Download Georgia Claims Adjuster Exam Review Questions and Answers and more Exams Insurance law in PDF only on Docsity!
University of Georgia
(Risk Management and Insurance Program)
State Insurance Claims Adjusters Certification
Georgia 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.
Good Luck!
🤔 Hybridgrades101@gmail.com
State Insurance Claims Adjusters Certification 2024- Georgia G.A Insurance Adjuster Exam Review Questions and Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - HO-3 (special form) - =Answer>> covers the dwelling and other structures on a risk-of-direct-physical loss basis. All direct physical losses are covered except those losses specifically excluded. Personal property is covered on a named perils basis HO-2 (broad form) - =Answer>> covers the dwelling, other structures, and personal property on a named perils basis HO-4 (contents broad form) - =Answer>> covers a tenant's personal property on a named perils basis HO-5 Comprehensive Form - =Answer>> provides open perils coverage ("all-risks coverage") on the dwelling, other structures and personal property. HO-6 (Condo Form) - =Answer>> covers personal property on a named perils basis. A minimum of $5,000 of insurance is also provided on the condominium unit that covers improvements and additions HO-8 (modified coverage form) - =Answer>> designed for older homes. Dwelling and other structures are based on Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
A commercial policy typically provides some coverage for loss to personal property of employees. Commercial policies are generally not designed to cover farms and 1-4 family dwellings. Six Special Characteristic of Insurance Contracts - =Answer>> Personal, Adhesion, Utmost Good Faith, Aleatory, Unilateral, Condition Coverage F - =Answer>> Medical Payments Umbrella - =Answer>> An umbrella policy provided liability coverage over and above the normal or base limits of liability in a policy. An umbrella policy is a type of excess policy Risk Transference - =Answer>> Management of severe risk by transferring the risk of another party Risk Avoidance - =Answer>> Eliminates risk by not taking an action that involves risk B.O.P. - =Answer>> Business Owner Package C.P.P - =Answer>> Commercial Package Policies Representation - =Answer>> A statement of a fact Misrepresentation - =Answer>> A false, distorted, or deceitful statement of fact or opinion, even if made unintentionally Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
Personal Contract - =Answer>> Protects the policyholder from financial losses. It does not protect property from becoming damaged. Coverage the follows the person, not the property. Adhesion Contract - =Answer>> The insurer is responsible for the term of the contract. The insured has no say in wording. Courts favor the insured in the event of an ambiguity. Utmost Good Faith Contract - =Answer>> Applicants are expected to be completely honest about the risk to the insurer. The insurer must rely on applicants to conceal or misrepresent pertinent facts. Aleatory Contract - =Answer>> Policy holder could pay more in premiums than they ever get for claims, or insurer could pay more in claims than it recieves. 60 - =Answer>> A discovery from commercial crime policy can apply to losses discovered during the policy as well as up to many days after his expiration date. Reciprocal Insurer - =Answer>> An unincorporated organization of subscriber that operates through an attorney in fact to provide insurance benefits for its members Risk Reduction "Risk Mitigation" - =Answer>> Taking measures to reduce the risk involved in an action Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
Indemnitor - =Answer>> Fourth Party to a surety bond who agrees to reimburse the surety for losses sustained if the principal defaults Suretyship - =Answer>> An arrangement between three parties in which one party promises to perform for another party, and a third party guarantees they will fulfill that premise Doctrine of Reasonable Expectations - =Answer>> The contract should be interpreted as a reasonable person would interpret it Coverage C - =Answer>> personal property Which statement about the Federal Employers Liability Act is True? - =Answer>> It protects only interstate railroad workers and their families In GA, an individual has_____ to file a lawsuit for libel - =Answer>> One Year In the personal Auto Policy, Part F- General Provisions Provides: - =Answer>> Rules regarding cancellation or changes to the policy Business Income Coverage - =Answer>> Provides protection for loss of income due to a covered loss Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
