KY Claims Adjuster study guide
KY Claims Adjuster · Work through your exam, one topic at a time.
The Kentucky Claims Adjuster credential is a state license that authorizes a person to investigate, evaluate, and negotiate claims on behalf of insurers, self-insureds, or adjusting firms operating in Kentucky. It is intended for people entering the claims profession - career changers, former military, customer-service and body-shop staff - as well as for producers or agency personnel who want to handle claims directly. The KY Claims Adjuster study guide has 6 sections and about 1,984 words.
01Insurance Fundamentals and Terminology
Risk is uncertainty about loss. A peril is the cause of loss (fire, windstorm, theft); a hazard is a condition that increases the chance or severity of loss (frayed wiring, icy steps).
312 words, about 2 min02Property Insurance Coverages and Policy Provisions
Homeowners forms differ mainly by perils: HO-3 insures the dwelling on an open-peril basis and personal property for named perils; HO-5 is open peril for both; HO-2 is broad named peril; HO-4 covers renters' personal property and liability; HO-6 covers condo unit owners; HO-8 addresses older homes with functional replacement. Dwelling forms ( DP-1 through DP-3 ) cover non-owner-occupied property with no liability coverage unless endorsed.
330 words, about 2 min03Casualty Insurance Coverages and Policy Provisions
Casualty coverage responds to the insured's legal liability to others. The commercial general liability (CGL) policy is usually occurrence -triggered: the injury or damage must occur during the policy period, even if the claim comes later.
359 words, about 2 min04Kentucky Insurance Law and Adjuster Regulation
Kentucky insurance is governed by KRS Chapter 304 and administered by the Kentucky Department of Insurance , headed by a Commissioner appointed by the Governor. The Department licenses insurers, producers, and adjusters; examines market conduct; and enforces unfair trade practice and fraud statutes.
339 words, about 2 min05Claims Handling, Investigation, and Documentation
Every claim begins with first notice of loss : capture date, time, location, parties, witnesses, and reported facts, then open a claim number and verify the policy, named insured, dates, limits, and deductibles. Complete a coverage analysis before committing to payment.
331 words, about 2 min06Settlement, Negotiation, and Unfair Claims Settlement Practices
KRS 304.12-230 , Kentucky's Unfair Claims Settlement Practices Act, prohibits misrepresenting policy provisions, failing to act promptly on communications, failing to adopt reasonable standards, refusing to pay without a reasonable investigation, failing to affirm or deny coverage within a reasonable time, failing to explain a denial, and failing to settle where liability is reasonably clear. Kentucky also recognizes common-law bad faith and has addressed third-party bad-faith claims.
313 words, about 2 min