FLORIDA CLAIM ADJUSTING 3-20 (SET 1) COMPLETE QUESTIONS AND ANSWERS

FLORIDA CLAIM ADJUSTING 3-20 (SET 1) COMPLETE QUESTIONS AND ANSWERS Those who are eligible for coverage under the Florida Automobile Joint Underwriting Association are? - CORRECT ANSWER-Military Personnel A non-resident owning an automobile in Florida A non-resident subject to Florida no-fault law A forcible entry into locked premises and the carrying away of the property of others is a definition of: - CORRECT ANSWER-Burglary The inland marine coverage form that covers clothing, cameras and other portable property worn and carried by tourists and travelers is a: - CORRECT ANSWERPersonal effects floater A residual market to alleviate the temporary unavailability of property insurance coverage in significant portions of Florida (e.g. homeowners face non-renewal or cancellations) - CORRECT ANSWER-Residential Property & Casualty Joint Underwriting Association for property owners. What does the property insurance term "improvements and betterment" apply to? - CORRECT ANSWER-Real Property The penalty imposed upon a Florida licensee who violates a cease and desists order issued by the CFO: - CORRECT ANSWER-$50,000 Fine What is amount is personal property used for business purposes, under a Homeowners policy covered up to - CORRECT ANSWER-up to $2500 on premises up to $1500 off premises If a replacement costs exists, but the insured has a policy for only 50% of the replacement cost, what percentage will the insured received for the loss? - CORRECT ANSWER-50% of the settlement amount A statement that is believed to be true when made, which my prove to be false. - CORRECT ANSWER-Representation A statement that is guaranteed to be correct: - CORRECT ANSWER-Warranty When can an insured cancel his/her policy? - CORRECT ANSWER-At any time. In Florida, how many days in advance of a premium due date must an auto insurer provide notice of renewal to an insured? - CORRECT ANSWER-30 days written notice What deductibles are subject to any aircraft physical damages that differ according to circumstances surrounding a given loss? - CORRECT ANSWER-In-flight Ded (greatest amount) Not-in-Motion (least amount) They apply independently based on the actual loss Uninsured Motorist's Coverage form, the insured can request: - CORRECT ANSWERNon-stacked Coverage Stacked Coverage UM coverage at the limits lower than those that apply for liability coverage If a mortgage is acknowledged in the policy and the insured concealed the fact that a hazard exists to the insurance company, would the mortgage have a right to recover its full loan value? - CORRECT ANSWER-Yes Under Florida Comparative Negligence law how much would one be able to recover if they were found 25% at fault? - CORRECT ANSWER-75% (the difference) If a claimant is under the influence of drugs and/or alcohol and is found to be 50% or more at fault, how much can they recover? - CORRECT ANSWER-$0.00 A commercial property coverage part includes: - CORRECT ANSWER-Common policy conditions Commercial property declarations One or more causes of loss forms When an insurance adjuster advises an insured to misrepresent the claim by suggesting how to report a claim, the adjuster should be charged with: - CORRECT ANSWERUnfair Claims Act The "outside premises" policy insuring agreement covers: - CORRECT ANSWER-Loss of money and securities and other property outside the premises. The insurer cannot prevent a public adjuster from meeting with their client after: - CORRECT ANSWER-the insurer has been notified of the existence of a contract DP-1 is basic Dwelling Coverage. What is the only water damaged covered under this form? - CORRECT ANSWER-Damage caused by water used to extinguish a fire In Florida, any policy that contains a separate hurricane deductible must include: - CORRECT ANSWER-the actual dollar value, bold print and notice of high-out-of pocket expense to you Coverages included under a commercial packaged policy (CPP): - CORRECT ANSWER-Farm Coverage Commercial Crime Coverage Commercial GL Commercial Property Commercial Auto Commercial Inland Marine Boiler and Machinery Professional Liability Employment Practices If an insured fails to comply with the immediate notice of claim requirements, what could happen? - CORRECT ANSWER-The coverage could be denied What coverage of the garage policy will pay for physical damage to a garage customer's auto regardless of legal liability? - CORRECT ANSWER-Garage Keepers Direct Coverage Endorsement The purpose of the Florida Citizens Property Insurance Corporation is: - CORRECT ANSWER-to provide coverage on dwelling and homeowner risks that are unable to obtain coverage in the standard markets using standard property insurance forms. If a property is eligible, what endorsement can Flood coverage be purchased under the Commercial Property Policy? - CORRECT ANSWER-CP 10 65 If flood coverage CP 10 65 exists along with NFIP, which coverage is considered excess? - CORRECT ANSWER-CP 10 65 The promise by one party that is conditioned on an uncertain event and where the value given by each party is unequal is called: - CORRECT ANSWER-Aleatory When does coinsurance not apply? - CORRECT ANSWER-When the insured suffers a total loss to the property. In Florida, grounds for compulsory refusal, suspension, or revocation of an agent's or adjuster's license or appointment includes: - CORRECT ANSWER-Material misstatement, misreprepresentation, or fraud in obtaining a license Using the license to willfully circumvent any of the requirements or prohibitions of Florida insurance laws Demonstration of a lack of fitness or trustworthiness to engage in business of insurance What forms the basic eligibility requirements for all of the residual markets in Florida? - CORRECT ANSWER-The risk is unable to find a market for the required coverages. When a business owner declaration page contains more than one named insured, in case of cancellation, who receives the notice? - CORRECT ANSWER-The first named insured What is insured under the valuable papers and records coverage form? - CORRECT ANSWER-Books, maps and film Property of Others Mortgage & Manuscripts Someone, other than the insured, to whom the insured property is entrusted "temporarily" is known as a: - CORRECT ANSWER-Bailee Name three claim settlement options: - CORRECT ANSWER-Repair Replace with LKQ Replace with New When are non-residents subject to florida's insurance laws if a motor vehicle has been physically present in florida? - CORRECT ANSWER-90 days during the preceding year When can an insured assign a policy to another policy? - CORRECT ANSWER-Only with written consent from the insurer Name the exclusions under the DP-2 Dwelling form: - CORRECT ANSWER-Flood, Earthquake, Mudslides. What is considered to be the most important implied warranty under a Ocean Marine Policy? - CORRECT ANSWER-Seaworthiness of the Vessel Taking property by force or the threat of force is defined as: - CORRECT ANSWERRobbery Requirements that truckers be financially responsible for cargo they carry are imposed by: - CORRECT ANSWER-State and Federal Government What is the standard deductible for each coverage under the "emergency flood program"? - CORRECT ANSWER-$2,000.00 Under a HO-3 Policy, there is no coverage for loss resulting from "earth movement" except when endorsed using: - CORRECT ANSWER-Earthquake Endorsement