Florida Adjuster Licensing Practice Exam: Questions and Answers on Insurance and Adjusting, Exams of Insurance Economics

Download Florida Adjuster Licensing Practice Exam: Questions and Answers on Insurance and Adjusting and more Exams Insurance Economics in PDF only on Docsity! Florida Adjuster Licensing Practice Exam Questions And Answers A claim in the property/casualty industry Is defined as: - correct answer 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 damages when you purchase insurance, you are buying: - correct answer 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 in today's society, the most important factor in the purchase of insurance is: - correct answer trust One of the most important claim handling goals of an insurance company is: - correct answer 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 what is the primary difference between a company employee adjuster and an independent adjuster - correct answer a company employee adjuster works for an insurance company and an independent adjuster works independently for themselves or for adjusting firms who represent many clients Florida Adjuster Licensing Practice Exam Questions And Answers an adjuster's responsibility as a fiduciary means: - correct answer 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 basic and primary functions of an adjuster are: - correct answer investigating, evaluating, reporting, negotiating and disposing of claims once an adjuster is licensed, he or she must maintain a continuing education requirement. What is that adjuster's compliance requirement in order to retain a license? - correct answer an adjuster must complete 24 hours of continuing education in every 2 year compliance period, of which 5 hours must be taken in a properly certified 5 hour law and ethics update course the adjuster's code of ethics starts with a basic premise which states: - correct answer the work of adjusting engages the public trust Which of the following would NOT be a preferred claims practice or behavior under FL Unfair Insurance Trade Practices Act? - correct answer Not responding to an insured calls because you haven't made up your mind what are the four critical elements of a contract? - correct answer 1. agreement to terms (must understand what is given and received) 2. adequate consideration for the promises made Florida Adjuster Licensing Practice Exam Questions And Answers 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: - correct answer valued policy law Assume that 5 years ago a couple insured their home for its then appraised value of $60,000. 2 weeks ago they had a stove fire resulting in an estimated loss of $15,000. The adjuster finds that the value of their home is now $100,000 but the home is still only insured for $60K and there is a deductible of $500. The policy has an 80% coinsurance clause. How much should the adjuster pay to the couple? - correct answer ($15,000-$500)($60,000/$100,000(.80))= $10,875 describe the coverage's provided in a split limit policy of 10/20/10 - correct answer 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 negligence is described as - correct answer fault that arises from doing something you shouldn't have done, or not doing something you should have done what are examples of "compensatory damages"? - correct answer tangible, documentable financial losses such as medical expenses and lost wages (special damages) Florida Adjuster Licensing Practice Exam Questions And Answers intangible losses such as pain and suffering, mental anguish, permanent injury and disfigurement (general damages) What are the defenses to a claim of negligence - correct answer no negligence, contributory negligence, comparative negligence and assumption of risk what are the laws that affects one's legal liability - correct answer Statutes of Limitations, Wrongful Death Act, Workers comp. and Auto No Fault, Waiver of Sovereign Immunity and Breach of Product Warranty What statement is NOT true? - correct answer if a question of coverage arises and can't be swiftly resolved in favor of the insured, the carrier should immediately tender the claim to its attorney and deny the claim