Florida Public Adjuster State Test 2024 All Correct

Florida Public Adjuster State Test 2024 All Correct Florida No-Fault Tort Exemption Those who comply with the law are granted limited immunity from suits of others through PIP coverage. 4 Exceptions to Tort Exemption(Threshold of No-Fault) function. 1. Significant and Permanent loss of bodily 2.Permanent injury other than scarring and disfigurement. 3.Significant and Permanent scarring or disfigurement. 4.Death What does NFIP stand for? National Flood Insurance Program Form SR-22 Drivers Convicted of DUI or a traffic felony over the prior 3 years are required to have 100/300/50 coverage or a certificate of self insurance of $350,000. Contents of a CGL Contract 1.Declarations Form 2.Common Policy Conditions Form 3. One of: A.Occurrence Form B.Claims Made Form 4.Nuclear Energy Liability Exclusion Endorsement. Declarations of a CGL Contract(4) 2.Policy Period 3.Premium 4.Limits of Coverage 1.Named Insured(including address) 7 Common CGL Conditions 1.Cancellation(30 Days by insurer option, 10 Days By no payment). 2.Changes 3.Examination of Books 4.Inspections and Surveys 5.Premiums 6.Transfer 7.Nuclear Endorsement CGL Coverage A Bodily Injury and Property Damage Insuring Agreement The 3 Conditions that define work as "completed" completed. 1.When all work called for in the contract is 2.When all work to be done at the site has been completed if one contract calls for work at more than one site. 3.When that part of the work done at a job site has been put to its intended use by any person or organization other than another contractor or subcontractor. Occurance An accident, including continuous or repeated exposure to substantially the same general harmful conditions. accident Sudden, unexpected event The Difference between "Occurance" and "Claims Made" CGL Coverages The Coverage Trigger: The Occurance Form applies to BI and PD regardless of any later time at which the claim is made. The Claims-Made Form applies only to BI and PD that occurs on or after the "Retro-Active date" Retro-Active Date The date on which the coverage legally began. Basic Extended Reporting Period for CGL 60 Days after expiration Why is the term "Coverage Trigger" misleading? during which the insurance contract is in effect. Umbrella Covers Excessive Liability A Homeowners Policy consists of(3 components): Because it intends to refer to the time period 1.Declarations 2.One of 6 Homeowners forms 3.Mandatory and optional endorsements If a unit is co-owned, May one co-owner be insured as the renter(HO-4)? What are the two main divisions of a Home Owners Form? Yes Section I-Property & Section II-Liability 4 Subsections of Section I of a Property Coverage Policy 2.Perils Insured Against 3.Exclusions 4.Conditions 1. Coverages Who determines how much HO-6 coverages a Condominium Owner needs? The Association Homeowners Coverage A "Dwelling" covers the dwelling building and structures attached; also construction materials and supplies on or adjacent to the premises. Homeowners Coverage B "Other Structures" covers private structures on the residence premises that are not attached to the main dwelling. 1.Detached Garage. 4 Examples of "Other Structures" Per Coverage B of a Homeowner's policy(book gives 5) 2.Guest House. 3.Fence 4.Tennis Court 5.Storage Building Homeowner's Coverage C "Personal Property" covers Property, wherever it is located, that is owned or used by "an Insured". Homeowners Coverage D "Loss of Use" covers increases over normal living costs if damage from a covered Peril makes the residence unfit for occupancy. What is the standard limit for Homeowners Coverage B? A and may not be increased or decreased. What is the standard amount for Coverage C 10% of the amount Insured for Coverage 50% of Coverage A.