Florida Adjuster Exam Graded A+

Which of the following is NOT one of the duties of the Department of Financial Services? b. Dept does NOT set rates nor write policies - ANSWER-Set rates and write policies for various company products The adjuster has a particular relationship to his principal, the insurer. Which of the following best describes this relationship? - ANSWER-It is a fiduciary relationship. The Claims Adjuster's role in the insurance industry includes all the following EXCEPT: - ANSWER-Gives appropriate legal advice and writes binding contracts All of the following activities are illegal for an adjuster, EXCEPT: - ANSWER-Use only company forms to prepare releases All of the following are part of the conditions imposed upon the insured in the event of a loss, EXCEPT: - ANSWER-Insured should negotiate on behalf of the company for 3rd party claimants. A claimant was given a settlement, which stipulated, that if the claimant did not contact the company within a certain period of time, the claim would automatically close. No release was signed. Which of the following best describes this method of settlement? - ANSWER-No release or walk-away The Continuing Education requirement to maintain an Adjuster license in Florida is: - ANSWER-Twenty four hours every two years. An adjuster received written notice from the Department of Financial Services regarding a claim. What length of time does he have to respond to the inquiry? - ANSWER-21 calendar days Comparative negligence is determined through - ANSWER-Investigation & AnalysisAgreement between parties or by mediation or arbitrationJudge and/or jury During what period of time must an adjuster reply to communication from a policyholder on a claim? - ANSWER-14 days Which of the following is NOT a goal in the adjusting process? - ANSWER-always pay the maximum limit of the policy An adjuster offered a claimant a settlement where the full payment would be presented and a release was signed. This is called a: - ANSWER-A Full Release settlement