IS-1111: Introduction to Commercial Claims Answers

1

As an adjuster working a large commercial loss, you may expect to invest a great deal of time in handling such a loss.

  • True
  • False
2

Under the General Property Form, if a tenant of a building uses proceeds of a loss settlement under Coverage B for improvements to the building, this increases the limit of liability by 10%.

  • True
  • False
3

Actual Cash Value = Replacement Cost Value less depreciation.

  • True
  • False
4

Documentation may be considered one of the best defenses for an adjuster.

  • True
  • False
5

It is not necessary for a large commercial flood adjuster to be able to recognize the need for use of an expert. The adjuster should ask the policyholder for an opinion on the matter.

  • True
  • False
6

A large commercial loss adjuster must be capable of preparing an accurate scope of damage and estimate of at least $500,000.

  • True
  • False
7

Testing for or monitoring of pollutants is covered if required by law or ordinance.

  • True
  • False
8

The Adjuster Claims Manual describes three key elements that are part of the requirements for becoming certified for large commercial losses. Which of the following is not one of those key elements?

  • Scope
  • Written recommendations
  • Experience
  • Errors & Omissions insurance
9

Large commercial losses do not require a narrative report as there is already adequate documentation to support the file.

  • True
  • False
10

Once an adjuster determines that the use of an expert is needed, when should he or she recommend this to the carrier?

  • After calling an expert to set an appointment
  • As soon as possible
  • Upon submitting the preliminary report

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