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Bundle of FLORIDA ADJUSTER latest 2023 (graded A+)
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Florida Statutes, Rules, and Regulations 100% accurate answers rated A+
Financial Services Regulation Key Function: provides regulatory oversight for Florida's financial services providers. Mission: to protect the citizens ... [Show More] of Florida, promote a safe and sound financial marketplace, and contribute to the growth of Florida's economy with smart, efficient and effective regulation of the financial services industry. Chief Financial Officer An elected official. Is the head of the Department of Financial Services (DFS). Financial Services Commission : responsible for final approval of rules developed by each office. All regulatory decisions are vested with the offices. (a) Office of Financial Regulation (OFR) - regulates the banking, finance and securities industries in Florida. (b) Office of Insurance Regulation (OIR) - regulates insurance companies. Members: - Governor - Attorney General - Chief Financial Officer - Commissioner of Agriculture Office of Financial Regulation In charge of examining insurance company financials (books and records) and approving companies to do business in the state. The issue a Certificate of Authority to an insurance carrier. Department of Financial Services -Approves issue of licenses to agents -Regulates insurance claims - Investigate allegations of ethics violations - Administers justice within the domain of insurance Agent and Adjuster licensing and investigations Under the CFO, the DFS approves issue of licenses to agents, regulates insurance claims, investigates allegations of ethics violations, and administers justice within the domain of insurance. Insurance Fraud is any act committed with the intent to obtain a fraudulent outcome from an insurance process. This may occur when a claimant attempts to obtain some benefit or advantage to which they are not otherwise entitled, or when an insurer knowingly denies some benefit that is due. Office of Insurance Regulation The Commissioner of Insurance is in charge of the Office of Insurance Regulation (OIR). They are in charge of examining insurance company financials (books and records), and approving companies to do business in the state. In this regard, they issue a Certificate of Authority to an insurance carrier. Office of Financial Regulation regulates the banking, finance and securities industries in Florida. Investigation Process through which an insurance company or examiner obtains necessary information to evaluate a claim. Insurance Contract An insurance contract is a "contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder." Insurance Transaction Means solicitation, negotiation, and putting into effect of insurance policies. It also includes actions after the policy goes into effect, such as issuing endorsements. Insurer a person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation. Reinsurance is insurance that is purchased by an insurance company (the "ceding company" or "cedent" or "cedant" under the arrangement) from one or more other insurance companies (the "reinsurer") directly or through a broker as a means of risk management, sometimes in practice including tax mitigation and other reasons described below. Domestic Company Domiciled in FL Foreign Company Domiciled in another state or US territory (not a foreign country). Alien Company Domiciled in another country Fraternals insurance issued by a fraternal order or association to its members, formerly meeting its obligations by assessments upon members at the time obligations arose but now generally by a legal reserve. Stock Company One that issues shares of stock to shareholders. Its purpose is to make a profit for the shareholders. Mutual Company Owned by policyholders. Rather than pay dividends to stockholders, it pays excess profits back to policyholders. [Show Less]
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Florida Adjuster All Lines questions and answers with rated solutions 2023
The Adjuster's Code of Ethics starts with a basic premise which states: The work of adjusting engages the public trust Once an adjuster is licensed... [Show More] he or she must maintain a continuing education requirement. Select from the following an adjuster's compliance requirement in order to stay licensed: A newly licensed adjuster must complete 24 hours of continuing education in every two year compliance period, of which 5 hours must be taken in a properly certified 5 Hour Law & Ethics Update course A claim in the property/casualty industry is defined as: An assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damage Describe the coverages provided in a split limit policy of 10/20/10 The coverage provides up to $10,000 of liability protection for bodily injury to any one individual, an aggregate of $20,000 for all bodily injuries regardless of how many individuals, and $10,000 for property damage What is the primary difference between a staff adjuster and an independent adjuster? A staff adjuster works for an insurance company and an independent adjuster works independently for themselves or for adjusting firms who represent many clients In todays society the most important factor in the purchase of insurance is: Trust Negligence is described as: Fault that arises from doing something you shouldn't have done, or not doing something you should have done One of the most important claim handling goals of an Insurance Company is: To help those who have been injured or who have suffered loss for which the insured is responsible, while at the same time minimizing loss for the insured party and carrier The doctrine of proximate cause is defined as: if there is an unbroken chain of events, or series of sequences, flowing from the initial loss caused by the Insured peril to a subsequent loss, the insured peril causing the initial loss will be considered the "proximate cause" of the subsequent loss. The fundamental difference in adjusting claims in the healthcare industry and in the property/casualty (i.e. worker's compensation, liability, etc. ) industry is: The relative degree of legalism involved. To adjust claims in the property and casualty industry one must have a sound foundation and understanding of various legal doctrines and issues When you purchase insurance, you are buying: Peace of mind that if an insured event does occur, that the insurance company will keep its promise and provide the financial protection that you purchased An insurance policy is often referred to as a contract