collateral - =Answer>> A sum of cash or valuable property put into a reserve controlled by the surety. Standard Form 25 - =Answer>> Financial institution bond is designed for all types of insurance companies Captive Insurance - =Answer>> an insurer owned by a parent firm for the purpose of insuring the parent firm's loss exposures Insurers - =Answer>> Guaranty Associations are funded by? CPP (Commercial Package Policy) - =Answer>> An elective- based policy Which of the following is NOT true regarding the Georgia Fair Plan? - =Answer>> Commercial Properties are not eligible Which of the following is NOT true of Personal Injury Protection? - =Answer>> PIP is usually secondary coverage Actual Cash Value (ACV) - =Answer>> A valuation method that takes into account an item's depreciation. Formula: Replacement Cost minus Depreciation Valuation - =Answer>> The process of estimating what an item is worth Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
Fraternal Benefit Society - =Answer>> is a social organization based around common interests and beliefs. Contributory negligence - =Answer>> is a defense in which the insurer refuses to pay anything if the claimant was even partially liable for the loss. After a policyholder files a claim, the insurer has ______ days to send proof of loss forms. - =Answer>> 15 Once a claimant files a complaint to the court, the claimant will become the: - =Answer>> plaintiff When is a self-insured retention applied in an umbrella policy? - =Answer>> When the umbrella policy covers a loss that is excluded by primary policies Which of the following homeowners policies provide coverage on an open-peril basis for personal property without endorsement? - =Answer>> HO- In a DP-2 Broad Form, which of the following would be covered under the peril of Theft? - =Answer>> Broken windows caused by a burglar breaking in The insuring agreement for Part A-Liability in a personal auto policy states that: - =Answer>> the insurer has the right to settle liability cases out of court. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
In a garagekeepers policy, PIP coverage is: - =Answer>> available with an endorsement. All of the following are typical exclusions in an insurance policy, EXCEPT: - =Answer>> explosion. A typical mobile home policy: - =Answer>> settles losses on an actual cash value basis. In the Personal Auto Policy, Part F - General Provisions provides: - =Answer>> rules regarding cancellation or changes to the policy The insuring agreement for Part A-Liability in a personal auto policy states that: - =Answer>> the insurer has the right to settle liability cases out of court. Which settlement option is usually reserved for the largest claims? - =Answer>> Structured settlement Dwelling policies cover: - =Answer>> property, and liability with an endorsement Mental anguish would be an example of: - =Answer>> general damages. An insurer that adheres to the laws of a state but is located outside of that state is called a(n) ___________ insurer. - =Answer>> foreign Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
with a captain's decision to voluntarily sacrifice a part of the ship or its cargo. - =Answer>> General Average Which statement BEST describes the additional coverages available for both commercial and residential policies? - =Answer>> They add coverage for very specific losses or expenses. The Insurance Guaranty Association is a mechanism that covers claims in the event of - =Answer>> insurer's insolvency If a claimant in Georgia has completed a proof of loss form, an insurer has ____ days to accept or deny a claim before it must contact the claimant to explain why more time is required. In that case, the insurer has an additional ____ days to make a decision on the claim. - =Answer>> 15; 45 subrogated - =Answer>> The transfer of rights that allows the insurer to recover its losses after it has indemnified a policyholder warranty - =Answer>> An ongoing assurance made by the insured that certain conditions in an insurance contract will be met (for example, that the insured will maintain functional fire alarms). direct loss - =Answer>> Physical harm to tangible property indirect loss - =Answer>> Economic loss that results from a direct loss Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
In Georgia, Workers compensation insurance can cover funeral expenses, up to: - =Answer>> $ States that have special legislation that requires workers compensation coverage to be provided exclusively by the state's workers comp program are: - =Answer>> Monopolistic Which statement about the Federal Employees Compensation Act is TRUE? - =Answer>> It provides federal government insurance for civilian employees. Law of Large Numbers - =Answer>> A large number of similar risks that must be insured Which type of coverage relates to damage to or destruction of detached structures in a typical homeowners policy? - =Answer>> Coverage B The unfair trade practice of offering inducements for the purchase of insurance is called: - =Answer>> rebating In which type of group life insurance policy may the holder allocate the net premiums to one or more of several investment accounts? - =Answer>> Group variable universal life insurance How much of a property must be unoccupied for it to be defined as vacant by the standard commercial property policy? - =Answer>> 30 percent Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
