Florida Claims Adjuster Exam, 6-20 All Lines Adjuster Study Guide (Latest 2023), Exams of Nursing

Download Florida Claims Adjuster Exam, 6-20 All Lines Adjuster Study Guide (Latest 2023) and more Exams Nursing in PDF only on Docsity! 1 / Florida Claims Adjuster Exam, 6-20 All Lines Adjuster Study Guide (Latest 2023) 1. Peril Something that causes a loss. 2. Hazard Something that increases the proba- bility that a loss will occur. 3. Warranty A policy condition, either based on information in the insureds applica- tion or inserted by the insurer. It is a guarantee of a fact. 4. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 5. Concealment The failure of the insured to reveal relevant facts known to the insured in applying for 2 / Florida Claims Adjuster Exam, 6-20 All Lines Adjuster Study Guide (Latest 2023) insurance. 6. Abandonment 5 / Florida Claims Adjuster Exam, 6-20 All Lines Adjuster Study Guide (Latest 2023) 9. Direct Loss Physical harm to tangible property. 10. Indirect Loss Economic loss which flows as a re- sult of direct loss. 11. Actual Cash Value(ACV) Replacement Cost minus Deprecia- tion 12. Coinsurance The amount, generally expressed as a fixed percentage, an insured must pay against a claim after the de- ductible is satisfied. It's ultimately a way for the insured and insurer to share responsibility for the risk. It can also help reduce the cost of the insurance policy 6 / Florida Claims Adjuster Exam, 6-20 All Lines Adjuster Study Guide (Latest 2023) premium. Coinsur- ance can be written on an 80/20, 90/100, or 100% rule. 7 / Florida Claims Adjuster Exam, 6-20 All Lines Adjuster Study Guide (Latest 2023) 13. Personal Contract Policies cover people who own and operate things, such as automo- biles. 14. Conditional Contract Also called a hypothetical contract, is a contract agreement that only requires performance once the de- lineated conditions are met. This le- gal agreement requires prior per- formance of another agreement or clause in order to be enforceable. If the other agreement or condition is performed, then the conditional con- tract is enforceable and the parties are bound to carry out the terms of the contract. 15. Contract of Indemnity Principle of insurance that provides that when a loss occurs, the insured should be restored to the approxi- mate financial condition he/she oc- cupied before the loss occurred, no better or no worse. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 10 / 21. Subrogation When an insured has a right to col- lect damages from another party, but instead elects to claim the damages under his insurance policy, his rights against the other party are trans- ferred to the insurer. 22. Changes All policies provide that any changes to the policy be made by the insurer, in writing. 23. Policy Period The condition states that coverage applies only to losses or occur- rences that take place during the policy period. (Prior to the stated date and time of termination). 24. Policy Territory Condition limiting coverage to occur- rences or losses that take place only within a stated geographical region. 25. Other Insurance The principle of indemnity dictates against duplicate recovery for the same loss. 26. Cancellation The insured may cancel at any time, for any reason, without advance no- tice. If the conpany wishes to cancel, it Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 11 / must provide some degree of ad- vance notice so the insured will have time to replace the coverage. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 12 / 27. Appraisal A written contract of or written agree- ment for or effecting insurance, or the certificate thereof, by whatever name called, and includes all claus- es, riders, endorsements and pa- pers which are a part thereof. 28. Insurance Is a contract whereby one under- takes to indemnify another or pay or allow a specified amount or a deter- minable benefit upon determinable contingencies. 29. Binder Acts as a temporary contract until the policy is issued. 30. How many days should an insurer give for prior notice of cancellation of a binder? 5 days. 31. Property Insurance Any insurance wherein payment by the insurer will be paid directly to the insured or other specifically named interests. 32. Liability Insurance Payment will be on behalf of Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 15 / responsible for damages or bodily injuries. 39. Known Loss Prevents an insured from coverage if the insured knew the loss was prob- able at the time of the insurance con- tract. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 16 / 40. Value Reporting The limit of coverage is set at an amount somewhat higher than ex- pected peak values. 