Florida Claims Adjuster Exam Bundle Questions & Answers 100% Solved/Correct

Parts of an insurance contract - ANSWER-Declarations Insuring Agreement Exclusions Conditions Parts of an insurance contract - ANSWER-Declarations Insuring Agreement Exclusions Conditions Contract of adhesion - ANSWER-the insured cannot negotiate the terms of the contract. Ambiguities are ...

What is an Insurance Policy - ANSWER-An Insurance Policy is a Contract (agreement between 2 parties) Insurance Policy in the state of Florida must be? - ANSWER-Written in order to constitute a policy Legal Definition of Insurance - ANSWER-Contract that undertakes to indemnity, or make whole, o...

Replacement cost - ANSWER-Which loss settlement provides new for old? the claims adjuster's role in the insurance industry includes - ANSWER-Give appropriate legal advice and write binding contracts following are examples of a peril - ANSWER-Lighting, Explosion and Fire The abandonment cla...

What is an eligible building for flood insurance? - ANSWER-A structure with 2 or more outside rigid walls and a fully secure roof, built on a permanent site, with 50% or more of the value above ground level and located within an eligible community What is Builders Risk Coverage? - ANSWER-Covers b...

Jason's auto policy states that the insurer may cancel coverage if a premium is more than 30 days late. However, Jason is currently more than 30 days late, and has been so five times in the last year, and his insurer has done nothing about it. When Jason gets into an accident and files a claim, whi...

4 Exceptions to Tort Exemption(Threshold of No-Fault) - ANSWER-1. Significant and Permanent loss of bodily function. 2.Permanent injury other than scarring and disfigurement. 3.Significant and Permanent scarring or disfigurement. 4.Death What does NFIP stand for? - ANSWER-National Flood Insura...

- ANSWER-Subtract the deductible from covered damages to get indemnification ​ - ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - ANSWER-1...

Subrogation - ANSWER-When an insured has a right to collect damages from another party but elects to claim damages under his/her insurance policy; rights transfer to the insurer Loss Payee Clause - ANSWER-Provides, in event of payment being made under the policy in relation to insured risk, that ...

A couple has insured their home for $150,000. 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 $120,000, yet the adjuster is required by law to pay the couple $150,000. This is known as the application of: - ANSWER-The valued ...

626.854 (5) - ANSWER-A public adjuster may not directly or indirectly through any other person or entity solicit an insured or claimant by any means except on Monday through Saturday of each week and only between the hours of 8 a.m. and 8 p.m. on those days. 626.854 (6) - ANSWER-An insured or cla...

Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - ANSWER-A valuation method used by insurers to reflect an item's current market value right before being damaged or destr...

Pass the final course exam with a scored of 70% or higher Print your certificate from this website Apply for your Insurance Adjuster license at the Florida Department of Financial Services website at All of the above - ANSWER-All of the above Which of the following is NOT one of the duti...

Those who are eligible for coverage under the Florida Automobile Joint Underwriting Association are? - ANSWER-Military Personnel A non-resident owning an automobile in Florida A non-resident subject to Florida no-fault law A forcible entry into locked premises and the carrying away of the prop...

recipient location - ANSWER-Businesses who support insured by being the primary buyer for their products HO-3 (special form) - ANSWER-covers the dwelling and other structures on a risk-of-direct-physical loss basis. All direct physical losses are covered except those losses specifically excluded....

If a licensed adjuster from another state wishes to transfer his license to a resident Florida adjuster license, he must do all of the following, EXCEPT: - ANSWER-send the DFS proof of his Florida appointment. Appointing entities must give the appointee notice at least ______ days in advance of t...

Which of the following is NOT true about the National Association of Insurance Commissioners? - ANSWER-It provides benefits for insurance commissioners Jill wants to start an insurance agency selling property insurance. As such, she must belong to a Guaranty Association, of which there are a few ...

Hazard - ANSWER-Condition that create or increases the chance or loss or contributes to the loss Physical Hazard - ANSWER-Visible ( operational features of a risk) Moral Hazard - ANSWER-Intentional dishonesty or illegal actions of a person (arson) Morale Hazard - ANSWER-Carelessness or indi...

Liability Insurance PAP (Part A) - ANSWER-Pays all the sums and insured must legally pay as damage due to BI/PD caused by an accident and resulting from the ownership, maintenance or use of a covered auto. Coverage Part A through F of a PAP - ANSWER-A. Liability B. Medical Payments C. UM/UIM D...

Pg. 80 An adjuster is required to notify the Department of a change in address, telephone and email with ___days. - ANSWER-30 Pg. 82 Transaction of matters arising out of a contract of insurance is governed by Florida Statute ______? - ANSWER-624.10 Pg. 80 A public adjuster may repr...

How many optional clauses are available through the heath insurance company? - ANSWER-10 Cancellation Clause - ANSWER-Allows an insurance company to cancel mid-term. 20 Days notice Conditionally Renewable - ANSWER-Allows the insurer to not-renew a health insurance policy based on certain condi...

If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - ANSWER-30 Days Subrogation occurs when? - ANSWER-The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose o...

In a homeowners policy, Coverage D- Loss of Use will NOT cover: * Meals out when a home is damaged and not habitable * loss of rental income if a renter can't stay in the apartment until damages are repaired * hotel expenses when damage prevents the insured from living in the home * loss of ren...

AT WHAT TIME IS THE POLICY EFFECTIVE? - ANSWER-12:01 AM WHAT IS THE MAIN DIFFERENCE BETWEEN A NON-WAIVER AGREEMENT AND A ROR? - ANSWER--NON-WAIVER IS SIGNED BY THE INSURED AND INSURER -ROR IS A LETTER IF AN INSURED IS COVERED BY 2 POLICIES ON ONE LOSS AND THE INS. COMPANIES SETTLE IT, WHAT CL...

A characteristic unique to surplus lines insurance is that it - ANSWER-May be written with unauthorized insurers provided there are no authorized insurers selling that type of policy in Nevada The commissioner must examine authorized insurers at least one every - ANSWER-5 years Which of these ...

Which of the following statements best describes an inland marine policy? - ANSWER-Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What will you pay? - ANSWER-$1000...