CERTIFIED CLAIMS ADJUSTER- FLORIDA LATEDUPDATE

  A couple has Coverage A limits of $250,000 on their home located in Miami, FL. They suffer a wind loss to their roof from a tornado spawned by Hurricane Irma that results in an estimate of $12,700.00 for repairs. The adjuster deducts the Florida hurricane deductible of $5,000 from the estimate and pays them $7,700 in settlement of their property claim. This is known as the application of: a.) A percentage deductible b.) Depreciation c.)A franchise deductible d.)A straight deductible - a.) A percentage deductible A couple has insured their home for $250,000. A fire ensues and guts their home, resulting in a total loss. An appraisal of the home prior to loss results in a value of $180,000, yet the adjuster is required by law to pay the couple $250,000. This is known as the application of: a.)Actual cash value b.)Payment of policy limits plus a penalty for over-insuring the home. c.)The valued policy law. d.)Replacement cost value - c.)The valued policy law. Adjusters investigate by: - -Confirming the loss by verifying bills and statements -Taking detailed statements -Completing scene investigations -Securing photographs or creating diagrams -Canvassing neighborhoods for witnesses -Accident reconstruction -Testing an allegedly defective product After a loss, an Insured has certain responsibilities laid out within the insurance contract. Which of the following is one of the responsibilities of an Insured after a loss? a.)Giving prompt notice of loss to the insurer b.)Reporting the loss to the police c.)Making a record of all damaged property d.)Stopping payment of the most recent premium payment - a.)Giving prompt notice of loss to the insurer An adjuster has many responsibilities. The adjuster's responsibility as a fiduciary means: a.)Once an adjuster makes a promise, the company is bound by that promise. b.)The adjuster is required to document all activities and continuously report to the company of the progress of claims. c.)The adjuster represents, and controls, the property and financial interests of the client, to whom he/she owes a high degree of loyalty and good faith. d.)The adjuster cannot obligate the insurance company. - An assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for relief is: - Claim An individual who, for compensation, fee or commission, investigates and settles claims arising under property, casualty or surety contracts on behalf of the insurer or the insured: - Adjuster An insurance company has many goals and standards for claim handling. One of the most important goals of an insurance company is: - Help those who have suffered loss for which the insured is legally responsible An insurance policy is often referred to as a contract of adhesion. This means: a.)The policy is strictly interpreted in favor of the party who had control over its creation. b.)The insurance company is required by law to unilaterally waive any policy requirements that are deemed vague or ambiguous. c.)If any of the wording or language in the policy is vague or ambiguous, if the meaning of the wording is difficult to understand or interpret, or if what is written can be interpreted to have different meanings, the law is well settled that the interpretation shall be in favor of the party who did not control its terms...in this case, the policyholder.