Alabama Adjusters License Exam Questions And Answers (Verified Answers) 361 Questions

H0-5 {Ans: "Comprehensive form" of homeowners insurance; provides all-peril coverage for both structures and contents.}Principle of Indemnity {Ans: The principle behind all insurance contracts. It states that, when a loss occurs, the insured should be restored to his or her financial condition before the loss occurred, no better, no worse. The insured cannot profit from a loss}Personal Auto Policy (PAP) {Ans: A package policy that combines property damage and liability insurance for motor vehicles}National Association of Insurance Commissioners (NAIC) {Ans: A non-profit coalition of state insurance agencies that works to protect consumers and harmonize state laws and regulations}Federal Emergency Management Agency (FEMA) {Ans: A branch of homeland security that coordinates relief programs when disaster strikes an entire community.}Crop Hail Insurance {Ans: A form of crop yield insurance that is usually provided by private insurers without government subsidy. It offers named-peril protection on an acreage basis}