of adhesion. This means: If any of the wondering or language in the policy is vague or ambiguous, if the meaning of the wording is difficult to understand or interpret or if what is written can be interpreted to have different meanings the law is well settled that the interpretation shall be in favor of the party who did not control its term....in this case, the policyholder The basic and primary functions of an adjuster are: Investigating, managing, evaluating, reporting on, and negotiating and disposing of claims Which of the following is NOT an example of " compensatory damages": A jury verdict of $1,000,000 against the defendant to punish them for their reprehensible actions in causing the loss Breach of contract by a carrier or its adjuster, through non-payment or non-compliance with policy requirements, could have which of the following consequences for a carrier ( select one from the following): If found guilty of a breach of contract the carrier could be punished with a "bad faith" verdict that would cost it millions of dollars An adjuster's responsibility as a fiduciary means: The adjuster represents and controls the property and financial interests of the client to whom he/she owes a high degree of loyalty and good faith Which of the following would not be a preferred claims practice or behavior under Florida's Unfair Insurance Trade Practices Act? Not responding to an insureds calls because you haven't made up your mind yet Describe the difference between a peril and a hazard A peril is a cause of loss, like fire. A hazard is a condition that exists beforehand that increases the likelihood of such a loss like a messy storeroom or garage that conditions tons of toxic chemicals oily rags, etc [Show Less]
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Adjuster Pro - Insurance adjuster test 100% accurate answers latest 2023 (rated A+)
What is insurance? protection against financial loss what is a premium a scheduled amount to be paid for an insurance policy. 00:55 ... [Show More] 01:27 What are premiums used for premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity payment for damages, that is not more or less than the amount caused by the damage. principle of idemnity insurance will pay no more or less than the actual financial loss suffered indemnification may also include repairs to property reimbursement for additional living expenses rental cars and hotels costs directly associated with a loss 4 Parts of Legal Contract 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose legal contract - agreement mutual intent by offeror and offeree six special characteristics of insurance contracts 1. Personal 2. adhesion 3. utmost good faith 4. aleatory 5. unilateral 6. conditional what kind of contract is an insurance policy? Personal contract what is a contract of adhesion the insured must accept the entire contract with all of its terms and conditions 00:08 01:27 Utmost Good Faith An obligation to act in complete honesty and to disclose all relevant facts. Aleatory Contract a contract where the values exchanged may not be equal but depend on an uncertain event Unilateral Contract insurance agrees that they must pay in event of a claim. the insured can stop paying premiums at any point. only the insurer has promised to perform an action. [Show Less]
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Adjuster questions and answers with graded solutions 2023
Which of the following is NOT one of the duties of the Department of Financial Services? a. License adjusters b. Set rates and write policies for vario... [Show More] us company products c. Supervise the claims activity of adjusters d. Investigate charges of unethical conduct of adjusters B. 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? a. It is a fiduciary relationship. b. It is a functional relationship. c. It is a final relationship. d. It is a festering relationship. A. It is a fiduciary relationship. The Claims Adjuster's role in the insurance industry includes all the following EXCEPT: a. Facilitating payment of legitimate claims b. Replies to communication on a claim within 14 calendar days c. Replies to Department of Insurance inquires on a claim within 21 calendar days d. Gives appropriate legal advice and writes binding contracts D. Gives appropriate legal advice and writes binding contracts All of the following activities are illegal for an adjuster, EXCEPT: a. Give advice which is of a legal nature b. Use only company forms to prepare releases c. Encourage a claimant to make a quick decision on an offer to settle d. Fail to make claimant aware of potential litigation for claimant's actions B. 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: a. Insured should inventory property. b. Insured should protect damaged property to prevent further damage. c. Insured should negotiate on behalf of the company for 3rd party claimants. d. Insured should allow inspection of damages by the insurance company. C. Insured should negotiate on behalf of the company for 3rd party claimants. All of the following are part of the conditions imposed upon the insured in the event of a loss, EXCEPT: a. Insured should inventory property. b. Insured should protect damaged property to prevent further damage. c. Insured should negotiate on behalf of the company for 3rd party claimants. d. Insured should allow inspection of damages by the insurance company. C. 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? a. Full release b. No release or walk-away c. Advanced payment d. Scheduled payment B. No release or walk-away The Continuing Education requirement to maintain an Adjuster license in Florida is: a. Not required for any adjuster license. b. Twenty four hours every two years. c. Ten hours every two years. d. Only required for Workers Comp Adjusters B. 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? a. 10 calendar days b. 14 calendar days c. 21 calendar days d. 30 calendar days C. 21 calendar days Comparative negligence is determined through a. Investigation & Analysis b. Agreement between parties or by mediation or arbitration c. Judge and/or jury d. All of the above may be used to determine comparative negligence D. All of the above may be used to determine comparative negligence Adjuster Jane moved from one city in Florida to another. What length of time does she have to notify the Insurance Department of the address change? a. 10 days b. 30 days c. 60 days d. 90 days B. 30 days Which of the following is NOT a goal in the adjusting process? a. comply with laws and contract b. cultivate good customer relations and policyholder retention c. control costs d. always pay the maximum limit of the policy D. 