Intro to claims adjusting - A

A formal request to an insurance company requesting a payment according to the terms of an insurance contract is known as:

An insurance claim

Dina is a workers' compensation adjuster who is an employee of an insurance company. Dina is:

a company or staff adjuster

All of the following statements are true regarding fiduciary responsibilities of an adjuster, EXCEPT: a) the adjuster must take statements in writing before they will bind the principal b) the adjuster has the authority to act on behalf of their principal c) the adjuster must represent the interests of their principal d) the adjuster should not represent interests that are averse to those of the principal

a) the adjuster must take statements in writing before they will bind the principal

Indemnify insurance, inc. is deploying adjusters to an area recently hit by a hurricane. The company has 25 employee adjusters who are ready to deploy but they need 25 more. Carol is a licensed adjuster who signs a contract with Indemnify insurance inc to work on their behalf during this deployment. Carol is acting as

an independent adjuster

Natalie assumes that her adjuster has the authority to settle her claim on behalf of her insurance company. This is an example of the adjusters: _______ Authority

apparent authority

Insurance adjusters have the "power to bind" which of the following statements best describes what that means: a) adjusters should not profit from a claim without the permission of the claimant b) the principal is bound to the decisions of the adjuster c) if a conflict of interest exists, the adjuster should not work on that claim d) the adjuster never acts with self-interest

b) the principal is bound to the decisions of the adjuster

The authority that is specifically provided to an adjuster (orally or in writing) by the insurance company who was appointed that adjuster is known as:

express authority

The type of "agent authority" that allows an adjuster to exercise his/her express authority is

implied authority

lawrence holds both an independent staff adjusters license and a public adjusters license as permitted by law in his state. He is employed by Binders Keepers inc and regularly adjusts claims for the company that arise from Homeowners policies. Lawrence has been hired by Kelli to act as a public adjuster on her behalf to present a claim under her Homeowners policy that was issued by Binders Keepers, Inc. If lawrence accepts the contract with Kelli, it may:

present a conflict of interest

a person, firm, or corporation that, for compensation, acts on behalf of an insured in negotiating the settlement of certain claims for loss or damage to property is known as an:

public adjuster

a public adjuster's fiduciary responsibility is to

the insured

An independent adjuster acts on behalf of his or her principal. Who is the principal for an independent adjuster

the insurer

Jaime has submitted a claim against Ron's insurance policy for a loss he has legitimately suffered. This claim is a:

third-party liability claim