Florida Claims Adjuster Exam| 203 QUESTIONS| WITH
COMPLETE SOLUTIONS| 38 PAGES
Insurance applies separately to each insured as if other insureds did not exist. correct answer: Severability
Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* correct answer: Abandonment
One wherein economic loss would be suffered from an adverse happening to the subject. correct answer: 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.. correct answer: Liberalization
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. correct answer: Doctrine of Proximate Cause
The Loss Settlement Valuation that subtracts an allowance for depreciation correct answer: Actual Cash Value
A policy condition, either based on information in the insured's application or inserted by the insurer correct answer: Warranty
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? correct answer: Conditional Contract
36 Months/36,000 Miles Used vehicles: 12 Months/12,000 Miles correct answer: Under Mechanical Breakdown Coverage, *new cars are eligible for service up to:*
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 correct answer: If financial responsibility doesn't exist at the time of an accident, what happens?
3 correct answer: 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
The Trailer Interchange Coverage Form correct answer: The Business Automobile Policy includes all of the following coverage forms except:
10,000 correct answer: Personal Injury Protection, or PIP, has a __________ per person, per accident limit.
Garage Coverage Form correct answer: Used to insure businesses engaged in selling, servicing, repairing, parking or storing automobiles:
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 correct answer: The following examples are referred to as __________ liability limits: 25/50/25 or 10/20/10. $1,600
3000 (bills) - 1000 (deductible) = 2000 x .80 (eighty percent) correct answer: 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?
$5,000
Medical Payment limits apply per person; Frank will receive full amount
towards medical bills. correct answer: 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?
Age & Gender of Insured correct answer: Which of the following is not one of the rating factors for a Homeowner's Policy?
Other Structures
Examples include sheds, fences, pool houses, detached car ports, etc. correct answer: On a Homeowner's Policy, covers items that are not permanently attached to the dwelling. This is defined as:
Mortgagee Clause
Mortgagee - Homeowner's policy
Loss Payee - Automobile policy correct answer: A lender has an insurable interest in a home and finds protection in the:
DP-3, or the Special Form correct answer: Which of the following forms is "all-risk" on the dwelling policy? Both A & B correct answer: When the basic liability limits provided by the policy are insufficient for an insureds needs, two coverage forms are used to provide the additional amounts of coverage:
A. Excess Liability
B. Umbrella
C. Both A & B
D. None of the Above
B. A fish dies because he has been left alone for a week without food
Animals are listed as an "exclusion" under a Homeowner's policy. correct answer: Which of the following is not covered under Coverage C, Personal Property?
A. A fire breaks out in the residence and an overnight guest loses his clothes in the fire
B. A fish dies because he has been left alone for a week without food
C. The insureds daughters tennis racket is stolen from her locker
D. The insureds suitcase and clothing, valued at $1,500, are stolen from his hotel
D. A business condo owned by a local insurance company
Commercial property is not eligible for a Homeowner's policy. correct answer: All of the following are eligible for a Homeowner's Policy, except?
A. An apartment tenant
B. A condominium owner
C. Four-family dwelling owner-occupant
D. A business condo owned by a local insurance company
D. All of the Above