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: a. Walk-away settlement b. A Full Release settlement c. A Rehabilitation settlement d.A Structured settlement B. A Full Release settlement During what period of time must an adjuster reply to communication from a policyholder on a claim? a. 3 days b. 10 days c. 14 days d. 30 days C. 14 days Which of the following is TRUE? a. If an appointment is terminated, an adjuster has 12 months to secure another appointment b. If an appointment is terminated, an adjuster has 48 months to secure another appointment c. If an appointment is terminated, an adjuster may not secure another appointment d. None of these are true B. If an appointment is terminated, an adjuster has 48 months to secure another appointment Bad Faith & Adjusting Practices - Under the Florida Unfair Trade Practices Act & the Unfair Methods of Competition and Unfair or Deceptive Acts, all of the following are prohibited, EXCEPT: a. Adjuster refuses to advise insured of reason claim denied in writing b. Adjuster denies a claim without reasonable investigation c. Adjuster keeps accurate records on a claim d. Adjuster settles a claim based on an altered application. C. Adjuster keeps accurate records on a claim Florida's Administrative Code contains a Code of Ethics for Adjuster - which of the following is FALSE? a. An adjuster shall not provide favored treatment to any claimant b. An adjuster shall not advise a claimant to refrain from seeking legal advice c. An adjuster shall put the duty for fair and honest treatment of the claimant above the adjuster's own interests d. An Adjuster owes fair and prompt treatment to their own company's policyholders only D. An Adjuster owes fair and prompt treatment to their own company's policyholders only Which of the following is a duty owed to an invitee? a. land owner must make reasonable efforts to maintain property in safe condition b. invitee must maintain a care level typical of a reasonable person c. land owner does not owe any legal duties to an invitee - they are the same as trespassers d. None of the above are true A. land owner must make reasonable efforts to maintain property in safe condition [Show Less]
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Florida 2-15 Insurance License Exam 100% accurate answers graded A+
Accumulation units are converted into annuity units: at the time of annuity payout. A group life insurance plan in which the employer pays the enti... [Show More] re premium is known as a ________________ plan. noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. FALSE Robert had an accident and qualified for Social Security disability. Given the waiting period, when will Robert begin to receive benefits? After 5 months The Insuring Clause includes all of the following EXCEPT the beneficiary Mutualization occurs when a stock company turns to a __________ company. mutual To provide a safeguard for insureds, most major medical policies contain a ____________ feature that limits the insured's out-of-pocket expenses. stop-loss Tom is a newly appointed life, health and variable annuity agent with Acme Insurance Agency. He is writing his first insurance policy on his brother-in-law's life. Who does Tom legally represent in this transaction? Acme Insurance Agency An insurance clause is a distinct article in a formal document that establishes the rules in the contract that _____________________ must adhere to. both the insurer and the insured "ACC" refers to the type of disability that prevents someone from performing the job he was performing prior to the disability. FALSE Which statement is CORRECT about the Department of Financial Services' right to examine an agent's records? An examination can be conducted at any time to discover any unfair trade practices. Bill gives Jim a couple of tickets to a Florida Gators game to thank him for purchasing a policy. This is an example of: rebating ____________ term insurance provides a level amount of protection for a specified period, after which the policy expires. Level Business overhead expense (B.O.E.) insurance does not provide benefits to cover the business owner's salary. TRUE Level, decreasing, and increasing insurance are all basic forms of ____________ insurance. term Hospice services are covered under Medicare Part A. TRUE Under Florida law, group health insurers must offer mental and nervous disorder insurance to policyowners. TRUE Deductibles under a group major medical plan usually run from $250 to $500; whereas individual health plans usually run from: $1,000 plus. Every HMO subscriber must receive a benefits package that includes a copy of the HMO contract and certificate, and: a member's handbook. A life insurance policy will not be reinstated if it has been: surrendered for its cash value. Which of the following is NOT a type of permanent life insurance? Term Life In Florida, a ______________ must sign for and on behalf of a minor purchasing life insurance. parent or legal guardian When an agent spreads a false story that damages a competing agent's reputation, the offense is called: defamation __________ is when policy values of an insurance policy are used to purchase another policy with the same insurer for the sole purpose of earning additional premiums or commissions. Churning Once an organization has filed an application to conduct insurance business, the Office of Insurance Regulation will begin its review for issuing a(n): Certificate of Authority Florida law requires health insurance policies and HMO contracts to provide coverage for all medically necessary equipment, supplies and services used to treat diabetes when the patient's physician certifies that they are medically necessary. TRUE If an insurance company reimburses the insured for medical expenses, can the insured deduct that amount from their federal income tax? NO Which of the following is NOT a benefit to key person insurance? Wage control The "currently insured" classification under Social Security limits survivorship benefits. In order to be eligible for Social Security survivor benefits, a person must have earned _________________ period ending with the quarter in which the worker died. six credits during the 13-quarter A prospectus for an individual variable insurance contract: must accompany every sales presentation. Most group disability policies use the ___________ method to calculate the amount of the insured's earnings prior to the accident. percentage Group health plans that are issued on an experience-rated basis can make both