41. Commercial Property Insurance Covers direct and indirect losses re- lated to properties other than one to four family dwellings and farm prop- erties. 42. Employee Theft Provides coverage for loss of or damage to money, securities, and other property resulting from theft committed by an employee. Theft is defined as the unlawful taking of money, securities or other property to the deprivation of the insured. 43. Bid Aggreement to fulfill a contractual obligation used frequently in con- struction and supplying goods. 44. Health Maintenance Organization (HMO) 45. Preferred Provider Organization (PPO) Provides comprehensive health ser- vices to its members for a prepaid fixed fee, equivalent to an insurance premium. A selected group of hospital's and medical practitioners in a given area who have joined together in an effort to reduce medical costs. 46. Estoppel Is an equitable principle to the effect that if one intentionally or uninten- tionally creates the Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 17 / impression that a certain fact exists, and an innocent party relies on that impression and is damaged as a result, the guilty party may be legally prohibited(estopped) Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 20 / est or primary value is either in its sale or transfer as scrap metal or component parts or both. 55. Mechanical Breakdown Coverage Covers repairs to mechanical parts of your vehicle that break. Even cov- ers break in events not related to an accident. 56. Sliding Selling an item and stating that it is required by law. 57. What is the Death Benefit amount for PIP ? 58. What is the amount for medical and disability benefits afforded by PIP ? 59. Who is the Financial Responsibility Law administered by ? $5,000 $10,000 The Department of Highway Safety and Motor Vehicles. 60. What are the Basic PIP Benefits ? -Medical-80% of responsible ex- penses are paid for necessary med- ical, surgical, X-Ray and dental. -Work Loss-60% of any loss of gross income and loss of earning capacity reimbursed. -Replacement Services-100% for the cost of having household ser- vices performed by others. -Death-Effective 01/01/2013 the death benefit will be $5,000 in addi- tion to the $10,000 in medical and Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 21 / disability benefits afforded by PIP. 61. Company or Staff Adjuster Are salaried employees under the supervision of the home, branch or regional claims department of insur- ers. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 22 / 62. Fee Adjusters Offer their services on a fee- for-ser- vice basis. They represent many in- surers. 63. Bureau Adjuster Employee or agent of an adjustment bureau which serves multiple com- pany clients such as the GAB Busi- ness Services, Inc and Underwrit- ers Adjusting Company both nation- al firms. 64. Independent Adjuster Are Self-Employed and are not affili- ated with either insurers or bureaus. They serve as adjuster representa- tives of insurers, and their services are compensated on a fee-plus-ex- penses basis for each loss handled. 65. Public Adjuster Is a claims adjuster who is an ad- vocate for the policyholder in ap- praising and negotiating an insur- ance claim. 66. What are the Characteristics of a Per- -Liability(Bodily Injury) sonal Auto Policy Declaration Page ? 67. What are examples of Transacting In- surance? Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 25 / -Failure to affirm or deny a claim when an insured is entitled there to -Failure to explain claim denials in writing -Failure to maintain complaint-han- Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 26 / dling procedures such as keeping accurate records of complaints. 73. Comprehensive Coverage Covers all loss except collision or overturn. Standard deductible is $100 per car, $500 per occurrence applies to losses from theft, mis- chief, and vandalism. 74. What is the minimum requirements for the Financial Responsibility Law ? 75. What are the basic activities in claims handling ? -The legally valid claims of others must be satisfied(up to the 10/20/10 requirements) -The owner and operator must pro- vide certification of financial respon- sibility for future accidents. If not sat- isfied operator's driver's license and the registrations of all owned vehi- cle's are suspended. -Investigation to establish coverage, determine legal liability, and verify if the alleged damages qualify the loss for payment. -Evaluation to determine the fair payment in accordance with the con- tract and applicable law. -Negotiation of a quality settlement based on facts discovered during the evaluation process. 