and provides all-risks coverage on the aircraft both while it's on the ground and while it in flight - =Answer>> The All-Risks Ground and Flight Aircraft Hull This is a true statement regarding single dwellings that are insured to at least 80% of the replacement value? - =Answer>> They are automatically provided with replacement cost coverage or the maximum allowed under the regular flood insurance program Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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The regular National Flood Insurance Program would insure an eligible single-family dwelling for up to It is written for the value of the dwelling up to $250,000 on a replacement cost basis - =Answer>> $250, A liability that provides increased limits and expanded coverage over underlying casualty coverages is called. It also expands the coverage by covering exposures that are excluded in underlying policies if they are not likewise excluded by the umbrella - =Answer>> Umbrella liability policy What is the purpose of NFIP? National Flood Insurance Program. Created by the federal govt to make flood insurance available to eligible communities thru fed subsidies. Managed by FIA (Federal Insurance Association), a branch of FEMA - =Answer>> To fill the gap left by private insurers in flood coverage NOT one of the 3 requirements for property to be eligible for FAIR plan coverage? Property eligible for FAIR plan coverage must be located in a specific area defined by the state, must be considered insurable based on reasonable underwriting standards, and must not have been able to purchase coverage through the normal insurance market. - =Answer>> It must be valued at an amount under the maximum value amount set by the state Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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True statement regarding a boatowners policy are true EXCEPT Automatic coverage is provided on replacements for the boat listed in the declarations provided the insured notifies the insurer within 45 days of purchase and pays any additional premium required. - =Answer>> Replacements for the boat listed in the Declarations are automatically covered, if the insured notifies the insurer within 60 days and pays the additional premium. Full replacement cost is defined as It does not consider depreciation if the proper amount of insurance is maintained. These policies require that the amount of insurance written be 80% or more of the replacement cost of the property at the time of loss - =Answer>> Full replacement of property at its current cost, new and without reduction for depreciation What provision would pay coverage for defense expenses at no additional premium? This is a provision in an insurance policy that provides additional amount of coverage for specific loss expense, - =Answer>> Additional coverage clause The maximum limit of coverage available under a liability policy during a policy year regardless of the number of clams that may be made or the number of accidents that may occur - =Answer>> Aggregate limit of liability The classification of risk of loss. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