premium reductions and premium increases retroactive for 12 months. FALSE Employees may be classified for group life insurance in all of the following categories EXCEPT which? Gender Lauren wants to purchase an annuity that will pay her a guaranteed income for the remainder of her life once she retires. Which type of annuity should she purchase? Straight Life Income Annuity According to Florida's Standard Valuation Law, the __________________ is mandatory. legal reserve Equity indexed annuities are a form of: fixed rate annuity. Of the following, who would most likely pay a lower premium amount? A preferred risk client The Statute of Limitations states that if a lawsuit is to be filed, it must be brought within ______ years after Proof of Loss is furnished to the insurance company. five Which type of life insurance is sold by home service insurers? Industrial life insurance Social Security provides welfare benefits to all citizens. FALSE In general, the standard life insurance Incontestable Clause means that a policy is incontestable after: two years. A medical expense policy states that it will pay a flat $200 a day for each day of hospitalization. The policy pays benefits on what basis? Indemnity Basic Medical Expense insurance limits coverage to specific types of medical care. TRUE A _____________ group involves combining several parties into a group for the purpose of obtaining insurance. fictitious The ____________________ Act mandated once and for all that insurance would be regulated by the states. McCarran-Ferguson The type of annuity that provides a guaranteed rate of return is called a variable annuity. FALSE Mathew purchased an annuity naming his wife, Cher, beneficiary. Upon Mathew's death, Cher will receive the proceeds: taxed as ordinary income above Mathew's cost basis. Policy reserves are the intangible amounts set aside by the _____________ out of the insurer's assets at the beginning of the policy period. insurer SIMPLE plans can be structured as an IRA or a 401(k). TRUE A complete examination of an HMO's affairs is conducted at least: once every five years. A portion of a mutual insurer's premiums are paid out as policy dividends and are considered: refunds COBRA provides health benefit extensions for ____________ after employment is terminated. 18 months Which of the following expenses would NOT be covered under a Business Overhead Expense policy? Owner's salary Complete this sentence: "Typically, the shorter the premium-paying period, the _________________." higher the premium. Florida statutes require licensees to notify the Department in writing within _____ days after a change of name, residence address, principal business street address, or mailing address. 60 Which of the following best describes the basic principal of group insurance? It provides coverage for a number of people under a single contract. [Show Less]
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Florida 6-20 All Lines Adjuster Test questions and answers with verified content
A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public B. The insured ... [Show More] Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report C. Full Report D. None of the above A. Field Report States have adopted statutes regarding claims adjusting. To avoid unfair treatment to a claimant the adjuster must not: A. Promptly investigate the claim. B. Follow the laws regarding the number of days in which to commence an investigation. C. Deny the claim until a fair and prompt investigation has commenced. D. Pay the claim within a reasonable number of days after the final proof of loss has been received. C. Deny the claim until a fair and prompt investigation has commenced. Which of the following is not a claim settlement option? A. Forcing the insured to sue by offering less than the claim is worth. B. Repairing property. C. Replacing with like kind and quality. D. Replace with new A. Forcing the insured to sue by offering less than the claim is worth. The giving up of a known right is called: A. Estoppel B. Violation of policy conditions C. Rebating D. Waiver D. Waiver An innocent party relies on certain statements made by the adjuster and is damaged as a result. The guilty party may be legally prohibited from asserting that the fact does not exist because of: A. Waiver B. Estoppel C. Duties of the adjuster D. Law of contract B. Estoppel Should an insured fail to report a claim in a timely fashion the adjuster will usually: A. Deny the claim. B. Send the insured a reservation of rights letter. C. Cease investigating. D. Seek the advice of the company's attorney. B. Send the insured a reservation of rights letter. A company adjuster primarily represents the interests of: A. The insured. B. The claimant. C. The insurer. D. The public. C. The insurer. An adjuster's license will usually be revoked for which of the following reasons: A. Denying claims that are not covered. B. Failing to report a change of address. C. Having been convicted of a misdemeanor. D. Having been convicted of a felony. D. Having been convicted of a felony. The insured has been involved in an automobile accident and has sustained bodily injuries and damage to the insured vehicle. The adjuster will usually: A. Withhold any payment until all the bills have been reviewed for payment. B. Pay to repair the vehicle and pay the medical bills later. C. Pay for the repair of the vehicle and require a release for all claims. D. Pay to repair the damage to the vehicle and obtain a partial release and settle the medical payments later and then seek a final release. D. Pay to repair the damage to the vehicle and obtain a partial release and settle the medical payments later and then seek a final release. Mr. Jones has damaged his vehicle by striking a tree. He can: A. Take the car to a repair garage recommended by the insurer. B. Take the car to a garage of his/her choice. C. Accept the payment based on the adjuster's estimate. D. All of the above. D. All of the above. In case of a total loss to a vehicle the adjuster will pay the insured/claimant which of the following? A. The cost to replace the vehicle with like kind and quality if a current year model. B. Use the most recent publication of an "Official Used Car Guide". C. If not listed in the "guide", obtain quotations from automobile dealers. D. All of the above depending on the circumstances. D. All of the above depending on the circumstances. Which of the following is NOT a claim settlement option for liability claims? A. Lost wages B. Excessive amounts claimed C. Loss of use D. Disfigurement B. Excessive amounts claimed