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This question is from our Insurance License Practice Tests practice test. Take the full practice test to test your knowledge across all Property Claims and other topics.
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About this topic: Property Claims
Property claims are about the value of what was lost: actual cash value versus replacement cost, depreciation, coinsurance penalties and proof-of-loss requirements. These questions cover the calculations and the policy conditions that decide what is paid. This is one of 6 Insurance Adjuster questions on property claims, each with a full explanation on a single study page.
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Related questions
A homeowner files a claim for fire damage. The adjuster inspects and estimates replacement cost at $150,000. The insured has an 80% coinsurance requirement on their policy with $90,000 of insurance. What is the maximum the insurer pays?
Property ClaimsAn adjuster is examining a burglary claim. The homeowner reports $15,000 in stolen electronics. The adjuster discovers the insured has no purchase receipts, no photos of the items, and no model/serial numbers. What should the adjuster do?
Property ClaimsAfter settling a property claim, the adjuster discovers the insured committed fraud — they inflated the value of damaged items and included items that were not actually present. What can the insurer do?
Property ClaimsA policyholder files a claim for water damage. Investigation reveals the damage resulted from a slow leak that occurred over 6 months, not a sudden event. How does this affect coverage?
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