Page 1 of 48
FLORIDA CLAIMS ADJUSTER EXAM
FULL STUDY GUIDES WITH
COMPLETE SOLUTION
Terms in this set (203)
>> Severability
- correct answer- Insurance applies separately to each insured as if other insureds did not exist.
>> Abandonment
- correct answer- Property insurance policies usually contain a(n) __________ clause, *stating the
insured cannot dump damaged property on the insurer and demand its full value.*
>> Insurable Interest
- correct answer- One wherein economic loss would be suffered from an adverse happening to
the subject.
>> Liberalization
- correct answer- 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..
>> Doctrine of Proximate Cause
- correct answer- States that when there is an unbroken connection between an occurrence and
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damage that grows out of the occurrence, then the resultant damage is all a part of the
occurrence.
>> Actual Cash Value
- correct answer- The Loss Settlement Valuation that subtracts an allowance for depreciation
>> Warranty
- correct answer- A policy condition, either based on information in the insured's application or
inserted by the insurer
>> Conditional Contract
- correct answer- 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?
>> Under Mechanical Breakdown Coverage, *new cars are eligible for service up to:*
- correct answer- 36 Months/36,000 Miles
Used vehicles: 12 Months/12,000 Miles
>> If financial responsibility doesn't exist at the time of an accident, what happens?
- correct answer- The legally valid claims of others must be satisfied (10/20/10)
The owner and operator must provide certification of future responsibility for future accidents
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>> 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
- correct answer- 3
>> The Business Automobile Policy includes all of the following coverage forms except:
- correct answer- The Trailer Interchange Coverage Form
>> Personal Injury Protection, or PIP, has a __________ per person, per accident limit.
- correct answer- 10,000
>> Used to insure businesses engaged in selling, servicing, repairing, parking or storing
automobiles:
- correct answer- Garage Coverage Form
>> The following examples are referred to as __________ liability limits: 25/50/25 or
10/20/10.
- correct answer- Split
10/20/10 =
10,000 per person injured
20,000 all injuries combined
10,000 property damage
Example of straight liability limit = $30,000
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>> Jeremy has a not at fault accident. If he has PIP with a $1,000 deductible, how much can he
expect his PIP coverage to pay toward his medical bills that total $3,000?
- correct answer- $1,600
3000 (bills) - 1000 (deductible) =
2000 x .80 (eighty percent)
>> Frank has a not-at-fault accident, he has basic PIP, no deductible and Med pay of $5,000.
How much will his Med Pay contribute to medical bills of $15,000?
- correct answer- $5,000
Medical Payment limits apply per person; Frank will receive full amount towards medical bills.
>> Which of the following is not one of the rating factors for a Homeowner's Policy?
- correct answer- Age & Gender of Insured
>> On a Homeowner's Policy, covers items that are not permanently attached to the dwelling.
This is defined as:
- correct answer- Other Structures
Examples include sheds, fences, pool houses, detached car ports, etc.
>> A lender has an insurable interest in a home and finds protection in the:
- correct answer- Mortgagee Clause
Mortgagee - Homeowner's policy
FLORIDA CLAIMS ADJUSTER EXAM
FULL STUDY GUIDES WITH
COMPLETE SOLUTION
Terms in this set (203)
>> Severability
- correct answer- Insurance applies separately to each insured as if other insureds did not exist.
>> Abandonment
- correct answer- Property insurance policies usually contain a(n) __________ clause, *stating the
insured cannot dump damaged property on the insurer and demand its full value.*
>> Insurable Interest
- correct answer- One wherein economic loss would be suffered from an adverse happening to
the subject.
>> Liberalization
- correct answer- 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..
>> Doctrine of Proximate Cause
- correct answer- States that when there is an unbroken connection between an occurrence and
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damage that grows out of the occurrence, then the resultant damage is all a part of the
occurrence.
>> Actual Cash Value
- correct answer- The Loss Settlement Valuation that subtracts an allowance for depreciation
>> Warranty
- correct answer- A policy condition, either based on information in the insured's application or
inserted by the insurer
>> Conditional Contract
- correct answer- 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?
>> Under Mechanical Breakdown Coverage, *new cars are eligible for service up to:*
- correct answer- 36 Months/36,000 Miles
Used vehicles: 12 Months/12,000 Miles
>> If financial responsibility doesn't exist at the time of an accident, what happens?
- correct answer- The legally valid claims of others must be satisfied (10/20/10)
The owner and operator must provide certification of future responsibility for future accidents
, Page 3 of 48
>> 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
- correct answer- 3
>> The Business Automobile Policy includes all of the following coverage forms except:
- correct answer- The Trailer Interchange Coverage Form
>> Personal Injury Protection, or PIP, has a __________ per person, per accident limit.
- correct answer- 10,000
>> Used to insure businesses engaged in selling, servicing, repairing, parking or storing
automobiles:
- correct answer- Garage Coverage Form
>> The following examples are referred to as __________ liability limits: 25/50/25 or
10/20/10.
- correct answer- Split
10/20/10 =
10,000 per person injured
20,000 all injuries combined
10,000 property damage
Example of straight liability limit = $30,000
, Page 4 of 48
>> Jeremy has a not at fault accident. If he has PIP with a $1,000 deductible, how much can he
expect his PIP coverage to pay toward his medical bills that total $3,000?
- correct answer- $1,600
3000 (bills) - 1000 (deductible) =
2000 x .80 (eighty percent)
>> Frank has a not-at-fault accident, he has basic PIP, no deductible and Med pay of $5,000.
How much will his Med Pay contribute to medical bills of $15,000?
- correct answer- $5,000
Medical Payment limits apply per person; Frank will receive full amount towards medical bills.
>> Which of the following is not one of the rating factors for a Homeowner's Policy?
- correct answer- Age & Gender of Insured
>> On a Homeowner's Policy, covers items that are not permanently attached to the dwelling.
This is defined as:
- correct answer- Other Structures
Examples include sheds, fences, pool houses, detached car ports, etc.
>> A lender has an insurable interest in a home and finds protection in the:
- correct answer- Mortgagee Clause
Mortgagee - Homeowner's policy
