Adjuster Exam 2024/2025 Already Passed

Market value when the property was first purchased {Ans: 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}Completed Value Form {Ans: Builder's Risk is most often written on which form? A building under construction could be insured on reporting forms, but the value should only increase during the policy period. To prevent all the administrative work required on reporting forms, most often completed value forms are used.}DP-1 {Ans: The dwelling policy that insures a structure on an Actual Cash Basis}48 hours {Ans: Jean owns a craft store. The protective safeguards endorsement of her BOP requires the store to have a functional automatic sprinkler system. A winter storm freezes the pipes to the sprinkler system, causing the system to shut down. How many hours does Jean have to restore the system before she must notify her insurer? If the automatic sprinkler system is shut down due to breakage, leakage, freezing, or opening of the sprinkler heads, the insured has 48 hours to restore the system before he or she must