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Florida Claims Adjuster Exam 2023 Study Guide 203 Questions and Answers Severability - Correct Answer Insurance applies separately to each insured as if other insureds did not exist. Abandonment - Correct Answer Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest - Correct Answer One wherein economic loss would be suffered from an adverse happening to the subject...

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35 pages

Written in 2022/2023

Grade A+

Winfred

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Peril - Correct Answer Something that causes a loss. Hazard - Correct Answer Something that increases the probability that a loss will occur. Warranty - Correct Answer A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation - Correct Answer An untrue statement by the insured, made in an application for insurance but which ...

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60 pages

Written in 2022/2023

Grade A+

Winfred

Florida Claims Adjuster Exam – 3 Questions with Correct Answers 2023 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 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...

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54 pages

Written in 2022/2023

Grade A+

Winfred

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 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 in...

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33 pages

Written in 2022/2023

Grade A+

Examsolutionslatest

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 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 in...

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33 pages

Written in 2022/2023

Grade A+

achievers01

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 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 interest...

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33 pages

Written in 2022/2023

Grade A+

Mrketikai

Adjuster Licensing Class | Questions And Answers

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9 pages

Written in 2022/2023

Grade A+

StudyHall

Home Owner Coverage A Insurance company provides coverage for the dwelling as well as any structures that are ATTACHED to the dwelling and includes materials used to repair the dwelling that are on the premises. Insured has to have at least 80% of the value of home insured. Home Owner Coverage B Coverage for any structures that are not directly attached to dwelling, does not apply to a small business. Will only pay up to a maximum of 10% of the coverage amount for Coverage A. Does not r...

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19 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Automatic Increase Endorsement Used to keep the coverage current as a result of inflation on construction cost Punitive Damages (Exemplary Damages) It is an award above the pain and suffering amount as well as the special damages amount. An award intended to punish. 00:35 01:34 Comparative Negligence Establishes the percentage of fault shared by each driver in an accident in which both contribute to casusing the accident Experience Modification Rating The premi...

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44 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Short Rate Cancellation ( insured cancels the policy before its expiration date), a short-rate cancellation is issued. (can be charged a financial penalty) Flat Cancellation A cancellation of insurance that is retroactive to the effective date of the policy. (No coverage is provided insurer provides a refund.) 00:02 01:34 Non-renewal The termination of a policy at the expiration of its term. The policy does not renew and no coverage is provided after the expiration dat...

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20 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Risk In the insurance industry, risk can have two meanings: 1) the potential for financial loss; being exposed or open to damage, 2) an insured item. Risk Avoidance Insurers' practice of denying insurance applications that they believe would involve an inordinate amount of risk. 00:24 01:34 Risk Management Measures taken by an insurance company to ensure that their exposure is not too high and to control the effect of a loss; for example, an insurer might charge highe...

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15 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

All of the following are criteria for an accident to have occurred "in the course of" the employment under a workers' compensation policy, EXCEPT: While performing a task that a fellow worker requested, that was unusual to the employee's job description, but occurred on the employer's premises during working hours. Which of the following statements is NOT TRUE regarding the implied warranties of an Ocean Marine policy? The implied warranties are attached to the policy as an endorse...

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151 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Subrogate Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid by the insurance carrier to the insured for the loss. While investigating a claim, you determine that the loss was caused by a defective mechanism in the dishwasher. You would attempt to_________________________? Appraisal What is the process when an insurer and an insured have a dispute regardi...

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12 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Insurance claim a formal request to an insurance company requesting a payment, based on the terms of an insurance policy (contract) 00:28 01:34 First-party claim is made by a policyholder, insured, or beneficiary, directly against the insurance company. First-party claims are filed under policies such as Dwelling or Automobile Physical Damage Third-party claim is made against an insured who is covered by a liability policy, such as Commercial General Liability or Malpr...

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5 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

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 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 ...

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124 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Liability Insurance PAP (Part A) Pays all the sums and insured must legally pay as damage due to BI/PD caused by an accident and resulting from the ownership, maintenance or use of a covered auto. Coverage Part A through F of a PAP A. Liability B. Medical Payments C. UM/UIM D. Physical Damage E. Insured Duties F. General Provisions 00:50 01:34 Certificate of Insurance (COI) A document that proves the existence of insurance coverage Occurrence Something tha...

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86 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

The following are basic characteristics of a property or liability insurance contract, EXCEPT: A. Personal Contract B. Conditional Contract C. Loss Settlement Contract D. Contract of Adhesion C. Loss Settlement Contract The Insurers responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property against further loss, and to give the insurer proof of the loss is defined as? A. Conditional Contract...

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97 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) 00:03 01:34 Adhesion One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the ...

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31 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow 00:42 01:33 At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insured may colle...

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64 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS

Inception/Expiration Date an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date Date of which the loss occurred 00:03 01:34 Identification of parties involved The loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s). Po...

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40 pages

Written in 2022/2023

Grade A+

GUARANTEEDSUCCESS