Florida Public Adjuster State Test 100% Correct!!

Florida No-Fault Tort Exemption -ANSWER Those who comply with the law are granted limited immunity from suits of others through PIP coverage. 4 Exceptions to Tort Exemption(Threshold of No-Fault) -ANSWER 1. Significant and Permanent loss of bodily function. 2.Permanent injury other than scarring and disfigurement. 3.Significant and Permanent scarring or disfigurement. 4.Death What does NFIP stand for? -ANSWER National Flood Insurance Program Form SR-22 -ANSWER Drivers Convicted of DUI or a traffic felony over the prior 3 years are required to have 100/300/50 coverage or a certificate of self insurance of $350,000. Contents of a CGL Contract -ANSWER 1.Declarations Form 2.Common Policy Conditions Form 3. One of: A.Occurrence Form B.Claims Made Form 4.Nuclear Energy Liability Exclusion Endorsement. Declarations of a CGL Contract(4) -ANSWER 1.Named Insured(including address) 2.Policy Period 3.Premium 4.Limits of Coverage 7 Common CGL Conditions -ANSWER 1.Cancellation(30 Days by insurer option, 10 Days By no payment). 2.Changes 3.Examination of Books 4.Inspections and Surveys 5.Premiums 6.Transfer 7.Nuclear Endorsement CGL Coverage A -ANSWER Bodily Injury and Property Damage Insuring Agreement The 3 Conditions that define work as "completed" -ANSWER 1.When all work called for in the contract is completed. 2.When all work to be done at the site has been completed if one contract calls for work at more than one site. 3.When that part of the work done at a job site has been put to its intended use by any person or organization other than another contractor or subcontractor. Occurance -ANSWER An accident, including continuous or repeated exposure to substantially the same general harmful conditions. accident -ANSWER Sudden, unexpected event The Difference between "Occurance" and "Claims Made" CGL Coverages -ANSWER The Coverage Trigger: The Occurance Form applies to BI and PD regardless of any later time at which the claim is made. The Claims-Made Form applies only to BI and PD that occurs on or after the "Retro-Active date" Retro-Active Date -ANSWER The date on which the coverage legally began. Basic Extended Reporting Period for CGL -ANSWER 60 Days after expiration Why is the term "Coverage Trigger" misleading? -ANSWER Because it intends to refer to the time period during which the insurance contract is in effect. Umbrella -ANSWER Covers Excessive Liability A Homeowners Policy consists of(3 components): -ANSWER 1.Declarations 2.One of 6 Homeowners forms 3.Mandatory and optional endorsements If a unit is co-owned, May one co-owner be insured as the renter(HO-4)? -ANSWER Yes What are the two main divisions of a Home Owners Form? -ANSWER Section I-Property & Section II-Liability 4 Subsections of Section I of a Property Coverage Policy -ANSWER 1. Coverages 2.Perils Insured Against 3.Exclusions 4.Conditions Who determines how much HO-6 coverages a Condominium Owner needs? -ANSWER The Association Homeowners Coverage A -ANSWER "Dwelling" covers the dwelling building and structures attached; also construction materials and supplies on or adjacent to the premises. Homeowners Coverage B -ANSWER "Other Structures" covers private structures on the residence premises that are not attached to the main dwelling. 4 Examples of "Other Structures" Per Coverage B of a Homeowner's policy(book gives 5) -ANSWER 1.Detached Garage. 2.Guest House. 3.Fence 4.Tennis Court 5.Storage Building Homeowner's Coverage C -ANSWER "Personal Property" covers Property, wherever it is located, that is owned or used by "an Insured". Homeowners Coverage D -ANSWER "Loss of Use" covers increases over normal living costs if damage from a covered Peril makes the residence unfit for occupancy. What is the standard limit for Homeowners Coverage B? -ANSWER 10% of the amount Insured for Coverage A and may not be increased or decreased. What is the standard amount for Coverage C -ANSWER 50% of Coverage A. What is the standard limit of Homeowner's Coverage D for: HO-2, HO-3 & HO-5? -ANSWER 30% Coverage A How many Perils are listed as "General Exclusions" in your textbook? -ANSWER 9 What is the most important Condition that has direct impact on Homeowners Coverage? -ANSWER Loss Settlement When might "Loss Settlement" cover buildings under Coverages A & B to Full Replacement Cost? -ANSWER If the limit of Insurance at the time of Loss is equal to 80% or more of the replacement value of the building. Statute that requires that when Property is Insured for replacement cost is deemed a total loss, the full replacement cost without reservation or holdback of depreciation must be paid. -ANSWER 627.7011 627.7011 -ANSWER Statute that requires that when Property Insured for replacement cost is deemed a total loss, the full replacement cost without reservation or holdback of depreciation must be paid. Four Additional Homeowners Coverages -ANSWER 1. Claims Expense 2. First Aid Expenses 3. Damage to Property of Others 4. Loss Assessment Does Hurricane Coverage Occur on a Per Occurrence or an Annual Basis -ANSWER An annual basis What if there is more than one applicable deductible? -ANSWER Only the highest deductible applies. What must the Insured do if they wish to completely reject Windstorm Coverage? -ANSWER Hand write "I DO NOT WANT THE INSURANCE ON MY (HOME/MOBILE HOME/CONDOMINIUM UNIT) TO PAY FOR DAMAGE FROM WINDSTORMS OR HURRICANES. I WILL PAY THOSE COSTS. MY INSURANCE WILL NOT." How much notice must the insurer give the insured of non-renewal of a homeowner's Policy? -ANSWER 120 Days 4 Elements of a Valid Contract? -ANSWER 1.A manifestation of assent to its terms by parties who make the contract. 2.A sufficient consideration (value or payment) for each promise. 3.Legal Capacity of the parties to contract. 4.Legal Subject matter. Insurance -ANSWER A contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies. 4 Elements of