Which of the following results in immediate payment when the claimant signs a release relinquishing his or her right to sue? A. Scheduled Payment Release B. Full Release Settlement C. Advanced Payment D. Structured Settlement B. Full Release Settlement Which of the following relieves the financial burden on the claimant by making certain payments to the claimant even before the claim can be negotiated? A. No Release or Walk-Away B. Rehabilitation C. Advanced Payment D. Open-Ended Release C. Advanced Payment Which of the following statements is correct? I. The Business Auto Policy uses 10 symbols to define covered vehicles II. Symbols 30 and 31 apply to the Garage Policy. A. I only. B. II only. C. Neither I nor II. D. Both I and II. D. Both I and II. Which of the following is not a Business Auto endorsement? A. Drive Other Car. B. Change Other Driver. C. Individual Named Insured. D. Mobile Equipment. B. Change Other Driver. Under the Business Auto Policy, each of the following is true about classification of "covered autos," except: A. "Any auto" is the broadest coverage classification. B. An insured may select different classifications for different coverages. C. All classes of newly acquired autos are automatically covered. D. "Hired autos" includes autos the insured leases, hires, rents or borrows. C. All classes of newly acquired autos are automatically covered. According to the Business Auto definitions, an "accident": A. Includes continuous or repeated exposure to the same conditions. B. Must be sudden and unexpected. C. Must be unexpected and unpreventable. D. Is any event that causes injury or damage. A. Includes continuous or repeated exposure to the same conditions. Joseph Young, who is insured under a Business Auto policy, is involved in an accident. He and the insurance company disagree on the amount to be paid for the damage to his car. Under the terms of the policy, which of the following statements is true: A. Each party engages an appraiser, and the appraisers will select an umpire. B. Mr. Young must accept the insurance company's estimate. C. Each party engages an appraiser, and the appraisers will decide the amount. D. The estimates of both parties will be averaged. A. Each party engages an appraiser, and the appraisers will select an umpire [Show Less]
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ACA Final Exam 100% correct answers (latest 2023)
At the end of this course, you must do which of the following? Pass the final course exam with a scored of 70% or higher Print your certificate from ... [Show More] this website Apply for your Insurance Adjuster license at the Florida Department of Financial Services website at www.myfloridacfo.com/division/agents All of the above All of the above Which of the following is NOT one of the duties of the Department of Financial Services? License adjusters Set rates and write policies for various company products Supervise the claims activity of adjusters Investigate charges of unethical conduct of adjusters Set rates and write policies for various company products When an insurance licensee moves, he has how long to notify the Florida Dept. of Financial Services of his change of address? 10 Days 30 Days 60 Days 180 Days 30 An Insurance Policy is a contract with all of the following characteristics, EXCEPT It is a personal contract. Parties are of unequal power with ambiguities or unclear wording resolved in favor of the insured because it is a contract of adhesion. Indemnity is not part of an insurance contract. There are conditions imposed upon both the insurer and insured. Indemnity is not part of an insurance contract. An insurance contract may contain a "gray area" or an ambiguity, that is generally resolved in favor of the insured because insurance policies are contracts of: Indemnity Cohesion Adhesion Conditions adhesion Strict or Absolute Liability applies to school systems. must have failure to use "due care. "considers the actions of a prudent person. is assigned by law or statute. is assigned by law or statute. Risks that are insurable are: Speculative risk Pure risk Both A & B None of the above Pure Risk The goal of insurance is to restore the insured to the same economic position as before the covered loss occurred, this is the principle of: Adhesion Actual Cash Value Indemnity Severability Indemnity Firemen caused water damage to a property by spraying water to put out a fire. If the property insurance policy listed "fire" as the only named peril: The water damage is not a covered peril. The fire dept. has liability for the water damage. The water damage is covered due to the concept of proximate cause. The Fire damage is covered but not the water damage due to proximate cause. The water damage is covered due to the concept of proximate cause. XYZ Insurance Corp. filed its corporate charter in Tallahassee and has its home office in Tampa: In Florida, XYZ is a domestic insurer. In Florida, XYZ is a foreign insurer. In Florida, XYZ is an alien insurer. None of the above is true. In Florida, XYZ is a domestic insurer. All of the following may qualify for a dwelling policy EXCEPT: A 6 - family dwelling A beach house owned by Acme Corporation A small single family home, rented by a salesman An old frame home, built upon piers, valued at $10,000 and occupied by the owner, Mrs. Jones. Company underwriting minimum for a homeowner policy is $50,000. A 6 - family dwelling All of the following are eligible for a Homeowners Policy EXCEPT: A person who rents an apartment A condominium owner Owner-occupant of a four-family dwelling A beach house owned by Acme Corporation A beach house owned by Acme Corporation Which of the following is NOT covered under the HO - Coverage C, Personal Property? An insured's suitcase and clothing, valued at $1,500, stolen from his motel room while at a convention. A fire breaks out in the residence and an overnight guest loses his clothes in the fire. The insured's daughter's golf clubs are stolen from her locker at high school. The dead fish when the insured accidentally overturns his tropical fish tank and all the fish die from lack of oxygen The dead fish when the insured accidentally overturns his tropical fish tank and all the fish die from lack of oxygen Which of the following forms is "all risks" on the dwelling policy? DP-1, or the basic form DP-2, or the broad form DP-3, or the special form None of the above, since "all risks" is not available on a dwelling policy DP-3, or the special form Jane has a dwelling policy with the house insured for $40,000. If her detached shed, which is valued at $4500, is destroyed