Alabama Adjusters License |362 Questions| With Correct Answers.

Automobile No-Fault Laws {Ans: Laws in effect in some states that require any owner of a vehicle to purchase no-fault insurance; that is, insurance that indemnifies the insured, regardless of who was at fault in an accident. No-fault laws also restrict the insured's right to sue the at-fault party.}Depreciation {Ans: A decline in value of property caused by wear or loss of usefulness, usually measured by a specific formula.}Eligibility {Ans: Eligibility Requirements are found in some insurance policies. They identify the conditions that must be met by the policyholder in order to qualify for coverage under a policy.}Claims Management {Ans: The practice of the insurance adjuster of managing a claim by processing it in a prompt and effective manner from the time the claim is filed until a settlement is reached, while adhering to all local and federal laws.}Hazard - Moral {Ans: Conscious and deliberate action on the part of the insured that increases the chance of a loss. All conscious acts committed with a hope to defraud the insurance company are moral hazards}Market Value {Ans: The price something will sell for in the open market, or "fair market value."}