Claims Adjuster

Florida 6-20 All Lines Claims Adjuster Test 2023 Questions and Answers (Verified Answers) A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report C. Full Report D. None of the above A. Field Report States have adopted statutes regarding claims adjusting. T...

Florida Public Claims Adjuster State Test 2023 Questions and Answers (Verified Answers) 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) 1. Significant and Permanent loss of bodily function. 2.Permanent injury other than scarring and disfigurement. 3.Significant and Permanent scarring or disfigurement. 4.Death What does NFIP stand for? National Flo...

What is the primary difference between a staff adjuster and an independent adjuster? Correct Answer: A staff adjuster works for an insurance company and an independent adjuster works independently for themselves or for adjusting firms who represent many clients. A couple has insured their home for $150,000. A fire ensues and guts their home, resulting in a total loss. An appraisal of the home prior to loss results in a value of $120,000, yet the adjuster is required by law to pay the couple ...

PERILS Correct Answer: A CAUSE OF PROPERTY LOSSES UNDER AN INSURANCE CONTRACT EX: WINDSTORM, HURRICANE, EXPLOSION, COLLAPSE OF BUILDING, VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT LAW OF LARGE NUMBERS Correct Answer: A FUNDAMENTAL CONCEPT IN STATISTICS AND PROBABILITY THAT DESCRIBES HOW THE AVERAGE OF A RANDOMLY SELECTED LARGE SAMPLE FROM A POPULATION. IT BASICALLY RELIES ON THE PRINCIPLE THAT THE LARGER THE POOL, THE MORE PREDICTABLE THE AMOUNT OF LOSSES WILL BE IN A GIVEN PERIOD PRINCI...

Accumulated Depreciation Correct Answer: The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) Correct Answer: A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion Correct Answer: One of the characteristics of an insurance contract. Means that one party (the insurer) sets t...

Which kind of losses are covered under a standard fire policy? Correct Answer: Direct All fires are not covered by the Standard Fire policies, only those that: Correct Answer: are hostile and have a flame or glow At what time does a fire policy go into affect? Correct Answer: 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the ins...

All of the following describe insurable interest EXCEPT: • It must exist at the time of the loss • It must exist for insurance to respond • Shows a similarity between insurance and wagering • The insured would suffer an economic loss Correct Answer: • Shows a similarity between insurance and wagering An Insurance Policy is a contract with all the following characteristics, EXCEPT: • It is a personal contract • parties are of unequal power with ambiguities or unclear worki...

An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of Correct Answer: The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? Correct Answer: A Promise The interest of the insured and all other persons in the property involved in a claim is found in Correct Answer: A Proof of Loss An insured rear-ends another driver's vehicle. The auto policy that pays damages to repair the damaged vehicle is a ______...

Actual Cash Value (ACV) Correct Answer: Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit Correct Answer: One limit per occurrence is what we pay up to Split limit Correct Answer: What we pay up to per person and per occurrence Deductible Correct Answer: What the customer will have to pay; we cover everything else Declarations Page (Dec Page) Correct Answer: The basic information about a policy: Who - names of insurer a...

What is an eligible building for flood insurance? Correct Answer: A structure with 2 or more outside rigid walls and a fully secure roof, built on a permanent site, with 50% or more of the value above ground level and located within an eligible community What is Builders Risk Coverage? Correct Answer: Covers buildings in the course of completion. Proper coverage is 100% of expected completed value Do all Homeowners policies contain Coverage A? Correct Answer: No, HO-4 (Renters personal ...