by a covered peril, what can she expect? Nothing, unless she has endorsed her policy with "unattached structures" coverage.She can expect the $4500 to be paid, since her policy protects her up to $40,000 for structures.She can expect $4,000 to be paid, because unattached structures are covered up to 10% of the dwelling amount.She can expect $4,000 to be paid, only if she has the proper endorsement to her dwelling policy She can expect $4,000 to be paid, because unattached structures are covered up to 10% of the dwelling amount. Homeowners Policies usually insure property for which of the following? Rising water - Flood, back up of sewer or drainInherent vice, underground seepage, governmental actionFreezing, wear & tear, marring, deterioration Fire, lightning, theft Fire, lightning, theft Which of the following would be excluded (NOT covered) under a personal articles floater on an "all risks" basis? Insects destroy a valuable postage stamp worth $500A personal art collection on display at a museum show is stolenA sophisticated telescope is damaged in a fireAll of the above Insects destroy a valuable postage stamp worth $500 Which of the following is false concerning flood insurance? A community applies for flood coverage and during this time, it is in the "emergency program." To be insured for flood, a new building only must have the walls up. Two acres must be inundated with water - flooded.Loss to a detached garage would be settled on an actual cash value basis. To be insured for flood, a new building only must have the walls up. [Show Less]
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FL Adjusters License Practice Exams 100% accurate answers (latest updade)
Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. ... [Show More] (B) Written evidence of the agreement and its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performance. (B) Written evidence of the agreement and its terms. Assume that five years ago a couple insured their home for [its then appraised value of] $60,000. Two weeks ago they had a stove fire resulting in an estimated loss of $15,000 for repairs. The adjuster finds that the value of their home is now $100,000, but the home is still only insured for $60,000 and has a deductible of $500. The policy has an 80% coinsurance clause. How much should the adjuster pay to the couple? (A) $11,500 (B) $10,875 (C) $14,500 (D) $15,000 (B) $10,875 01:03 01:27 Negligence is described as: (A)Liability imposed by jury verdict. (B) Liability arising from statutorily imposed liability regardless of fault. (C) Fault that arises from doing something you shouldn't have done, or not doing something you should have done. (D) Fault imposed on you because you have a greater ability to pay. (C) Fault that arises from doing something you shouldn't have done, or not doing something you should have done. Describe the coverage's provided in a split limit policy of 10/20/10. (A) The coverage provides $10,000 in property damage limits, $20,000 in bodily injury for any one individual, and $10,000 for bodily injuries to each additional person injured. (B) The coverage provides $10,000 for bodily injury to one individual, $20,000 for property damage, and $10,000 for bodily injuries to each additional person injured. (C) The coverage provides up to $10,000 of liability protection for bodily injury to any one individual, an aggregate of $20,000 for all bodily injuries regardless of how many individuals, and $10,000 for medical payments coverage for the insured's bodily injury. (D) The coverage provides up to $10,000 of liability protection for bodily injury to any one individual, an aggregate of $20,000 for all bodily injuries regardless of how many individuals, and $10,000 for property damage. (D) The coverage provides up to $10,000 of liability protection for bodily injury to any one individual, an aggregate of $20,000 for all bodily injuries regardless of how many individuals, and $10,000 for property damage. 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: (A)The valued policy law. (B) Payment of policy limits plus a penalty for over-insuring the home. (C) Replacement cost value (D) Actual cash value (A)The valued policy law. Which of the following would not be a preferred claims practice or behavior under Florida's Unfair Insurance Trade Practices Act? (A) Not responding to an insured's calls because you haven't made up your mind yet. (B) Sending a letter to a claimant explaining why you can't pay their claim, or offering a compromise based on specific facts and legal issues. (C) Contacting a witness the day after receiving the claim and getting additional facts about the accident. (D) Contacting an insured or claimant immediately upon receipt of a claim for property damage or bodily injury. (A) Not responding to an insured's calls because you haven't made up your mind yet. The doctrine of proximate cause is defined as: (A) The proximity of a loss to an insured location. (B) The physical link between one insured loss and another. (C) The primary reason for an event or accident. (D) If there is an unbroken chain of events, or series of consequences, flowing from the initial loss caused by the insured peril to a subsequent loss, the insured peril causing the initial loss will be considered the "proximate cause" of the subsequent loss. (D) If there is an unbroken chain of events, or series of consequences, flowing from the initial loss caused by the insured peril to a subsequent loss, the insured peril causing the initial loss will be considered the "proximate cause" of the subsequent loss. Once an adjuster is licensed, he or she must maintain a continuing education requirement. Select from the following an adjuster's compliance requirement in order to stay licensed: (A) A newly licensed adjuster must complete 24 hours of continuing education in every two year compliance period, of which 5 hours must be taken in a properly certified 5 Hour Law & Ethics Update course. (B) An adjuster has to complete 28 hours of continuing education in every two year compliance requirement in the following categories: 12 Law, 2 Ethics and 14 Optional. (C) An adjuster must complete 30 hours of continuing education on Florida law every two years immediately following licensure. (D) Only independent adjusters are required to take continuing education. Adjusters who work for insurance companies do not. (A) A newly licensed adjuster must complete 24 hours of continuing education in every two year compliance period, of which 5 hours must be taken in a properly certified 5 Hour Law & Ethics Update course. Which of the following is NOT an example of "compensatory damages": (A) Wages lost by the injured party due to inability to work because of injuries sustained in an accident. (B)Pain and suffering (C) Medical bills for treatment of injuries sustained in an accident. (D) A jury verdict of $1,000,000 against the defendant to punish them for their reprehensible actions in causing the loss. (D) A jury verdict of $1,000,000 against the defendant to punish them for their reprehensible actions in causing the loss. The basic and primary functions of an adjuster are: (A) Processing and filing mail. (B) Filing special forms for the insurance company and regulatory bodies. (C) Investigating, managing, evaluating, reporting on, and negotiating and disposing of claims. (D) Making payments and recording claim status claims for property damage, vehicle repairs, damages, medical bills, wage loss and compensation. (C) Investigating, managing, evaluating, reporting on, and negotiating and disposing of claims. [Show Less]
