Florida Claims Adjuster Exam - 3
This optional provision states that if the insured becomes totally disabled, premiums are waived
but the coverage remains in force:
B. Waiver of Premium - correct answer B. Waiver of Premium
"premiums are waived"
Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as
additional interests on his homeowner policy. The insurance company will make a payment to:
D. All listed interests - correct answer D. All listed interests
Remember that the insurer is not responsible to know the degrees of interest. In the event of a
loss, one payment is made by the insurer and it is up to the additional interests on working out
their share.
Insurance applies *separately* to each insured as if other insureds did not exist. This is defined
as:
A. Severability - correct answer A. Severability
Property insurance policies usually contain a(n) __________ clause, stating the insured cannot
*dump damaged property* on the insurer and demand its full value:
B. Abandonment - correct answer B. Abandonment
,Florida Claims Adjuster Exam - 3
A(n) __________ is one wherein economic loss would be suffered from an adverse happening to
the subject:
D. Insurable Interest - correct answer D. Insurable Interest
States that if the insurer adopts a revision which would *broaden* coverage without additional
premium within some period of time prior to the policy period or during the policy period, the
insured receives the benefit of such *broadened* coverage.
D. Liberalization - correct answer D. Liberalization
The time frame is typically 60 days.
The __________ states that when there is an unbroken connection between an occurrence and
damage that *grows* out of the occurrence, then the resultant damage is all a part of the
occurrence.
A. Doctrine of Proximate Cause - correct answer A. Doctrine of Proximate Cause
For example, if a property insurance policy covers the peril of fire but further damage is caused
by smoke, water used to extinguish, and the process of moving property away - fire is
considered to be the *proximate cause* of all of the damage.
The Loss Settlement Valuation that subtracts an allowance for depreciation is defined as?
A. Actual Cash Value - correct answer A. Actual Cash Value
,Florida Claims Adjuster Exam - 3
*A policy condition,* either based on information in the insured's application or inserted by the
insurer, is defined as:
A. Warranty - correct answer A. Warranty
The following are basic characteristics of a property or liability insurance contract, except:
C. Loss of Settlement Contract - correct answer C. Loss of Settlement Contract
The Insurer's responsibility to pay for a property loss *may be conditioned* on the insured
having used reasonable means to avoid the loss, to protect the property against further loss,
and to give the insurer proof of the loss is defined as?
A. Conditional Contract - correct answer A. Conditional Contract
"may be conditioned"
Which of the following is not one of the "Thresholds" in the "No-Fault" law?
B. Temporary Injury of the Insured - correct answer B. Temporary Injury of the Insured
Also included: permanent injury other than scarring and disfigurement
Under Mechanical Breakdown Coverage, new cars are eligible for service up to:
A. 36 Months/36,000 Miles - correct answer A. 36 Months/36,000 Miles
, Florida Claims Adjuster Exam - 3
Used vehicles: 12 Months/12,000 Miles
If financial responsibility doesn't exist at the time of an accident, which of the following things
must happen to avoid penalties?
A. The legally valid claims of others must be satisfied (up to 10/20/10)
B. The owner and operator must provide certification of future responsibility for future
accidents
C. Both A & B - correct answer C. Both A & B
As to required proof for future accidents by purchase of auto liability insurance, the insurer
must make a filing Form SR-22 certifying that coverage is in effect, and this certification must
remain on file for __________ years:
B. 3 - correct answer B. 3
The Business *Automobile* Policy includes all of the following coverage forms except:
B. The Trailer Interchange Coverage Form - correct answer B. The Trailer Interchange Coverage
Form
Personal Injury Protection, or PIP, has a __________ per person, per accident limit.
A. 10,000 - correct answer A. 10,000
Used to insure businesses engaged in selling, servicing, repairing, *parking or storing
automobiles:*
This optional provision states that if the insured becomes totally disabled, premiums are waived
but the coverage remains in force:
B. Waiver of Premium - correct answer B. Waiver of Premium
"premiums are waived"
Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as
additional interests on his homeowner policy. The insurance company will make a payment to:
D. All listed interests - correct answer D. All listed interests
Remember that the insurer is not responsible to know the degrees of interest. In the event of a
loss, one payment is made by the insurer and it is up to the additional interests on working out
their share.
Insurance applies *separately* to each insured as if other insureds did not exist. This is defined
as:
A. Severability - correct answer A. Severability
Property insurance policies usually contain a(n) __________ clause, stating the insured cannot
*dump damaged property* on the insurer and demand its full value:
B. Abandonment - correct answer B. Abandonment
,Florida Claims Adjuster Exam - 3
A(n) __________ is one wherein economic loss would be suffered from an adverse happening to
the subject:
D. Insurable Interest - correct answer D. Insurable Interest
States that if the insurer adopts a revision which would *broaden* coverage without additional
premium within some period of time prior to the policy period or during the policy period, the
insured receives the benefit of such *broadened* coverage.
D. Liberalization - correct answer D. Liberalization
The time frame is typically 60 days.
The __________ states that when there is an unbroken connection between an occurrence and
damage that *grows* out of the occurrence, then the resultant damage is all a part of the
occurrence.
A. Doctrine of Proximate Cause - correct answer A. Doctrine of Proximate Cause
For example, if a property insurance policy covers the peril of fire but further damage is caused
by smoke, water used to extinguish, and the process of moving property away - fire is
considered to be the *proximate cause* of all of the damage.
The Loss Settlement Valuation that subtracts an allowance for depreciation is defined as?
A. Actual Cash Value - correct answer A. Actual Cash Value
,Florida Claims Adjuster Exam - 3
*A policy condition,* either based on information in the insured's application or inserted by the
insurer, is defined as:
A. Warranty - correct answer A. Warranty
The following are basic characteristics of a property or liability insurance contract, except:
C. Loss of Settlement Contract - correct answer C. Loss of Settlement Contract
The Insurer's responsibility to pay for a property loss *may be conditioned* on the insured
having used reasonable means to avoid the loss, to protect the property against further loss,
and to give the insurer proof of the loss is defined as?
A. Conditional Contract - correct answer A. Conditional Contract
"may be conditioned"
Which of the following is not one of the "Thresholds" in the "No-Fault" law?
B. Temporary Injury of the Insured - correct answer B. Temporary Injury of the Insured
Also included: permanent injury other than scarring and disfigurement
Under Mechanical Breakdown Coverage, new cars are eligible for service up to:
A. 36 Months/36,000 Miles - correct answer A. 36 Months/36,000 Miles
, Florida Claims Adjuster Exam - 3
Used vehicles: 12 Months/12,000 Miles
If financial responsibility doesn't exist at the time of an accident, which of the following things
must happen to avoid penalties?
A. The legally valid claims of others must be satisfied (up to 10/20/10)
B. The owner and operator must provide certification of future responsibility for future
accidents
C. Both A & B - correct answer C. Both A & B
As to required proof for future accidents by purchase of auto liability insurance, the insurer
must make a filing Form SR-22 certifying that coverage is in effect, and this certification must
remain on file for __________ years:
B. 3 - correct answer B. 3
The Business *Automobile* Policy includes all of the following coverage forms except:
B. The Trailer Interchange Coverage Form - correct answer B. The Trailer Interchange Coverage
Form
Personal Injury Protection, or PIP, has a __________ per person, per accident limit.
A. 10,000 - correct answer A. 10,000
Used to insure businesses engaged in selling, servicing, repairing, *parking or storing
automobiles:*
