GA Claims Adjuster Licensing Exam Latest 2023 Already Passed

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GA Claims Adjuster Licensing Exam Latest 2023 Already Passed What coverage does Community Eligibility apply to? ✔✔Flood insurance through FEMA What's the difference between Emergency Program an... d Regular Program in the National Flood Insurance Program? ✔✔Emergency applies to homes in communities that are a normally not a flood hazard. Regular programs are awarded to an entire community that is eligible due to flood hazard. What is the flood coverage on a regular program in a 1-4 Family Dwelling? ✔✔$250,000 On what policy can you add the Flood Program endorsement? ✔✔None! It has its own policy through the Federal Government. Difference in Conditions (DIC) Insurance ✔✔A separate insurance policy that provides openperils coverage to fill in the gaps left by flood coverage if a home is worth over $250K. Coverage is produced through Excess/Surplus Lines. What is the waiting period on NFIP coverage? ✔✔30 days after policy purchase What is the coverage change waiting period for the NFIP? ✔✔5 days Give examples of the flood peril ✔✔- an overflow of inland or tidal waters - unusual or rapid accumulation or runoff of surface waters -Mudflow or Mudslide - Collapse of land along the shore of a lake as a result of erosion What kinds of things does flood insurance cover? ✔✔Your house and your things (dwelling and personal property). No indirect charges. Dwelling coverage extension for flood insurance covers what? How much is it? ✔✔Structures not attached to dwelling (O.S. or Appurtenant structures). 10% of Dwelling limit. ***It is an extension of coverage, NOT the $250K limit so any coverage needed here will reduce the amount able to go to the dwelling. Contents coverage of flood insurance is limited to what? ✔✔Personal property damaged or destroyed by the flood itself and belongs to insured and resident spouse/relatives. The insured is liable for content of others. What are the coverages of flood insurance? ✔✔Dwelling, Contents, Debris Removal How are damaged items valued in flood coverage? ✔✔Dwelling - replacement cost Contents - Actual Cash Value What kind of property is not covered by flood insurance? ✔✔Basements and underground structure (ex. septic tanks), animals, money/accounts/bills, land, anything else covered by other policies (motor vehicles, aircraft, watercraft) Loss Valuation on flood insurance ✔✔(amount of insurance purchased/80% Dwellings Total replacement cost) x Loss Amount Standard deductible on flood insurance ✔✔$1K for Dwelling and $1K for Content Personal Inland Marine Insurance ✔✔Floaters or policies for world-wide coverage of personal property on an open-peril basis. Is flood excluded from Personal Inland Marine Insurance? ✔✔NOPE. It's covered! What are the floaters available on Personal Inland Marine Insurance? ✔✔Personal Articles Floaters, Personal Property Floaters, and Personal Effects Floaters What perils are covered under Personal Inland Marine Insurance floaters? ✔✔all; open-peril Which PIMI floater would be appropriate for a diamond ring? Why? ✔✔Personal Articles Floater - itemizes valuables such as jewelry and furs What is a Personal Effects Floater good for? What deduc [Show More]

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