Claims Adjuster Final (Multiple Choice Questions)
correctly answered
An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - correcet answerThe
insured and insurer
An insurer gives which of the following as Consideration for an insurance policy? - correcet answerA
Promise
The interest of the insured and all other persons in the property involved in a claim is
found in - correcet answerA Proof of Loss
An insured rear-ends another driver's vehicle. The auto policy that pays damages to
repair the damaged vehicle is a _______? - correcet answerLiability Policy
Your insurance company wrote an auto insurance binder for an owner who said that he
did not have any prior accidents. Immediately thereafter it was discovered that he did not
tell the truth. The company now wants to cancel the binder as quickly as possible. What
is true? - correcet answer5 days notice required
For insurance to pay damages, an insurable interest must exist: - correcet answerWhen the loss
takes place
Texting while driving is best described as a: - correcet answerHazard
A covered loss is $90,000. Policy A has a limit of $100,000. Policy B has a limit of
$200,000. Both policies are pro-rata policies. How much will policy B pay for this loss? - correcet
answer$60,000
I sold my home yesterday, signed a deed and transferred title. Last night there was a
house fire. I had not yet cancelled my homeowner's insurance. The purchaser also had a
homeowner's policy. Which policy should pay to pay the claim? - correcet answerPurchaser's policy
Giving prompt notice of loss is best described as a policy: - correcet answerCondition
If there is a total loss by an insured peril to a FL building, the insurer must pay: - correcet
answerActual Cash Value
A Loss Payable Clause refers to - correcet answerLenders interest in personal property
My coin collection was appraised and my insurance company specifically insured the
valued of that collection. That is an example of: - correcet answerA Valued Policy
An insurance contract is based on the Principle of: - correcet answerUtmost Good Faith
The two kinds of waivers are: - correcet answerexpress and implied
Proximate Cause is the unbroken connection between the occurrence and ____ that
grows out of the occurrence. - correcet answerDamages
, Which loss settlement valuation may be a violation of the Principle of Indemnity? - correcet
answerReplacement Cost
If the policy limit is $60,000; 80% coinsurance requirement; loss of $60,000 and the
value of the property is $100,000, what loss amount will the insurer pay? - correcet answer$45,000
The insured has a Homeowner's insurance policy with a 5% Hurricane deductible. If
a hurricane loss of $6,000 occurs to the home that is valued and insured for $100,000,
how much will the policy pay? - correcet answer$1,000
A waiver is defined as - correcet answerGiving up a known right voluntarily
An insured signs a release to settle a claim. In the event the insured discovers injuries
or damages that were unknown at the time of settlement, what is generally true? - correcet
answerRelease extinguished all causes of action
Which of the following is not a tort: - correcet answerBreach of contract
The type of damages that pays medical bills is known as: - correcet answerSpecial
A marine policy has a $1 million limit and a $100,000 franchise deductible. A covered
loss is $110,000. How much will the policy pay? - correcet answer$110,000
Which of the following is NOT included in a proof of loss? - correcet answerReplacement cost of
each item
Property and Liability policies cover: - correcet answerPersons
What type of tort arises from a negligent act? - correcet answerUnintentional
A car crash victim sued the negligent-drunk driver for damages 5 years after the
accident. What is true in FL? - correcet answerStatute of Limitations applies
The best statement regarding the Appraisal process is: - correcet answerAppraisal determines the
value of a loss
Florida is a ____Negligence state. - correcet answerComparative
Rule 69B-220.201 prohibits adjusters from - correcet answergiving legal advice
A defense to a claim made by a person who knowingly competes in an extreme sport
and is injured would be: - correcet answerAssumption of Risk
In Florida property claims must be paid within __ days of notice of claims. - correcet answer90
'Liability' refers to: - correcet answerThe merits of the claim
Self-interest or self-dealing is a violation of an adjuster's: - correcet answerFiduciary duty
A single claimant was injured in an accident with a FL State Employee. What is true? - correcet
