Adjuster Pro - Details

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66 questions

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Guarantees work of someone appointed to take financial responsibility for others

Fiduciary Bond

Often required of litigants in civil suits to protect opposing parties

Court Bond (a.k.a) Litigation

Court bond that guarantees to appearance of a defendant in court

Bail Bond

Purchased to postpone payment of damage during the appeal process

Appeal

Protects against damages to property taken as part of the litigation process

Attachment

Pays damages if a person or business is wrongly affected by court action

Injunction

Assures the return of property to its rightful owner

Replevin

Protects the public from the public official's lack of performance

Public Official Bond

Guarantees that an importer/exporter will pay all customs taxes and fees, and obey regulations and laws.

Customs Bond

Guarantees that the principal and interest will be paid per the terms of the contract and promissory note

Financial Guarantee Bond

Guarantees that an insurer of a copy of a lost financial instrument will not suffer an economic loss if the owner of the instrument later finds and transacts the original

Lost instrument bond

Guarantees the health, safety, and welfare of the public during and after mining operations, and guarantees the land will be restored to its original condition

Reclamation bond

Pays worker's compensation filed by the self-insurers' employees when the self-insurer itself cannot meet this obligation

Self-insurance Workers' Compensation Bond

Guarantees a principal will faithfully perform duties as prescribed by law or bylaws of the obligee.

Faithful performance of duty bond

Guarantees that the principal (employee) will NOT do something. Written on "Employee Theft and Forgery Policy" form. Similar to commercial crime insurance.

Fidelity Bond

In a fidelity bond who is the principal, obligee, and Surety?

Employee, employer, insurer

Equipment built to operate under internal pressure or vacuum, other than the weight of its contents is covered under?

Equipment Breakdown Protection Coverage A

Mechanical or electrical equipment that generates, transmits, or utilizes energy is covered under?

Equipment Breakdown Protection Coverage B

Communication and computer equipment (but not data or storage media) is covered under?

Equipment Breakdown Protection Coverage C

Specified piece of equipment covered by the equipment breakdown protection coverage form.

Object

Coverage only available if the insured has also selected Business Income and Extra Expense, Extra Expense only, or Spoilage Damage Coverage.

Utility interruption coverage

Protects the insured party from an insurer who initially approves coverage, but then later denies coverage after the insured pays for repairs.

Estoppel

Factual statements from the insured upon which an insurance policy is based.

Representations

An oral or written statement providing temporary insurance coverage until an insurance policy can be issues.

Binder

Law that allows insurer to seek indemnification from third-party/at-fault party in a claim.

Subrogation

Holds a person liable for his actions regardless of how much care he demonstrates.

Strict Liability

A law set forth by governmental authority such as state or city

Statutory law

Jared hopes to purchase a new insurance policy for his car, but he has extremely poor driving record. The insurance company decides to issue Jared an insurance policy, but charges him a premium much higher than the average driver. The insurance company is practicing what?

Risk Reduction

Provision that mandates the insurer notify the claimant of its choices within 30 days of receiving proof of loss.

Company's Options provision in the standard fire policy

Coverage applies to each insured separately, as if no other insured existed.

Severability of Interest

Federal law enacted in 1916 establishes compensation for federal service employees for wages lost due to job-related injuries.

Federal Employees Compensation Act FECA

States that any changes to a policy form that broadens coverage without increasing the premium will automatically apply to existing policies.

Liberalization clause

Provision that allows the insurer the choice of whether to repair, rebuild, or replace damaged property.

Company's Options provision in the standard fire policy

Provision that states the insurer may choose whether to take all, or part, of the damaged property at the agreed or appraised value.

Company's Options provision in the standard fire policy

Valuation was usually done on an ACV basis. The only covered perils where fire and lightening It was a named peril policy only It is no longer used in its original format

Standard Fire Policy AKA The 165 Line Policy

True/False Negligence, whether intentional or not, is not covered in a broad insurance policy.

True

For loss settlement purposes, most homeowner policies pay for damages to personal property at _____ value, and damages to structures at _____ value.Ac

Actual Cash Value / Replacement Cost Value

How much is the limit for Credit Card fraud or forgery as an additional coverage to homeowner?

$500

"comprehensive form" open-peril coverage for structures and personal property. Most comprehensive coverage available (most expensive but most beneficial)

HO-5

"special form" open-peril coverage for dwelling and structures. named-peril coverage for contents (covers against all broad form perils)

HO-3

"broad form" Named peril policy - covers insured's house and personal property

HO-2

"Contents broad form" Known as renter's insurance (Think 4-rent) Covers all broad form perils for contents only (does not insure houses or other structures)

HO-4

"Unit owners form" known as the condo form, cover's owners belongings and all finished surfaces of the individual condominium unit.

HO-6

"Modified coverage form" named-peril coverage w/fewer perils. Covers property at ACV. Is the cheapest form of Homeowner's insurance.

HO-8

Dwelling policy "Basic Form" named-peril coverage, covers only fire, lightening, and internal explosion

DP1

Dwelling policy "broad form" named-peril coverage, covers fire, lightening, internal explosions and more.

DP2

Dwelling policy "special form" open-peril coverage to structures. Named-peril coverage to personal property (includes board perils). So broad it has a list of exclusions which includes theft.

DP3

Section 1 of the HO Policy that covers Dwelling

Coverage A

Section 1 of the HO Policy that covers Other Structures

Coverage B

Section 1 of the HO Policy that covers Personal Property

Coverage C

Section 1 of the HO Policy that covers Loss of Use

Coverage D

Section 1 of the HO Policy that covers Additional Property Coverage

Coverage E

Section 1 of the HO Policy that covers Exclusions

Coverage F

Section 1 of the HO Policy that covers Conditions

Coverage G

Which auto policy coverage will pay for an insured auto catching on fire?

Comprehensive Insurance

What occurrence would not be covered under the Comprehensive section of a PAP?

Roll Over

Any auto: liability only - new vehicle are not required to be reported

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Any owned vehicle

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Owned private passenger vehicle

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Owned non-private passenger vehicle

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Owned vehicle subject to no-fault insurance

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Owned vehicle subject to compulsory uninsured motorist law

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Specifically described vehicle - newly acquired vehicle - 30 days to report.

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Hired auto

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Non-owned vehicle

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Mobile equipment subject to comp. auto financial resp. req.

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