76. Claim Is the assertion of an alleged legal right against an insurer, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 27 / which car- ries with it a demand for appropriate relief. 77. Claims Adjuster One who is involved in the investiga- tion, adjustment, negotiation and/or trial preparations of claims arising under insurance policies. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 30 / An insurance contract is based, places serious responsibilities on the claim adjuster with regard to conduct, work habits, and specific claims handling activities. 85. What does 10/20/10 mean ? 10=10,000 Livability per person in- jured-amount that will be paid out for injuries to one person. 20=20,000 Combined Total Liability for all injuries-this is the most paid out for injuries for an accident. 10=10,000 Property Damage- the most paid out for damage caused to property of others. 86. What is SR-22 ? A form of coverage known as a NAMED NOOWNER policy is re- quired, this form offers insurance coverage only while the insured is operating automobiles owned by others. 87. What are the two things that need to happen for financial responsibility that did not exist at the time of the accident ? 88. What are the main elements of the FL Law ? -The legally valid claims of others must be satisfied(up to the 10/20/10 requirements). -The owner and operator must pro- vide certification of financial respon- sibility for future accidents. -Those who comply with the law have limited immunity Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 31 / from tort suits. -As one may not be able to seek legal liability damages against an- other for bodily injuries, the law sub- stitutes, under one's own insurance, the coverage defined as Personal In- jury Protection(PIP) Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 32 / 89 . How many days does a Non-Resi- dent's vehicle physically present in FL have subject to the No-fault law ? 90 days. 90 . What are the three penalties for -The owner is denied the immunities non-compliance with the compulso- from legal liabilities that are granted ry insurance requirements ? to those who comply. -The owner is personalltly liable for payment of PIP benefits to those en- titled to such benefits. -The owner's driver's license and ve- hicle registration are subject to sus- pension, as under the Financial Re- sponsibility Law. 91 . What does Extended PIP do ? -Increases medical benefits from 80% to 100%. -Increases income loss from 60% to 80%. -Applies only to named insured and family members. 92 . What does additional PIP do ? -Increases the $10,000 limit by amounts such as $10,000, $25,000, $40,000, and $90,000(again, for a premium increase). -Increases do not impact $5,000 Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 35 / 100. Declarations Identifies the named insured and ad- dress, states the policy period and premium and miscellaneous infor- mation about the insured, and speci- fies the limits of coverage that apply. 101. The policy states that if a company wishes to cancel, How many days must it give prior notice ? 30 days. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 36 / 102. Nuclear Endorsement Excludes all hazards related to nu- clear energy. 103. What is Coverage A ? Bodily Injury and Property Damage Insuring Agreement. 104. Bodily Injury(BI) Physical harm and includes sick- ness or disease or death resulting there from. 105. Property Damage(PD) Physical injury to tangible property, including loss of use of that property. 106. Occurrence An accident, including. continues or repeated exposure to substantial- ly the same general harmful condi- tions. 107. Accident A sudden, unexpected event. 108. Coverage Territory Is the U.S. and its territories or pos- sessions , Puerto Rico and Canada, including international waters and airspace between these places. 109. The Coverage Trigger Determines how policy will respond. 110. The Occurrence form Applies to BI or PD which occurs during the policy period, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 37 / regardless of any later time at which a claim is made. 111. The Claims-Made form Applies only to a BI or PD which oc- curs on or after the retroactive date, and for which the claim is received or recorded by an insured or the com- pany during the policy period. 112. Retroactive Date Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 40 / 121. Farm Liability Coverage Form Provides coverage for BI or PD aris- ing out of farming operations of per- sonal activities. 