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Florida Public Adjuster State Test with
correct answers
Florida No-Fault Tort Exemption - correct answer ✔ 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) - correct answer ✔ 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? - correct answer ✔ National Flood Insurance Program Form SR-22 - correct answer ✔ Drivers Convicted of DUI or a traffic felony over the prior 3 years are required to have 100/300/50 coverage or a certificate of self insurance of $350,000. Contents of a CGL Contract - correct answer ✔ 1.Declarations Form 2.Common Policy Conditions Form
- One of: A.Occurrence Form B.Claims Made Form
4.Nuclear Energy Liability Exclusion Endorsement. Declarations of a CGL Contract(4) - correct answer ✔ 1.Named Insured(including address) 2.Policy Period 3.Premium 4.Limits of Coverage 7 Common CGL Conditions - correct answer ✔ 1.Cancellation(30 Days by insurer option, 10 Days By no payment). 2.Changes 3.Examination of Books 4.Inspections and Surveys 5.Premiums 6.Transfer 7.Nuclear Endorsement CGL Coverage A - correct answer ✔ Bodily Injury and Property Damage Insuring Agreement The 3 Conditions that define work as "completed" - correct answer ✔ 1.When all work called for in the contract is completed. 2.When all work to be done at the site has been completed if one contract calls for work at more than one site. 3.When that part of the work done at a job site has been put to its intended use by any person or organization other than another contractor or subcontractor.
A Homeowners Policy consists of(3 components): - correct answer ✔ 1.Declarations 2.One of 6 Homeowners forms 3.Mandatory and optional endorsements If a unit is co-owned, May one co-owner be insured as the renter(HO-4)? - correct answer ✔ Yes What are the two main divisions of a Home Owners Form? - correct answer ✔ Section I-Property & Section II-Liability 4 Subsections of Section I of a Property Coverage Policy - correct answer ✔ 1. Coverages 2.Perils Insured Against 3.Exclusions 4.Conditions Who determines how much HO-6 coverages a Condominium Owner needs? - correct answer ✔ The Association Homeowners Coverage A - correct answer ✔ "Dwelling" covers the dwelling building and structures attached; also construction materials and supplies on or adjacent to the premises.
Homeowners Coverage B - correct answer ✔ "Other Structures" covers private structures on the residence premises that are not attached to the main dwelling. 4 Examples of "Other Structures" Per Coverage B of a Homeowner's policy(book gives 5) - correct answer ✔ 1.Detached Garage. 2.Guest House. 3.Fence 4.Tennis Court 5.Storage Building Homeowner's Coverage C - correct answer ✔ "Personal Property" covers Property, wherever it is located, that is owned or used by "an Insured". Homeowners Coverage D - correct answer ✔ "Loss of Use" covers increases over normal living costs if damage from a covered Peril makes the residence unfit for occupancy. What is the standard limit for Homeowners Coverage B? - correct answer ✔ 10% of the amount Insured for Coverage A and may not be increased or decreased. What is the standard amount for Coverage C - correct answer ✔ 50% of Coverage A. What is the standard limit of Homeowner's Coverage D for: HO-2, HO-3 & HO-5?
- correct answer ✔ 30% Coverage A
What if there is more than one applicable deductible? - correct answer ✔ Only the highest deductible applies. What must the Insured do if they wish to completely reject Windstorm Coverage? - correct answer ✔ Hand write "I DO NOT WANT THE INSURANCE ON MY (HOME/MOBILE HOME/CONDOMINIUM UNIT) TO PAY FOR DAMAGE FROM WINDSTORMS OR HURRICANES. I WILL PAY THOSE COSTS. MY INSURANCE WILL NOT." How much notice must the insurer give the insured of non-renewal of a homeowner's Policy? - correct answer ✔ 120 Days 4 Elements of a Valid Contract? - correct answer ✔ 1.A manifestation of assent to its terms by parties who make the contract. 2.A sufficient consideration (value or payment) for each promise. 3.Legal Capacity of the parties to contract. 4.Legal Subject matter. Insurance - correct answer ✔ A contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies. 4 Elements of an Insurance Contract - correct answer ✔ D.I.C.E. 1.Declarations 2.the Insuring Agreement 3.Exclusions
4.Conditions Example of Subrogation - correct answer ✔ Insurance Company pays the victim and collects for the DUIer or liable party of any sort. Example of Severability - correct answer ✔ Tom and Eva are insured for liability of injury. Tom intentionally injured someone(intention voiding coverage for Tom), Eva is still covered. Valued Policy Law - correct answer ✔ The value of the property is agreed to as part of the policy. Coinsurance - correct answer ✔ A policy for less than the entire value of the insured property and cover pro-rata whether or not other insurance exists. 80% actually means (pro-rata share)/80% Beginning statement of a liability insurance policy - correct answer ✔ Insurer agrees "to pay on behalf of the insured all sums the insured becomes legally obligated to pay as damages" or equivalent wording. Three Ways in which the limits to a liability insurance policy Insuring Agreement can be expressed? - correct answer ✔ 1.single limit 2.split limit 3.Aggregate limit 2 Types of Tort Liability - correct answer ✔ 1.Negligent Liability(Unintentional) 2.Strict Liability(Intentional)
