STUDY GUIDES FOR FLORIDA CLAIMS ADJUSTER

STUDY GUIDES FOR FLORIDA CLAIMS ADJUSTER What is an eligible building for flood insurance? -CORRECT ANSWER- A structure with 2 or more outside rigid walls and a fully secure roof, built on a permanent site, with 50% or more of the value above ground level and located within an eligible community What is Builders Risk Coverage? -CORRECT ANSWER- Covers buildings in the course of completion. Proper coverage is 100% of expected completed value Do all Homeowners policies contain Coverage A? -CORRECT ANSWER- No, HO-4 (Renters personal property) What is casual labor in workers' compensation? -CORRECT ANSWER- Labor that is casual, irregular, limited or temporary purpose. What is the waiting period for worker's compensation disability? -CORRECT ANSWER7 days prior to the payment of disability benefits. If a disability lasts more than 21 days, benefits will be paid from the first day of injury. What are the parties to a surety bond -CORRECT ANSWER- Principle, Obligee, Surety, and Indemnitor How does a crime policy value money and securities? -CORRECT ANSWER- Money is valued at face value. Securities are valued on the day the loss was discovered. How is the employee theft coverage written? -CORRECT ANSWER- Scheduled persons coverage, Scheduled position coverage, and blanket coverage What is the deductible in an umbrella policy? -CORRECT ANSWER- No deductible, this is liability coverage What are the types of Health Insurance? -CORRECT ANSWER- HMO and PPO What is the limit of medical expenses in workers' compensation? -CORRECT ANSWER- There is no limit What does workers' compensation provide for funeral expenses? -CORRECT ANSWER- If death results within one year of an accident, or follows a continuous disability within 5 years, then actual funeral expenses, not exceeding $7500 What is Ocean Marine coverage? -CORRECT ANSWER- Oldest form of insurance known. Covers perils associated with water transport. What is Inland Marine Coverage? -CORRECT ANSWER- Covers the cargo traveling overland, instead of by sea. What is "all risk" coverage in a homeowners policy? -CORRECT ANSWER- Property insurance covering loss arising from any fortuitous cause except those specifically excluded If you know how much Coverage A is in a Homeowners' policy, do you know how much Coverage B and C would be? -CORRECT ANSWER- Coverage B is automatically 10% of A and Coverage C is normally 50% of A. When is PIP available to the insured? -CORRECT ANSWER- PIP is available to an insured while occupying a motor vehicle or while injured as a pedestrian in the state of FL How does PIP deductible work? -CORRECT ANSWER- If an insured selects a deductible than that amount is always taken off the loss, even if its more than the PIP limit. What does occupying mean in regard to auto? -CORRECT ANSWER- means in, upon, getting in, on, out, or off of a vehicle In which coverage is the insurance company's promise to defend the insured? - CORRECT ANSWER- Liability Coverage What is excluded from auto liability coverage? -CORRECT ANSWER- intentional injury or damage, property owned or being transported by the insured, injuries to an employee while on the job, using a vehicle without the reasonable belief of permission. vehicle with less than 4 wheels Bodily Injury -CORRECT ANSWER- means physical harm and includes sickness, disease or death resulting from that physical harm. What vehicles are covered by a auto liability insurance? -CORRECT ANSWERRestricted to 4-wheel private passenger vehicles that are owned by the insured. What does the Miscellaneous Type Vehicle endorsement cover? -CORRECT ANSWER- covers equipment such as motor-homes, motorcycles, golf carts and allterrain vehicles. What coverage does Garage Insurance provide? -CORRECT ANSWER- specifically designed for those in the business of selling, servicing, repairing, or parking automobiles.