122. The Custom Farming Endorsement Provides coverage for liability arising from the insureds performance of farming operations for another, for a charge under any contract or agree- ment. 123. The Farm Employers Liability/Med- ical Payments Endorsement 124. Employment Related Practices Lia- bility Applies the basic Liability and Med- ical Payments coverages to injuries to farm employees, but not to em- ployees eligible to receive workers compensation benefits. This Form provides employers witg claims- made coverage for liability arising out of claims for injury to an employee because of an employ- ment-related offense. 125. Unauthorized Entity An entity that is required to be li- censed or registered with the Florida Office of Insurance Regulation but is operating without the proper autho- rization is identified as an unautho- rized insurer. 126. To be Authorized and transact busi- ness in FL what must you have ? Certificate of Authority. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 41 / 127. General Lines Agent 2-20 Licensed to write property/casualty, surety, or health insurance. 128. Customer Representative 4-40 Must be licensed, appointed by a General Lines Agent and may assist in transactions in the OFFICE ONLY. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 42 / 129. Limited Customer Representative 4-42 Must be licensed, appointed by a General Lines Agent and transact AUTO insurance in the OFFICE ONLY. 130. All Lines Claims Adjuster 6-20 Investigates, Evaluates, and Negoti- ates Claims. 131. A General Lines Adjuster is required to do what ? 132. A licensee must notify the Depart- ment in writing in how many days for change of name, address, phone number or email ? Participate in 24 hrs of continuing education every 2 years. 30 days. 133. Loss Sustained Cover only losses that both occurred and were discovered during the pol- icy period, or within one year of it's expiration. 134. Discovery Any loss discovered during the pol- icy period or within 60 days after it's expiration is called regardless of when it occurred. 135. Property Covered The policy covers only property the named insured owns or holds or for which the insured is legally liable, and for the benefit of the insured. 136. Safe Depository Covers the named insureds legal li- ability if it is the safe depository for customers property. Perils Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 45 / insureds promises to a per- son or place outside the premis- es, which encompasses anywhere in the world. 143. ExtortionCovers for all types of property, when surrendered away from the premises as a result of a threat to do bodily harm to the insured or an Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 46 / employee, or to a relative or invitee of either, who is being held captive. 144. Clients Property Offers coverage for non-owned property for which the insured is legally liable while the property is on the premises of the insureds client. 145. Lesses of Safe Deposit Boxes Covers theft, disappearance, or de- struction of securities; and burglary or robbery of property other than money or securities, all from within designated places of safe deposito- ry. 146. Funds Transfer Fraud Is designed to cover loss due to the fraudulent transfer of funds through the use of a telephone or fax ma- chine. 147. Securities Deposited with Others Covers theft, disappearance, or de- struction of securities, which have been deposited with a custodian, such as a bank or stockbroker. 148. The deductible The dollar amount that the insured pays before the insurer is required to pay the remainder of the loss is known as? 149. Replacement cost Which loss Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 47 / settlement provides new for old? 150. the claims adjuster's role in the in- surance industry includes Give appropriate legal advice and write binding contracts 151. following are examples of a peril Lighting, Explosion and Fire 152. The abandonment clause The clause that prohibits the in- sured from dumping damaged prop- Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 50 / 162. Written To be considered an insurance con- tract, a policy must be? 163. Subrogation When the insured transfers his/her rights to collect for damages to the insurer, it is known as? 164. The insured If an insurance policy is unclear or ambiguous, in whose favor does the policy respond? 