Adjuster Licensing (Fl) 2024 (100% verified answers)

What is a reserve, in insurance terms? correct answers A pool of collected premiums that the insurer sets aside to pay claims Ricky was watching a baseball game at XYZ Stadium, when the railing on which he was leaning gave way and he fell two stories. As a result of his fall, Ricky broke his back and is now paralyzed from the waist down. Ricky sued the owners of XYZ Stadium and was awarded $150,000 to cover his medical bills and $2.5 million in __________ because of the permanent nature of his injury. correct answers general damages A captive insurance company: correct answers exists solely to provide insurance for its parent company. Which of the following statements about a moral hazard is FALSE? correct answers It is the result of an unconscious behavior. Which of the following is TRUE of the vacancy condition in a typical insurance policy? correct answers It establishes the parameters for considering a building vacant for the purpose of coverage. Which of the following is NOT a risk management technique? correct answers Risk equality Jane's shed burns to the ground during a tornado, when the high winds break a wall of the shed, knocking over a lantern inside. What is the proximate cause of the loss? correct answers Wind This agent is self-employed and able to offer insurance products from more than one company at a time. correct answers Independent Sales Agent An insurance adjuster acts as a fiduciary agent for her employer. Which of the following statements is FALSE about the adjuster's role as fiduciary agent? correct answers The adjuster may not give the claimant materials showing how he came up with a settlement amount. Jim is an insurance adjuster working a theft claim. As part of his investigation, Jim might want to do all of the following, EXCEPT: correct answers C. look for ways to lower the settlement for the claimant. A Reservation of Rights letter is sent by: correct answers the insurance company. Bob's home was severely damaged by a thunderstorm and he claims it will cost $74,000 to repair. His insurer has investigated the claim, found the repairs could be done for $49,000, and has offered Bob this amount of indemnification. Negotiation between Bob and his insurer seems to be failing. Due to the unpredictability of the result, which of the following options should be avoided by the insurer if possible? correct answers Litigation