Intro. To Claims Adjusting - Module 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

Skye is an insured under an insurance policy that covers both the insured and the insured's actions for which they can be held liable. Which of the following statements is NOT true in this situation?

Any claim submitted against the policy for an act of negligence accidentally committed by Skye is a first-party claim

Which of the following is NOT considered to be a "specialty adjuster"?

Casualty adjuster

Kelly, Vince, Ed, and Ginny are all staff adjusters. Which of these adjusters is acting appropriately as a fiduciary agent?

Ed knows the claimant can't possibly afford to pay for their extensive damages, but he denies the claim anyway because the cause of loss was not covered by the policy.

The authority that is specifically provided to an adjuster (orally or in writing) by the insurance company who has 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 "Implied authority" allows the adjuster to perform all of the usual tasks necessary to adjust a claim that are specified in their "express authority".

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 a/an:

Public adjuster

All of the following statements are TRUE regarding the fiduciary responsibilities of an adjuster, EXCEPT:

The adjuster must make statements in writing before they will bind the principal

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

The insurer.

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