Florida Claims Adjuster Exam – 3 Correctly Answered

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 Correct Answers 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 Correct Answers 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 Correct Answers 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 Correct Answers 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