FLORIDA CLAIM ADJUSTER STUDY TEST 2023/2024

FLORIDA CLAIM ADJUSTER STUDY TEST 2023/2024 Florida No-Fault Tort Exemption - CORRECT 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) - CORRECT 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? - CORRECT ANSWER-National Flood Insurance Program Form SR-22 - CORRECT 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 - CORRECT 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) - CORRECT ANSWER-1.Named Insured(including address) 2.Policy Period 3.Premium 4.Limits of Coverage 7 Common CGL Conditions - CORRECT 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 - CORRECT ANSWER-Bodily Injury and Property Damage Insuring Agreement The 3 Conditions that define work as "completed" - CORRECT 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 - CORRECT ANSWER-An accident, including continuous or repeated exposure to substantially the same general harmful conditions. accident - CORRECT ANSWER-Sudden, unexpected event The Difference between "Occurance" and "Claims Made" CGL Coverages - CORRECT 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 "RetroActive date" Retro-Active Date - CORRECT ANSWER-The date on which the coverage legally began. Basic Extended Reporting Period for CGL - CORRECT ANSWER-60 Days after expiration Why is the term "Coverage Trigger" misleading? - CORRECT ANSWER-Because it intends to refer to the time period during which the insurance contract is in effect. Umbrella - CORRECT ANSWER-Covers Excessive Liability A Homeowners Policy consists of(3 components): - CORRECT ANSWER1.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)? - CORRECT ANSWER-Yes What are the two main divisions of a Home Owners Form? - CORRECT ANSWERSection I-Property & Section II-Liability 4 Subsections of Section I of a Property Coverage Policy - CORRECT ANSWER-1. Coverages 2.Perils Insured Against 3.Exclusions 4.Conditions Who determines how much HO-6 coverages a Condominium Owner needs? - CORRECT ANSWER-The Association Homeowners Coverage A - CORRECT ANSWER-"Dwelling" covers the dwelling building and structures attached; also construction materials and supplies on or adjacent to the premises. Homeowners Coverage B - CORRECT 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) - CORRECT ANSWER-1.Detached Garage. 2.Guest House. 3.Fence 4.Tennis Court 5.Storage Building Homeowner's Coverage C - CORRECT ANSWER-"Personal Property" covers Property, wherever it is located, that is owned or used by "an Insured". Homeowners Coverage D - CORRECT 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? - CORRECT ANSWER-10% of the amount Insured for Coverage A and may not be increased or decreased. What is the standard amount for Coverage C - CORRECT ANSWER-50% of Coverage A. What is the standard limit of Homeowner's Coverage D for: HO-2, HO-3 & HO-5? - CORRECT ANSWER-30% Coverage A How many Perils are listed as "General Exclusions" in your textbook? - CORRECT ANSWER-9 What is the most important Condition that has direct impact on Homeowners Coverage? - CORRECT ANSWER-Loss Settlement When might "Loss Settlement" cover buildings under Coverages A & B to Full Replacement Cost? - CORRECT 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. - CORRECT ANSWER-627.7011 627.7011 - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-An annual basis What if there is more than one applicable deductible? - CORRECT ANSWER-Only the highest deductible applies. What must the Insured do if they wish to completely reject Windstorm Coverage? - CORRECT 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? - CORRECT ANSWER-120 Days 4 Elements of a Valid Contract? - CORRECT 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 - CORRECT 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 an Insurance Contract - CORRECT ANSWER-D.I.C.E. 1.Declarations Insuring Agreement