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Adjuster Pro - Florida Certified Adjuster Glossary questions and answers graded A+ 2023
Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual ... [Show More] Cash Value (ACV) A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) 00:56 01:27 Adhesion One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other (the insured) can 'take it or leave it.' Adjusted Gross Revenue (CropInsurance) Narrowest (and least expensive) form of Crop Revenue Insurance. Insures farm revenue as a whole instead of individual crops. Guarantees a percentage of the insured farm's average revenue. Adjuster An agent who, for compensation, processes insurance claims. Can represent either the insured or the insurer. Adjuster - Emergency Adjusters who are temporarily licensed by the insurance commissioner to handle claims during catastrophes or emergencies that produce an overwhelming number of claims in a short period of time. Adjuster - Independent Self-employed adjusters who contract with multiple insurers at the same time. Paid on a commission or fee-plus-expenses basis for each claim. Also called: Fee Adjuster, Bureau Adjuster Adjuster - Public An adjuster who is hired to represent the claimant and help determine a fair indemnification.Usually specializes in appraisals and negotiation. Paid commission, usually a percentage of final settlement. Adjuster - Staff Salaried employee of one insurance company who can work locally, regionally, or nationally. Also called: Company Adjuster Advance Payment Settlement A settlement option that lets the insurer offer some financial relief to the claimant before the claim has been fully settled. The insurer makes advance payments to the claimant, which are then subtracted from the final settlement amount. Often used when a claimant suffers bodily injury and is unable to work. Agency Authority The Agent's authority to act on behalf of someone else, usually an insurer. This authority is derived from the agent's contract with the insurer. Agency Authority - express Authority that is expressly given to the agent in writing. Allows agent to act on behalf of the principal. 00:38 01:27 Aency Authority - implied Authority that an agent possesses by implication of his behavior, regardless of whether this authority is expressly granted in writing. Agency Authority - apparent Authority that an agent possesses based on the appearance of representing an insurer. Agent Someone who has received authority from an insurer to sell or service insurance policies. Aggregate Limit A type of policy limit found in some health, liability, and property damage policies. It represents the total amount the insurer will pay for all losses. Agreement One of the four requirements of a legally binding contract. All parties involved must agree to the terms of the contract. Can also refer to a binder, which is the preliminary substance of a contract. Agricultural Producer A business that grows, harvests, and sells crops for profit. Aleatory A characteristic of insurance contracts; means depending on an unknown future event." Answer In liability cases, the defendant's response to a complaint. There are three possible answers: 1)accept complaint and pay for damages, 2) deny the complaint, or 3) accept the complaint with a right to insert evidence into the case. Annual Depreciation An item's Replacement cost divided by the number of years in its expected lifespan. Appraisal A negotiation method which allows the claimant and the insurer each to select an appraiser.The two appraisers in turn select an Umpire. The appraisers then work together to determine asettlement amount. If they cannot agree, the Umpire steps in. Agreement by any two of thethree is binding. Arbitration A negotiation method in which the opposing parties each submit their evidence to a mutually-agreed-upon and neutral third party, called an arbitrator. The arbitrator reviews the positions ofeach opposing side, and makes a final and legally binding decision. Arbitrator The mutually-agreed-upon and neutral third party in an arbitration who reviews the positions ofeach opposing side, and makes a final and legally binding decision. Auto Policy Insurance policy designed to protect the policyholder while owning, occupying, or operating avehicle. Usually combines liability coverage and property coverage into one policy. Automobile In Insurance policies, Automobile generally means any vehicle designed for use on publicroads. Automobile No-fault Laws Insurance that indemnifies the insured regardless of who was at fault in an accident; also restrict the insured's right to sue the at-fault party. Aviation Aviation insurance combines hull insurance for the aircraft and liability insurance for any damage to others' property or to people who are not passengers. Bailee An individual or company that receives the property of someone else for a special purpose, and returns the product after use. BAP The Business Auto Policy provides property damage and liability insurance for automobiles used by a business. Binder A temporary contract provided by an insurer that ensures coverage until the complete, permanent policy is issued. BI (Bodily Injury): Physical damage to someone's person. Body Language The signals we give through posture, behaviour, apparel, etc., which are involved in communication. Boiler & Machinery Insurance designed to indemnify a business for damages to, and damages by, boilers, machinery, motors, generators and a variety of other electrical devices and appliances. Bond A contract wherein one party guarantees the performance of a third party. Bonds involve three parties: (1) the surety agrees to pay the second party (2) the obligee if the third party (3) the principal neglects to carry out an obligation it has to the obligee. Breach of Product Warranty The failure or falsehood of a stated promise of a product stipulation. Business Personal Property Moveable property used for business Catastrophe An occurrence or a sequence of occurrences that causes enormous property losses; normally uninsurable by private insurers. Cause of Loss A form included in a Commercial Package Policy or a Commercial Property Policy that lists the causes of loss from which the insured property is covered. [Show Less]
