Florida Test Study Guide - Public Adjusting 3-20 [ Exam Study]

Florida Test Study Guide - Public Adjusting 3-20 [ Exam Study] A commercial property coverage part includes: *Ans*Common policy conditions Commercial property declarations One or more causes of loss forms A forcible entry into locked premises and the carrying away of the property of others is a definition of: *Ans*Burglary 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) *Ans*Residential Property & Casualty Joint Underwriting Association for property owners. A Scheduled Personal Property endorsement under a Personal Inland Marine Policy is usually issued on: *Ans*An Open Peril A Scheduled Personal Property endorsement under a Personal Inland Marine Policy is usually settled on *Ans*ACV or Agreed Mutual Basis A statement that is believed to be true when made, which my prove to be false. *Ans*Representation A statement that is guaranteed to be correct: *Ans*Warranty An earthquake endorsement defines a single earthquake as all earthquake shocks within what period? *Ans*72 Hour Period An equipment dealers coverage form is designed to provide insurance on *Ans*Equipment owned by the insured Equipment in the insured's custody for servicing or storage Equipment entrusted to the insured dealer for sale An inland marine coverage which covers the insured's merchandise held for sale, such property that is sold but not delivered, customers property in the care and custody of the insured, and property being transported to or from the insured is a: *Ans*Dealers Form Another word for a stand-alone policy? *Ans*Monoline Policy Coverages included under a commercial packaged policy (CPP): *Ans*Farm Coverage Commercial Crime Coverage Commercial GL Commercial Property Commercial Auto Commercial Inland Marine Boiler and Machinery Professional Liability Employment Practices DP-1 is basic Dwelling Coverage. What is the only water damaged covered under this form? *Ans*Damage caused by water used to extinguish a fire DP-3 only provides damage to covered property caused by: *Ans*Burglars Earthquake peril is defined to include: *Ans*land shock waves or tremors accompanied by volcanic eruption Exclusions under the theft, disappearance and destruction coverage form. *Ans*Fire Vandalism Accounting Errors HO-4 is designed for *Ans*Renters/Tenants and covers direct damage to personal property owned or used by an insured while it anywhere in the world. How long must all claim files be maintained and available for open and closed files for the current and the preceding year? *Ans*3 Years How much does Debris Removal Additional Coverage extend to cleanup debris if there is no damage? *Ans*$5,000 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? *Ans*$0.00 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? *Ans*Yes If a property is eligible, what endorsement can Flood coverage be purchased under the Commercial Property Policy? *Ans*CP 10 65 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? *Ans*50% of the settlement amount If an insured fails to comply with the immediate notice of claim requirements, what could happen? *Ans*The coverage could be denied If flood coverage CP 10 65 exists along with NFIP, which coverage is considered excess? *Ans*CP 10 65 In addition to the max coverage under an equipment breakdown protection policy, what other expenses in addition to the limits of coverage will the insurer pay? *Ans*Legal Fees In Florida, any policy that contains a separate hurricane deductible must include: *Ans*the actual dollar value, bold print and notice of high-out-of pocket expense to you In Florida, grounds for compulsory refusal, suspension, or revocation of an agent's or adjuster's license or appointment includes: *Ans*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 In Florida, how many days in advance of a premium due date must an auto insurer provide notice of renewal to an insured? *Ans*30 days written notice