Adjuster Exam 2024 Questions With Correct Detailed Answers With Rationales |verified|a+ Grade

Salvage Value (SFP) {Ans: parts value sold after a total loss by insurance company}Coverage B (Business personal property) {Ans: -Provides coverage for contents (machinery, furniture, and any other property owned by the named insured and used in the named insureds business. -Includes stock -also includes content within a 100 ft off the premises.}Basic Form Covers {Ans: -Standard Fire Policy (SFP) perils -EC Perils -VMM -Sprinkler leakage -Sink hole collapse -Volcanic eruption (airborne damage only) -Glass, but not breakage caused my vandalism}Commercial Package Policy (CPP) {Ans: The purpose was to modernize and standardize policy formats as well as to make the new policy more readable and understandable.}Punitive (punish) damages {Ans: are awarded to the plaintiff in addition to compensatory damages when the defendant's conduct has been malicious. They are awarded to punish the defendant and to deter others from committing similar actions}Named Perils {Ans: Only perils that are named are covered (insured must prove what caused the loss)}Total loss {Ans: When a motor vehicle is damage in an amount which equals or exceeds 75% of the pre-accident actual cash value.}Insuring Agreements (Insuring Clause) {Ans: States the perils in the contract and insurers responsibility