165. Insurable interest A partial owner of a building cannot receive full value for the building in the event of a loss because of? 166. Comparative negligence Reduces the insured's damages by the degree of negligence 167. the following are part of an insur- ance policy Exclusions, Declarations and En- dorsementd 168. ACVreplacement cost minus deprecia- tion 169. The insured's house is totally de- stroyed in a fire. The house is in- sured for $200,000. The adjuster who investigates the claims determines the ACV of the home is $185,000. The Florida Valued Policy Law re- quires the insurer to pay $200,000 170. describe a franchise deductible No payment is made until the loss Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 51 / equals or exceeds the amount of the deductible and then the loss is paid in full 171. All of the following are character- istics of an insurance contract EX- CEPT? Personal, Private, Condition- al, Adhesion? Private Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 52 / 172. If a claimant is represented by an attorney, the adjuster should? 173. Adjusters should advise claimants on? 174. An adjuster is required to notify a claimant when a claim is denied. The notification must be? Only meet with the client when the attorney is present claims information Written 175. ÿThe term ethics refers to? service to others, personal respect and proper mode of conduct 176. When an adjuster deals with a claimant who is not a policyholder, this claim is known as an? 177. The successful adjuster/negotiator should understand that communica- tion includes all of the following EX- CEPT? Select one: A. Verbal and non-verbal messages B. Questioning C. Listening D. Decision-making 178. Which of the following is not a duty of the claims adjuster? Select one: A. Investigating B. Evaluating C. Negotiating D. Counseling 179. The adjuster's duty to the insurer is best described as? Select one: A. Friendly B. Factual Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 55 / Both unethical behavior and lack of knowledge or information are correct All of the above The claimant must be satisfied Try to influence settlements Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 56 / C. Settle claims in good faith D.Try to influence settlements 184. The insured, a resident of Florida, was in an accident in Georgia. The Florida car was insured with liabili- ty limits of 10/20/10. Georgia's mini- mum liability limits are 20/40/10. How will the Florida policy respond? Select one: A. 10/20/10 B. 20/40/10 C. No coverage D. 20/40/20 185. Under a PAP, when does the insur- ance company cease to defend the insured? Select one: A.The insurance company is not ob- ligated to defend the insured B. After the case has been resolved C.When the policy limit is exhausted D. At the policy's expiration 186. The Florida Financial Responsibility Law is triggered by? Select one: A. Registration of the vehicle B. Purchase of the vehicle C. An accident involving bodily in- jury or property damage D. Purchase of an auto policy 187. The insured is an owner and is insured for PIP. She is injured in an accident and has the fol- lowing damages? medicals- $12,000, lost wages-$6,000. How much will PIP pay if there is a $1,000 de- Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 57 / 20/40/10 When the policy limit is exhausted An accident involving bodily injury or property damage $10,000 Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 60 / 191. Joe is an owner insured for PIP. In which of the following situations does Joe have his PIP benefits avail- able to him? Select one: A. In a slip and fall accident in the mall in Florida B. In an accident while riding his mo- torcycle C. Struck as a pedestrian in Georgia D. In an accident while riding as a passenger in a friend's car in Florida 192. The insured bought a new car with a Mechanical Breakdown Policy. When the odometer reaches 40,000 the car has a serious breakdown in- volving the transmission. How does the Mechanical Breakdown Policy re- spond? Select one: A. No coverage because the policy expired B. No coverage because a transmis- sion is not covered C. ACV coverage will apply D. Replacement cost coverage will apply 193. An insured borrows his neighbor's trailer to pick up his new furni- ture. Which of the following best de- scribes the insured if he has an acci- dent? Select one: A. His PAP will extend coverage if the proper endorsement is added B. Only the liability of the PAP ex- tends to the trailer Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 61 / In an accident while riding as a pas- senger in a friend's car in Florida No coverage because the policy ex- pired His PAP extends liability to the trail- er and Part D-Physical Damage ex- tends $1,500 coverage to the bor- rowed trailer Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 62 / C. His auto is insured, but not the borrowed trailer D. His PAP extends liability to the trailer and Part D-Physical Damage extends $1,500 coverage to the bor- rowed trailer 194. Jane is driving Mary's car. Jane has an at-fault accident with Bob. Mary has liability limits of 10/20/10. Jane has liability limits of 100/300/100. If