Florida Claims Adjuster Exam – 3 Questions and Answers (Graded A)

Florida Claims Adjuster Exam – 3 Questions and Answers (Graded A)Florida Claims Adjuster Exam – 3 Questions and Answers (Graded A)This optional provision states that if the insured becomes totally disabled, premiums are waived but the coverage remains in force: A. Waiver of Subrogation B. Waiver of Premium C. Waiver of Value D. None of the Above - ANSWER-B. Waiver of Premium "premiums are waived" Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - ANSWER-D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests on working out their share. Insurance applies *separately* to each insured as if other insureds did not exist. This is defined as: A. Severability B. Conditional C. Warranty D. None of the above - ANSWER-A. Severability Property insurance policies usually contain a(n) __________ clause, stating the insured cannot *dump damaged property* on the insurer and demand its full value: A. Pro Rata B. Abandonment C. Liberalization D. All of the above - ANSWER-B. Abandonment A(n) __________ is one wherein economic loss would be suffered from an adverse happening to the subject: A. Conditional Contract B. Personal Contract C. Economic Contract D. Insurable Interest - ANSWER-D. Insurable Interest States that if the insurer adopts a revision which would *broaden* coverage without additional premium within some period of time prior to the policy period or during the policy period, the insured receives the benefit of such *broadened* coverage. A. Cancellation Clause B. Policy Period C. Pro Rata D. Liberalization - ANSWER-D. Liberalization The time frame is typically 60 days.