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Guide for InsRI-PubAdj17: Rhode Island Public Adjuster

Quiz InsRI-PubAdj17: Rhode Island Public Adjuster

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Quiz

1/10
Standard Fire Policy
A dwelling is written on an unendorsed standard fire policy with a $200,000 limit. Lightning ignites the roof, and while the fire burns the insured hauls furniture to a neighbor's garage for safekeeping. Which statement best describes the perils the unendorsed policy insures against?
Select the answer
1 correct answer
A.
Direct loss by fire, direct loss by lightning, and loss to property removed from premises endangered by those perils
B.
Only direct loss by hostile fire, with lightning available solely by endorsement
C.
All direct and indirect loss caused by fire or lightning, including lost business income during rebuilding
D.
Fire, lightning, windstorm, hail, explosion, riot, aircraft, vehicles and smoke

Quiz

2/10
Personal Lines Property Coverage
An unendorsed ISO Dwelling Property 1 (Basic Form) policy is issued on a one-family rental house. Which perils does that unendorsed form insure against?
Select the answer
1 correct answer
A.
Fire, lightning and internal explosion
B.
Fire, lightning, windstorm, hail, smoke and vandalism
C.
Fire, lightning, theft and accidental discharge of water
D.
All risks of direct physical loss to the dwelling except those specifically excluded

Quiz

3/10
Commercial Lines Property Coverage
A retail insured purchased only Building coverage under the Building and Personal Property Coverage Form. After a fire, which damaged item is payable as Building?
Select the answer
1 correct answer
A.
Racks of finished merchandise stored on shelves inside the described building
B.
A customer's commercial mixer left at the premises for servicing
C.
A permanently installed ventilation unit plus the outdoor light fixtures serving the described building
D.
A pickup truck licensed for use on public roads parked in the insured's lot

Quiz

4/10
Inland Marine and Ocean Marine
A jeweler asks why a single policy can cover loose gems while they sit in the store safe, while they travel to a buyer, and while they are displayed at out-of-state trade shows, without using a commercial property form. Which principle best explains the eligibility of that risk for inland marine coverage?
Select the answer
1 correct answer
A.
Inland marine forms may insure any commercial property as long as the limit of insurance exceeds the value of the building
B.
Inland marine coverage is limited to property while it is actually aboard a vessel, aircraft, or railcar
C.
The nationwide marine definition permits inland marine forms to insure property in transit, instrumentalities of transportation and communication, and specified movable or floating property that is not tied to one fixed location
D.
Inland marine may be used only when the insured refuses to accept a coinsurance clause on the stock

Quiz

5/10
Additional Coverages and Exclusions
Under a commercial property business income coverage form, how is the insured's business income loss measured?
Select the answer
1 correct answer
A.
Gross sales revenue the insured would have collected during the shutdown, with no deduction for any expense
B.
Net income the business would have earned, with every operating expense treated as discontinued on the date of loss
C.
Net income (net profit or loss before income taxes) that would have been earned, plus continuing normal operating expenses, including payroll
D.
Only the fixed overhead the insured is contractually obligated to keep paying while operations are suspended

Quiz

6/10
Flood Insurance
A Rhode Island homeowner asks a public adjuster why nobody in her town could buy flood insurance until the town council took action; which statement best describes how eligibility for coverage under the National Flood Insurance Program is created?
Select the answer
1 correct answer
A.
Coverage is automatically available nationwide because the program is federal and does not depend on any local action.
B.
The state insurance department must first reinsure the program before residents of that state may purchase policies.
C.
The community must join the program by adopting and enforcing floodplain management measures that meet federal minimum standards.
D.
Only owners inside a mapped high-risk zone may buy, and only after the municipality constructs flood control works.

Quiz

7/10
Property and Casualty Insurance Terms and Concepts
A homeowner closes on the sale of her house on June 1 but never cancels her homeowners policy, which she keeps paying for. The house is destroyed by fire on June 20 while the buyer occupies it. On what ground will the insurer properly deny her claim for the dwelling?
Select the answer
1 correct answer
A.
She held no insurable interest in the dwelling at the time of the loss, so she suffered no financial detriment to be indemnified.
B.
Insurable interest is tested only when the policy is issued, but her premium payments after closing were void.
C.
The policy automatically transferred to the buyer at closing, so only the buyer may claim.
D.
The loss occurred during the policy period but she failed to give the insurer notice of the sale within thirty days.

Quiz

8/10
Policy Provisions and Contract Law
A property policy requires the insured to give notice of loss "as soon as practicable." How is that standard interpreted?
Select the answer
1 correct answer
A.
Notice must be delivered within 24 hours of the loss regardless of the insured's circumstances
B.
Notice must be given within 60 days, the same period allowed for the sworn proof of loss
C.
Notice must be given with reasonable promptness under the actual circumstances, measured by what a reasonable insured could have done
D.
Notice may be given at any time before the contractual suit limitation period expires

Quiz

9/10
Rhode Island Public Adjuster Practices and Duties
Which item must appear on the face of the written contract a Rhode Island public adjuster uses to be retained by an insured?
Select the answer
1 correct answer
A.
The insurer's own damage estimate as of the date of signing
B.
The name and license number of the independent adjuster the insurer assigned to the file
C.
The public adjuster's full name and license number
D.
A statement of the minimum settlement amount the public adjuster guarantees to obtain

Quiz

10/10
Rhode Island Unfair Claims Settlement and Trade Practices
A Providence homeowner telephones her insurer on April 2 and asks for the forms she needs in order to present her fire loss. The insurer mails the forms on April 18. Which statement best describes the insurer's conduct?
Select the answer
1 correct answer
A.
It is acceptable, because the deadline is 10 business days and intervening weekends extended the period.
B.
It is an unfair claims practice, because necessary claim forms must be supplied within 10 calendar days of the request.
C.
It is acceptable, because no deadline applies to claim forms so long as the insured is not prejudiced.
D.
It is an unfair claims practice only if the insured can prove a monetary loss caused by the delay.
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  • Quiz name:InsRI-PubAdj17: Rhode Island Public Adjuster
  • Total number of questions:337
  • Number of questions for the test:50
  • Pass score:80%

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