Florida Adjuster Exam QUALIFIED QUESTIONS AND ANSWERS GRADEDA+

Florida Adjuster Exam QUALIFIED QUESTIONS AND ANSWERS GRADEDA+ Which of the following is NOT one of the duties of the Department of Financial Services? b. Dept does NOT set rates nor write policies - ANSWER - Set rates and write policies for various company products The adjuster has a particular relationship to his principal, the insurer. Which of the following best describes this relationship? - ANSWER - It is a fiduciary relationship. The Claims Adjuster's role in the insurance industry includes all the following EXCEPT: - ANSWER - Gives appropriate legal advice and writes binding contracts All of the following activities are illegal for an adjuster, EXCEPT: - ANSWER - Use only company forms to prepare releases All of the following are part of the conditions imposed upon the insured in the event of a loss, EXCEPT: - ANSWER - Insured should negotiate on behalf of the company for 3rd party claimants. A claimant was given a settlement, which stipulated, that if the claimant did not contact the company within a certain period of time, the claim would automatically close. No release was signed. Which of the following best describes this method of settlement? - ANSWER - No release or walk-away The Continuing Education requirement to maintain an Adjuster license in Florida is: - ANSWER - Twenty four hours every two years. An adjuster received written notice from the Department of Financial Services regarding a claim. What length of time does he have to respond to the inquiry? - ANSWER - 21 calendar days Comparative negligence is determined through - ANSWER - Investigation & AnalysisAgreement between parties or by mediation or arbitrationJudge and/or jury During what period of time must an adjuster reply to communication from a policyholder on a claim? - ANSWER - 14 days Which of the following is NOT a goal in the adjusting process? - ANSWER - always pay the maximum limit of the policy An adjuster offered a claimant a settlement where the full payment would be presented and a release was signed. This is called a: - ANSWER - A Full Release settlement Adjuster Jane moved from one city in Florida to another. What length of time does she have to notify the Insurance Department of the address change? - ANSWER - 30 Days Which of the following is TRUE? - ANSWER - If an appointment is terminated, an adjuster has 48 months to secure another appointment Bad Faith & Adjusting Practices - Under the Florida Unfair Trade Practices Act & the Unfair Methods of Competition and Unfair or Deceptive Acts, all of the following are prohibited, EXCEPT: - ANSWER - Adjuster keeps accurate records on a claim