Bob has $40,000 in bodily injury, how much will be collected from Jane's policy? (IGNORE PIP) Select one: A. $30,000 B. $10,000 C. $50,000 D. $20,000 195. Jim owns an auto and he is in- volved in an auto accident. He suf- fered $4,000 in medical expenses and $4,000 of lost income. How much does his insurance pay if he has Ex- tended PIP? Select one: A. $7,200 B. $8,200 C. $4,200 D. $5,200 196. If an insured has $100,000 of un- stacked UM coverage with three cars on the policy, how much is available under a UM claim? Select one: A. $0- B. $300,000 $30,000 $7,200 $100,000 Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 65 / His PIP insurance May purchase UM coverage more than liability limits Trailer Interchange coverage Other than collision Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 66 / Damage C. Other than collision D. Collision 204. Tom is injured in a not at-fault auto accident and has temporary injuries. What can be recovered in a tort claim if he has $16,000 in medical bills with a $1,000 PIP deductible? Select one: A. $6,000 B. $5,000 C. $15,000 D. $10,000 205. The coverage that provides Liabili- ty, Medical Payments and Uninsured Motorist for a named individual who does not own an automobile is? Select one: A. Extended Non Owned B. Driver Other Car C. Named Non Owned D. Extended PIP 206. Uninsured Motorists coverage is used to cover the insured for? Select one: A. Bodily injury only B. Bodily injury and property dam- age C. Medical payments D. Liability 207. Sam is an owner and not insured for PIP. Sam borrows Fred's car, which is insured for PIP. Sam has an at-fault accident when he strikes Betty's car. Betty is insured for PIP. As a re- sult of Sam's negligence, Betty is in- Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 67 / $6,000 Named Non Owned Bodily injury only Betty must use her own PIP to pay her medical bills Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 70 / C. Indemnity D. A personal nature 215. All of the following are eligible for a Homeowner Policy, EXCEPT: Select one: A. Renters who maintain resident in any type of building B. Dwellings owned by a corporation C. Owner-occupants of 1-4 family dwellings D. Condominium unit owners 216. Outdoor equipment used to service the premises is covered under: Select one: A. Coverage C B. Coverage A C. Coverage B D. Coverage D 217. A contract condition of the Home- owners policy which provides that the insured gets the benefit of broadened coverage if the company adopts a broader form without an in- crease in premium is: Select one: A. Subrogation B. Liberalization C. Assignment D. Coinsurance 218. The coverage territory for Personal Inland Marine Insurance (PAF) is: Select one: A.Whatever is specified in the policy B. Worldwide C. United States D. U.S., Canada, and U.S. territories Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 71 / Dwellings owned by a corporation Coverage C Liberalization Worldwide Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 72 / 219. What condition must be met in a HO Policy for replacement cost to settle the loss? Select one: A.The insured must replace the item lost or damaged B. All of these answers are correct C.The insured must file the claim within 10 days D.The insured must carry insurance of at least 80% of the cost to replace the dwelling 220. Which HO form covers a condo own- er? Select one: A. HO-3 B. HO-2 C. HO-6 D. HO-4 221. Joe had a Dwelling Policy with $40,000 Coverage A limit. A cov- ered loss occurred that totaled the dwelling and the detached garage. The loss to the detached garage was $6,000. How much will be paid to Joe to cover this loss? Select one: A. $44,000 B. $40,000 C. $46,000 D. There is no coverage 222. Tommy and Chris leave their golf clubs in the trunk of Tommy's car when they stop to eat lunch. Both sets of clubs are stolen. Which policy covers Chris' clubs? Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 75 / An aquarium is knocked over and the fish die Mortgagee Clause $25,000 Renter Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 76 / 227. What is the deductible for a Personal Articles Floater (PAF)? Select one: A. $250 B. $100 C. $500 D. $0 228. An insured has $200,000 Coverage A dwelling coverage, under his HO-3 Policy. He incurs the following dam- age from a covered peril: fence - $5,000; gazebo - $7,500; tool shed -$15,000. What will his HO Policy will pay? Select one: A. $10,000 B. No coverage C. $25,000 D. $20,000 229. Which situation is not covered for liability under an HO3 policy? Select one: A. Mike used a 4-wheel ATV to haul yard clippings to his compost pile. A neighbor is on Mike's property and Mike accidentally runs into him with the ATV. B. Mike rents the community center for his son's wedding reception. A guest falls and the guest sues Mike for injuries. C. Mike owns a 16 foot. 100 H.P. outboard motor boat and he has an at-fault accident in which he totally destroys another boat. The owner of the boat sues Mike. $0 $20,000 Mike owns a 16 foot. 100 H.P. out- board motor boat and he has an at-fault accident in which he totally destroys another boat. The owner of the boat sues Mike. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 77 / D. Someone falls at the house Mike is planning to live in after it is built 230. Which of the following are available as HO hurricane deductibles? Select one: A. All of the above B. 2% C. 5% D. $500 231. If flooding is confined to one area, the flood water must cover: Select one: A. The building B. Over three acres of land C. Over two acres of land D. Over an acre of land 232. A house under construction is eligi- ble for a Homeowner Policy if: Select one: A. None of these answers are correct B.The builder doesn?t qualify for a Commercial Property Policy C. The builder is licensed D.The insured will be the owner- oc- cupant 233. If an Umbrella Policy serves as pri- mary coverage, what part of the pol- icy allows the insurer to apply a de- ductible? Select one: A. The Stand Alone Form B. The Follow Form C. The Self-insured Retention D. None of these answers are correct All of the above Over two acres of land D. The insured will be the owner-oc- cupant The Self-insured Retention Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 80 / Weight of ice and snow Peak Season Buildings under construction . 100% Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 81 / sion: Select one: A. 90% B. 100% C. 80% D. 70% 239. In the event that the Condominium Association Coverage form and the Condominium Unit Owners Cover- age form both cover a loss, which of the following is true? Select one: A. Both forms pay equally B.The Unit Owner form is primary and the Association form is excess. C. The two forms are prorated D.The Association form is primary and the Unit Owner form is excess 240. Both commercial property and liabil- ity were combined into one policy, thus saving money on underwriting expense. What is this combination called? Select one: A. A monocline policy B. A valid policy C. A combination policy D. A package policy 241. Under the Business and Personal Property Coverage Form the provi- sion for suspension for certain perils applies after: Select one: A. 60 days vacancy B. 30 days vacancy Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 82 / The Association form is primary and the Unit Owner form is excess A package policy 60 days vacancy Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 85 / Select one: A. Defense Costs B. Supplementary Payments C. Automatic Coverage D. Expediting Expenses 246. A florist wanted coverage on busi- ness contents, which vary in amount over the course of a year. Which form best fits this situation? Select one: A. Peak Season Endorsement B. None of the above C. Value Reporting Endorsement D. An automatic increase in insur- ance 247. Under the Business and Personal Property Coverage Form, all of the following are additional coverages EXCEPT: Select one: A. Cost to hire a night watchman B. Cost to preserve property C. Debris Removal D. Fire Department Service Charge 248. Which exposures are covered by the Leaseholder Interest Coverage Form? Select one: A. All of the above B. A loss of any unused prepaid rent C. An unused part of tenant improve- ments D. A tenant's loss of a favorable lease/sub-lease 249. A claim is made under a CGL for a slip and fall injury. Two years later the Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 86 / Value Reporting Endorsement Cost to hire a night watchman All of the above No, expenses are covered within one year of the injury. Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 87 / injured person comes back saying the injury has flared-up. Is the reoc- currence covered under CGL Med- ical Payments? Select one: A.Yes, expenses are covered be- cause of proximate cause. B. No, slip and falls are not covered under Medical Payment coverage C.Yes, expenses are covered within three years of the injury. D. No, expenses are covered within one year of the injury. 