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Exam 1 insurance licensing florida questions and answers rated A
What is the primary difference between a staff adjuster and an independent adjuster? A staff adjuster works for an insurance company and an independent ad... [Show More] juster works independently for themselves or for adjusting firms who represent many clients. 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: The valued policy law. The doctrine of proximate cause is defined as: If there is an unbroken chain of events, or series of consequences, flowing from the initial loss caused by the insured peril to a subsequent loss, the insured peril causing the initial loss will be considered the "proximate cause" of the subsequent loss. An adjuster's responsibility as a fiduciary means: The adjuster represents, and controls, the property and financial interests of the client, to whom he/she owes a high degree of loyalty and good faith. The Adjuster's Code of Ethics starts with a basic premise which states: The work of adjusting engages the public trust. Breach of contract by a carrier or its adjuster, through non-payment or non-compliance with policy requirements, could have which of the following consequences for a carrier (select one from the following): If found guilty of a breach of contract, the carrier could be punished with a "bad faith" verdict that would cost it millions of dollars. When you purchase insurance, you are buying: Peace of mind that if an insured event does occur, that the insurance company will keep its promise and provide the financial protection that you purchased. Which of the following would not be a preferred claims practice or behavior under Florida's Unfair Insurance Trade Practices Act? Not responding to an insured's calls because you haven't made up your mind yet. One of the most important claim handling goals of an insurance company is: To help those who have been injured, or who have suffered loss for which the insured is responsible, while at the same time minimizing loss for the insured party and carrier. Which of the following is NOT an example of "compensatory damages": A jury verdict of $1,000,000 against the defendant to punish them for their reprehensible actions in causing the loss. Which of the following statements is NOT true? If a question of coverage arises and cannot be swiftly resolved in favor of the insured, the carrier should immediately tender the claim to its defense attorney and deny the claim. Which of the following is NOT a defense to a claim of negligence? Breach of Warranty The fundamental difference in adjusting claims in the healthcare industry and in the property/casualty (i.e. workers' compensation, liability, etc.) industry is: The relative degree of legalism involved. To adjust claims in the property and casualty industry one must have a sound foundation and understanding of various legal doctrines and issues. Describe the difference between a peril and a hazard. A peril is a cause of loss, like fire. A hazard is a condition that exists beforehand that increases the likelihood of such a loss, like a messy storeroom or garage that contains lots of toxic chemicals, oily rags, etc. Negligence is described as: Fault that arises from doing something you shouldn't have done, or not doing something you should have done. Which of the following is one of the duties of an Insured following a loss? Giving prompt notice of loss to the insurer A claim in the property/casualty industry is defined as: An assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damage An insurance policy is often referred to as a contract of adhesion. This means: If any of the wording or language in the policy is vague or ambiguous, if the meaning of the wording is difficult to understand or interpret, or if what is written can be interpreted to have different meanings, the law is well settled that the interpretation shall be in favor of the party who did not control its terms...in this case, the policyholder. Assume that five years ago a couple insured their home for [its then appraised value of] $60,000. Two weeks ago they had a stove fire resulting in an estimated loss of $15,000 for repairs. The adjuster finds that the value of their home is now $100,000, but the home is still only insured for $60,000 and has a deductible of $500. The policy has an 80% coinsurance clause. How much should the adjuster pay to the couple? 10,875 Once an adjuster is licensed, he or she must maintain a continuing education requirement. Select from the following an adjuster's compliance requirement in order to stay licensed: A newly licensed adjuster must complete 24 hours of continuing education in every two year compliance period, of which 5 hours must be taken in a properly certified 5 Hour Law & Ethics Update course. Describe the coverages provided in a split limit policy of 10/20/10. The coverage provides up to $10,000 of liability protection for bodily injury to any one individual, an aggregate of $20,000 for all bodily injuries regardless of how many individuals, and $10,000 for property damage. A couple has Coverage A limits of $250,000 on their home located in Ft. Lauderdale, FL. They suffer a wind loss to their roof from a tornado spawned by Hurricane Ernesto that results in an estimate of $11,500.00 for repairs. The adjuster deducts the Florida hurricane deductible of $5,000 from the estimate and pays them $6,500 in settlement of their property claim. This is known as the application of: A percentage deductible The basic and primary functions of an adjuster are: Investigating, managing, evaluating, reporting on, and negotiating and disposing of claims. In today's society, the most important factor in the purchase of insurance is: Trust Which of the following is NOT one of the four critical elements of a contract? Written evidence of the agreement and its terms. [Show Less]
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