Florida All-Lines Adjuster Exam Questions with Correct Answers

Contributory Negligence Correct Answer defense against negligence that if an individual contributes to his or her own loss in any way, then another cannot be held liable. Neither party can collect damages Comparative Negligence Correct Answer allows an injured party to collect from another party for a loss, even when the injured party contributed to his or her own loss. Damages are reduced to the extent of the injured party's negligence Actual Cash Value (ACV) Correct Answer cost of replacement minus depreciation Coinsurance clause Correct Answer A clause that requires an insured to pay part of a loss if the coverage provided under the policy limits is less than a specified percentage of the value of the property at the time of loss - usually 80% Character, Capital and Capabilities Correct Answer What are the 3 C's to Surety? Uninsured Motorists Formula Correct Answer Total Medical bills minus PIP minus deductible applies to: $10,000 Correct Answer What is the maximum medical benefits PIP will pay? HMO (Health Maintenance Organization) Correct Answer No insurance is involved. Prepaid fixed fee covers health care costs. Hospital Indemnity Insurance Correct Answer flat amount per day of hospitalization Limits of Liability Correct Answer the maximum amount of insurance the company will pay for a loss Pollution Correct Answer What is an exclusion found in the CGL policy? Mechanical Breakdown Insurance Policy Term Correct Answer New cars is 36 months or 36,000 miles or used cars is 12 months or 12,000 miles Commercial Auto JUA Coverages Correct Answer Unlimited Liability limits if such limits are required by statute, UM and PIP Florida Financial Responsibility Correct Answer Liability of 10/20/10 DUI Limits Correct Answer Must purchase 100/300/50 or post a bond of $350,000