Depreciation - =Answer>> An item's estimated loss of value due to wear, tear, and age Estoppel - =Answer>> Legal Principle that prevents an insurer from denying coverage if the insured has reasonably come to believe that he has such coverage, based on the insurer's practices Moral - =Answer>> results from the policyholder's deliberate decision. Invovles reckless behavior because of the financial security offered by insurance "behavioral hazard" Hard Fraud - =Answer>> Deliberately planning or faking a loss Soft Fraud - =Answer>> exaggerating a claim to inflate the indemnity Obligee - =Answer>> Party to whom the principal owes the obligation A processing and servicing company would qualify for a BOP only if they have less than _____ in annual revenues. - =Answer>> $3 million Which of the following lines of coverage could be found in a Commercial Package Policy? - =Answer>> Business Auto insurance Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
The Severability of Interests condition states that: - =Answer>> coverage applies to each insured separately, as if no other insured existed. By signing a settlement release, the claimant gives up the right to: - =Answer>> seek any further damages. Which of the following homeowners policies provide coverage on an open-peril basis for personal property without endorsement? - =Answer>> HO- Bailee Coverage - =Answer>> Is the insurance which protects the party responsible for the possessions of another. Direct Excess Coverage - =Answer>> Applies to amounts in excess of the vehicle owner's personal auto coverage. Direct Excess coverage operates without regard to liability. Direct Primary Coverage - =Answer>> Operates without regard to liability. (Split the cost of loss) Non owner car insurance - =Answer>> a special policy designed for people who don't have a car. It provides liability coverage when you rent or borrow someone's vehicle. Liability insurance pays if you cause injuries to others or property damage in a car accident. Multi-Peril Crop Insurance (MPCI) - =Answer>> Is the oldest and most common form of federal crop insurance. MPCI protects against crop yield losses by allowing participating Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
customers' property. The perils covered include burglary, robbery, destruction, or damage. A bank would be likely to need such coverage. Employee's Average Weekly Wage - =Answer>> is the average amount the employee earned in the last 13 weeks leading up to her injury. (66 percent) An employee can receive Temporary partial disability benefits for a maximum of: - =Answer>> 350 weeks Which of these is NOT typically excluded from coverage in a property insurance policy? - =Answer>> Lightning DP-3 Special Form - =Answer>> Under this Dwelling coverage form: dwelling and other structures are covered for all direct physical damage (open peril), except for perils specifically excluded. Which of the following insurance protections is NOT offered by a garagekeeper's insurance policy? - =Answer>> Personal injury protection Title insurance guarantees against monetary losses due to future legal attacks on the insured title for how long? - =Answer>> In perpetuity Resident Georgia insurance adjusters who have been licensed for less than 20 years are required to complete ____ hours of continuing education every ____ years - =Answer>> Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
🤔 Hybridgrades101@gmail.com
A "newly acquired auto" must: - =Answer>> be reported to the insurer within 30 days. The _________________ is the Federal Law that regulates the collection, dissemination and use of consumer information by insurance companies, credit agencies, and financial institutions. - =Answer>> FCRA- Fair Credit Reporting Act Which of the following statements regarding scheduled fidelity bonds is FALSE? - =Answer>> All employees are bonded for the same aggregate amount. What is the last step in the claim settlement process? - =Answer>> Preparing the final adjustment reports A ___________ is a law set forth by a governing body such as a state or city. - =Answer>> statutory law Comparative Negligence - =Answer>> When the insurer only offers partial indemnification, arguing that the claimant is partially responsible for their injuries Total disability benefits - =Answer>> are paid to a worker who suffers a catastrophic injury. Under the The Longshore and Harbor Workers' Compensation Act, how much would the surviving spouse of a deceased worker receive in benefits? - =Answer>> 50% of the deceased worker's Average Weekly Wage Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