answerThe maximum recovery is $200,000
correctly answered
An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - correcet answerThe
insured and insurer
An insurer gives which of the following as Consideration for an insurance policy? - correcet answerA
Promise
The interest of the insured and all other persons in the property involved in a claim is
found in - correcet answerA Proof of Loss
An insured rear-ends another driver's vehicle. The auto policy that pays damages to
repair the damaged vehicle is a _______? - correcet answerLiability Policy
Your insurance company wrote an auto insurance binder for an owner who said that he
did not have any prior accidents. Immediately thereafter it was discovered that he did not
tell the truth. The company now wants to cancel the binder as quickly as possible. What
is true? - correcet answer5 days notice required
For insurance to pay damages, an insurable interest must exist: - correcet answerWhen the loss
takes place
Texting while driving is best described as a: - correcet answerHazard
A covered loss is $90,000. Policy A has a limit of $100,000. Policy B has a limit of
$200,000. Both policies are pro-rata policies. How much will policy B pay for this loss? - correcet
answer$60,000
I sold my home yesterday, signed a deed and transferred title. Last night there was a
house fire. I had not yet cancelled my homeowner's insurance. The purchaser also had a
homeowner's policy. Which policy should pay to pay the claim? - correcet answerPurchaser's policy
Giving prompt notice of loss is best described as a policy: - correcet answerCondition
If there is a total loss by an insured peril to a FL building, the insurer must pay: - correcet
answerActual Cash Value
A Loss Payable Clause refers to - correcet answerLenders interest in personal property
My coin collection was appraised and my insurance company specifically insured the
valued of that collection. That is an example of: - correcet answerA Valued Policy
An insurance contract is based on the Principle of: - correcet answerUtmost Good Faith
The two kinds of waivers are: - correcet answerexpress and implied
Proximate Cause is the unbroken connection between the occurrence and ____ that
grows out of the occurrence. - correcet answerDamages
, Which loss settlement valuation may be a violation of the Principle of Indemnity? - correcet
answerReplacement Cost
If the policy limit is $60,000; 80% coinsurance requirement; loss of $60,000 and the
value of the property is $100,000, what loss amount will the insurer pay? - correcet answer$45,000
The insured has a Homeowner's insurance policy with a 5% Hurricane deductible. If
a hurricane loss of $6,000 occurs to the home that is valued and insured for $100,000,
how much will the policy pay? - correcet answer$1,000
A waiver is defined as - correcet answerGiving up a known right voluntarily
An insured signs a release to settle a claim. In the event the insured discovers injuries
or damages that were unknown at the time of settlement, what is generally true? - correcet
answerRelease extinguished all causes of action
Which of the following is not a tort: - correcet answerBreach of contract
The type of damages that pays medical bills is known as: - correcet answerSpecial
A marine policy has a $1 million limit and a $100,000 franchise deductible. A covered
loss is $110,000. How much will the policy pay? - correcet answer$110,000
Which of the following is NOT included in a proof of loss? - correcet answerReplacement cost of
each item
Property and Liability policies cover: - correcet answerPersons
What type of tort arises from a negligent act? - correcet answerUnintentional
A car crash victim sued the negligent-drunk driver for damages 5 years after the
accident. What is true in FL? - correcet answerStatute of Limitations applies
The best statement regarding the Appraisal process is: - correcet answerAppraisal determines the
value of a loss
Florida is a ____Negligence state. - correcet answerComparative
Rule 69B-220.201 prohibits adjusters from - correcet answergiving legal advice
A defense to a claim made by a person who knowingly competes in an extreme sport
and is injured would be: - correcet answerAssumption of Risk
In Florida property claims must be paid within __ days of notice of claims. - correcet answer90
'Liability' refers to: - correcet answerThe merits of the claim
Self-interest or self-dealing is a violation of an adjuster's: - correcet answerFiduciary duty
A single claimant was injured in an accident with a FL State Employee. What is true? - correcet
answerThe maximum recovery is $200,000