Statute 627.409 - correct answer ✔ Statute covering misrepresentation by the insured. Only a defense for the insurer if they didn't know and it would have affected the coverage offer. How long does a residential property policy have to be in effect to hold the insured immune to 627.409(fraud by insured) - correct answer ✔ 90 Days What does "OIR" stand for? - correct answer ✔ Office of Insurance Regulation What is the OIR's role? - correct answer ✔ To examine the qualification of insurance companies seeking to do business in this state. 3 Types of Adjusters - correct answer ✔ 1.Staff Adjusters 2.Fee Adjusters A.Independent Adjusters B.Bureau Adjusters 3.Public Adjusters Company or Staff Adjusters - correct answer ✔ Salaried Employees under the supervision of the insurer. Fee Adjusters - correct answer ✔ Offer their services on a Fee for Service Basis including Bureau Adjusters and Independent Adjusters Bureau Adjusters - correct answer ✔ Serve National Insurance Firms
What is the difference between a Bureau Adjuster and an Independent Adjuster
- correct answer ✔ A Bureau Adjuster is an employee of the insurer and an Independent Adjuster is an Independent Contractor A Public Adjuster - correct answer ✔ Aside from attorneys, Public Adjusters are the only Adjusters who legally represent the rights of the insured. 6 Responsibilities of the Public Adjuster - correct answer ✔ 1.Evaluate 2.Substantiate 3.Determine values 4.Negotiate 5.Recommend(upgraded insurance) 6.Re-Open Claims 626.8796 - correct answer ✔ Public Adjuster Fraud Statement How long must a Public Adjuster wait after an event that leads to a claim to contact the claimant? - correct answer ✔ 48 hours. (626.854(13)) What format must the advertisement disclaimer be in? - correct answer ✔ Bold caps, but no specific type size. :-)(626.854(7))(b)) What must Public Adjuster Contracts Contain regarding fraud by insured - correct answer ✔ Felony Warnings (626.8796) is the requirement for the Public Adjuster. 817.234 is the felony, 775.082, 775.083 & 775.084 are the punishments.
5 Technical Expertise for a successful negotiation - correct answer ✔ 1.The Insurance Contract 2.Reparable from replacement requiring damages. 3.Law 4.Insurer's goals 5.Computer Estimating Systems being utilized by the insurance industry. Duration of the statute of limitations to claim windstorm damage. - correct answer ✔ 3 years (627.70132) 5 Questions to establish the contract coverage - correct answer ✔ 1.Did a covered Peril Occur? 2.When? 3.Were there more than one? 4.Which one was the proximate cause? 5.Was there a mix of covered and uncovered losses? 5 Ways to appraise damages - correct answer ✔ 1.Survey and Estimate of Determination 2.Acceptance of Cost or Quality shown by records. 3.Actual repair or replacement 4.Sale of Salvage 5.Appraisal(after 2 parties have failed to agree).
7 Settlement and Release Options - correct answer ✔ 1.Full release Settlement 2.Open Ended Release 3.Payment of PD, BI pending 4.No Release 5.Advanced Payment 6.Structured Settlement 7.Rehabilitation, including provisions for rehabilitative treatment of the claimant. What is called when 2 or more contracts cover the same claim and have to pay proportionate amounts? - correct answer ✔ Apportionment What are the principles that guide apportionment to avoid controversy that could delay adjustment called? - correct answer ✔ Guiding Principles What is the maximum injury to a minor that can be settled out of court, preferably with both parents. - correct answer ✔ $15,000 (statute 744.387) A contract by whereby the person executing the instrument gives up a right, claim or privilege to the person against whom it might have been demanded or enforced is called a: - correct answer ✔ Release What must a release be supported by to be a binding contract? - correct answer ✔ Valuable Consideration
7.Act with no bias. 6 Rights of the Insured - correct answer ✔ 1. Acknowledgement in 14 Days
- Approval or denial in 30 Days
- Full payment as applicable in 90 Days 4.Free Mediation 5.a neutral evaluation of a sinkhole claim 6.Availability of assistance from the department of consumer services What does the Homeowners Flood Insurance Affordability Act of 2014 do? - correct answer ✔ Allows private carriers to write off four different types of Flood Coverages. FAJUA - correct answer ✔ Florida Automobile Joint Underwriting Association FIGA - correct answer ✔ Florida Insurance Guaranty Association Citizens Property Insurance - correct answer ✔ Residual Property Insurance FRPCJUA - correct answer ✔ Florida Residential Property and Casualty Joint Underwriting Association. Merged with FWUA to become Citizens FWUA - correct answer ✔ Florida Windstorm Underwriting Association. Merged with the FRPCJUA as Citizens.
