FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES

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FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES

ADJUSTER- FLORIDA- REVIEW

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -100 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: What are the basic activities in claims handling ?

Answer:

-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 contract and applicable law.-Negotiation of a quality settlement based on facts discovered during the evaluation process.

Question 2: Commercial Inland Marine

Answer:

Helps identify the kinds of risk which are eligible for either ocean or inland Marine insurance.

Question 3: Alien Insurer

Answer:

Insurer is an insurer other than a domestic or foreign insurer.

Question 4: Building Ordinance Coverage

Answer:

This endorsement covers the insured for enforcement of laws which require demolition of undamaged portions of buildings.

Question 5: What does Commercial General Liability contract includes ?

Answer:

-Declarations -Common policy conditions -One of the two coverage forms, Occurrence, or Claims-Made -A Nuclear Energy Liability Exclusion endorsement -Various other endorsements may be attached to broaden or restrict the coverage provided by these basic forms.

Question 6: What are examples of Transacting Insurance?

Answer:

-Solictitation of Insurance -Negotiation of Insurance -Effecting Coverage (Binding insurance coverage) -Transacting Insurance Matters(during and after insurance is bound).

Question 7: Truckers Coverage Form

Answer:

Used to insure businesses that are hired to transport goods for someone else.

Question 8: Commercial Property Insurance

Answer:

Covers direct and indirect losses related to properties other than one to four family dwellings and farm properties.

Question 9: What are the violations of the Unfair Trade Practices Act ?

Answer:

-Failing to act promptly.-Failure to affirm or deny a claim when an insured is entitled thereto.-Failure to explain claim denials in writing.-Failure to maintain complaint-handling procedures, such as keeping accurate records of complaints.

Question 10: Contract of Indemnity

Answer:

Principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he/she occupied before the loss occurred, no better or no worse.

Question 11: Implied Waiver

Answer:

A waiver that is assumed to be in effect from a person's behavior and shows he is waiving a right.

Question 12: Other Insurance

Answer:

The principle of indemnity dictates against duplicate recovery for the same loss.

Question 13: Other Structures

Answer:

Covers items that are not permanently attached to the main dwelling, such as a shed, fence, etc.

Question 14: Conditional Contract

Answer:

Also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. This legal agreement requires prior performance of another agreement or clause in order to be enforceable. If the other agreement or condition is performed, then the conditional contract is enforceable and the parties are bound to carry out the terms of the contract.

Question 15: Derelict

Answer:

Material which is or may have been a motor vehicle or mobile home, with or without all component parts, which is inoperable and which material is in such condition that its highest or primary value is either in its sale or transfer as scrap metal or component parts or both.

Question 16: Binder

Answer:

Acts as a temporary contract until the policy is issued.

Question 17: Damages

Answer:

Monetary compensation that is awarded by a court in a civil action to an individual who has been injured through the wrongful conduct of another party.

Question 18: Waiver

Answer:

1.) Implied voluntary relinquishment, abandoning a legal advantage, need, claim or right.

2.) Agreement or added clause of a policy that excludes some losses or limits the sum of a claim, or extends coverage to add items not in a normal policy.Question 19: What is the minimum requirements for the Financial Responsibility Law ?

Answer:

-The legally valid claims of others must be satisfied(up to the 10/20/10 requirements) -The owner and operator must provide certification of financial responsibility for future accidents. If not satisfied operator's driver's license and the registrations of all owned vehicle's are suspended.

Question 20: The Principle Of Utmost Good Faith

Answer:

An insurance contract is based, places serious responsibilities on the claim adjuster with regard to conduct, work habits, and specific claims handling activities.

Question 21: Loss Payee Clause

Answer:

A Clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a 3rd party rather than to the insured beneficiary of the policy.

Question 22: Liability Insurance

Answer:

Payment will be on behalf of the insured to another, based upon the insureds liability to the recipient.Simply stated, Liability is "Negligence of the Insured".

Question 23: Foreign Insurer

Answer:

Insurer is one formed under the laws of any state, district territory, or commonwealth of the United States other than this State.

Question 24: Proximate Cause

Answer:

The cause having the most significant impact in bringing about the loss under a first-party property insurance policy, when two or more independent perils operate at the same time (i.e., concurrently) to produce a loss. Courts employ a set of rules to resolve causation disputes when a property policy states