Louisiana Insurance Adjuster 2022/2023 Exam Questions And Answers

Reservation of Rights {Ans: Issued when circumstances of a lawsuit may not be covered under the policy. - Lets the insurer try to reach a settlement with the plaintiff. - Gives the insurer time to investigate obligations. - Allows the insurer to stop defending the policyholder if it finds case is not covered. - Gives the policyholder fair warning if she has to prepare her own defense.}Insurer {Ans: The agency or company that undertakes to indemnify for losses and performs other insurance related operations. Doesn't always mean a private insurance company; can also designate a government agency such as FEMA.}No Liability {Ans: The insured party has 0% or no liability in the damages to a third party.}Express Agent Authority {Ans: Authority that is directly granted to the agent in writing via the agent contract. Usually includes: selling policies, collecting premiums, issuing binders, offering discounts, canceling policies}Risk Management {Ans: The practice of identifying and analyzing loss exposure and taking steps to minimize the financial impact of the risks they impose.}Acknowledge the Claim {Ans: Step 1 of 9 in Adjuster Claims Process - Respond within (state law) required amount of time - Contact via letter or