250. Acme Toys has a CGL policy. They hold a party and one of the guests has a little too much to drink. If the guest injures someone and the in- jured party sues the Acme Toys, the CGL policy: Select one: A. Will cover if the insure has Liquor Liability Coverage B. Will not cover C. Will cover if the insured has Legal Liability Coverage D.Will cover the claim 251. An employee is hurt on the insured's premises. Three months later the em- ployee dies. Are the employees fu- neral expenses covered under the company's CGL Medical Payments? Select one: A.Yes, the claim was made within one year time period B. No, the claim was filed too late C.Yes, the employee is automatically covered Will cover the claim No, employees are not covered for Med Pay Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 90 / 1-1-03 policy Lost wages up to $100/day Mexico Neither policy covers Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 91 / cident occurs on 7-1-04 and the claimant files this injury on 9-1-05. Which policy covers? Select one: A. 1-1-04 claims-made policy B. 1-1-05 claims made policy C. 1-1-04 is primary and 1-1-05 policy is excess D. Neither policy covers 260. What is unique about lawyer's pro- fessional liability insurance? Select one: A. It covers claims that existed be- fore the policy was effective. B. It deducts claims expenses first and the balance is payable for the claim. C. It covers lawyers for fraudulent activities. D. It covers only lawyers in group practice. 261. The three parties to a bond are: Select one: A. Surety, principal and cosigner B. Surety, insured and insurer C. Surety, obligee and indemnitor D. Surety, obligee and principal 262. Safe Burglary is defined as: Select one: A.The taking of property by some- one who has caused bodily harm B.The taking of property by some- one who has entered the premises unlawfully as evidenced by visible signs of forced entry C. The taking of property by some- It deducts claims expenses first and the balance is payable for the claim. Surety, obligee and principal The taking of property by some- one who has entered the premises unlawfully as evidenced by visible signs of forced entry Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 92 / one who has entered the premises unlawfully as evidenced by visible signs of forced entry and caused bodily harm D. Any act of stealing 263. All of the following are penalties for non-compliance with Workers Com- pensation laws, EXCEPT: Select one: A. The employer may be charged a $1000 fine, plus $100 for each day of non-compliance B.The employer may be charged with a second-degree misdemeanor C.The employer's business property may be seized D.The employer's business may be closed 264. Under Workers Compensation, what is the waiting period for disability benefits to begin? Select one: A. 30 days B. 7 days C. 14 days D. 21 days 265. A fourth party to a bond is called a: Select one: A. Surety B. Principal C. Indemnitor D. Obligee 266. Bill sent a cashier's check through the mail, but it never arrived at the destination of the recipient. Under which bond can the cashier's check Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 95 / D. Domestic servants in private homes 270. Which bond protects the consumer against misrepresentation of a secu- rities dealer? Select one: A. Blue Sky bond B. Permit bond C. Payment bond D. Lost Instrument bond 271. Under Part One of the WC policy, what is the limit for recovery of med- ical bills incurred by an employee as a result of work related injuries? Select one: A. $100, 000 B. $150,000 C. No limit D. $250,000 272. An employee is injured on the job and is out of work for 10 days. How many days' wages can this employee recover? Select one: A. No recovery B. 5 days C. 3 days D. 10 days 273. Am employee of ABC Financing al- tered and cashed a check for $2000. The loss is payable under which in- suring agreement? Select one: A. No coverage B. Robbery Inside the Premises Blue Sky bond No limit 3 days Employee Theft Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 96 / C. Forgery or Alteration D. Employee Theft 274. Bill was employed by Jane's Flower Shoppe for two days when he re- ceives a work related injury. Bill misses 14 days of work. How long does Bill have to wait before he can begin receiving WC benefits? Select one: A. 14 days B. He wasn't employed long enough to have WC coverage C. 21 days D. 7 days 275. On the way to the bank to make a deposit, an employee loses the bank bag. How is this money covered? Select one: A. Money and Securities B. Robbery C. Burglary D. Employee Theft 276. Failure to comply with the Workers Compensation Law is: Select one: A. A third-degree felony B. A second-degree felony C. A first-degree misdemeanor D. A first-degree felony 277. Employees of ABC Manufacturing are required to wear steel-toed shoes when they are in the factory. An employee who injures their foot because they are not wearing safety shoes while in the plant would have Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 97 / 7 days Money and Securities A third-degree felony 25%