Insurance Adjuster Exam | 203 Questions with 100% Correct Answers

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Which kind of losses are covered under a standard fire policy? - ✔✔Direct All fires are not covered by the Standard Fire policies, only those that: - ✔✔are hostile and have a flame or glow ... At what time does a fire policy go into affect? - ✔✔12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insured may collect under each policy? - ✔✔$5,000 A fire burning in the middle of the living room would be considered: - ✔✔a hostile fire An insured's house is damaged by fire caused by a neighbor's negligence. The insurance company will attempt to recover damage from the neighbor. This is called: - ✔✔subrogation Which of the following statements are true concerning requirements of the standard fire policy? - ✔✔The insured must separate damaged from undamaged property in the event there is a loss AND If a loss occurs, the insured normally has 60 days to file a proof of loss with the insurer Which types of property are excluded from coverage under the basic fire policy? - ✔✔accounts, currency, deeds, and securities Who is insured under the Standard Fire policy? - ✔✔the named insured and his legal representatives An agreement which affords temporary insurance protection until the policy is issued is called: - ✔✔a binder as a general rule, a complete fire insurance policy would be made up of: - ✔✔the Standard Fire policy with one or more forms attached The one condition listed below which will not void a fire policy: a) false swearing b) misrepresentation c) over-insurance d) concealment - ✔✔over-insurance [Show More]

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