Florida Public Adjuster (Set 2)

Under the BOP, how much is paid for pollution clean-up and removal in case of a covered loss?

$10,000

What is the maximum limit a BOP would pay for costs due to changes in building codes?

$10,000

How much are damaged or loss to signs limited to even when it is attached to the building and considered part of the building?

$1000

How much additional coverage under a Commercial Property Policy is provided for debris removal?

$25,000

An adjuster in Florida has moved and changed his address without notifying the Department within the required period of time. What monetary penalty can be imposed by the Department?

$250 for the first offence and a fine of $500 or suspension or revocation of the license for a subsequent offence.

Reporting form policy requires the insured to insure the property at what %?

100%

Reporting form policy requires the insured to report what % of the value of the insured property?

100%

How long can a license be suspended or revoked by the Florida Department of Financial Services?

2 Years

What are the continuing education requirements for public adjusters?

24 hours of continuing education (5 hours law and ethics/ 19 hours online approved course by the DFS for public adjusters)

Under the BOP, up to how many years can the insurer request to examine the books and records of an insured?

3 years

Every licensee must notify the Department of a change of business address within:

30 days

What can happen if an adjuster violates the code of ethics?

A breach of any provision of this rule constitutes an unfair claims settlement practice. Violation of any provision of this rule shall constitute grounds for administrative action against the licensee

How is the deductible usually expressed in aircraft physical damage insurance?

A percentage of the value of the aircraft

What is an unendorsed commercial building and personal property form, loss valuation based on?

ACV

Common carriers are responsible for damage to customer goods they transport except for damage resulting from:

Acts of God

What is the broadest form for equipment inventory on the premises and while it is off the premises on a trial basis?

An equipment dealers inland marine form

Debris removal is included in the dwelling and contents coverage, but is limited to

reasonable expenses

Dealers physical damage coverage under the garage policy provides what type of limit?

Blanket (Comprehensive/Collision)

Commercial Property Builders Risk Coverage Form covers:

Buildings under construction Foundation of a building under construction Fixtures, machinery, and equipment used to service the building if they become a permanent part of the building and are located within 100 feet of the premises

With Commercial Property Insurance, replacement cost coverage may be written for:

Buildings, personal property of the insured and property of others.

A theft that occurs with visible signs of forced entry is known as:

Burglary

What is the name of the form used to report my actual and estimated income under an Equipment Breakdown Policy called?

Business Income - Report of Values

In which part of an insurance contract would you expect to find a description of the duties and obligations of the insured?

Conditions

A contract that is written by one party and merely accepted by another is known as:

Contract of Adhesion

Equipment while at the site and in transit on the way back to the location can be covered under:

Contractors Equipment Floater

DP-2 virtually excludes all forms of what?

Earth Movement

What is the Equipment Dealers Coverage Form designed to cover?

Equipment owned by the insured dealer Equipment in the insured's custody for servicing and storage Equipment entrusted to the insured dealer for sale

If an appointed agent says a certain claim is covered, the insurer must cover that claim. The insurer would be prohibited from or estopped from denying it, even if the policy clearly excluded the claim. This is known as:

Estoppel

What does the "identity fraud expense" endorsement to a homeowners policy cover?

Expenses up to $15,000. This includes attorney fees to cover defense costs.

What can be added to DP-1 dwelling form by endorsement?

Extended Coverage (EC) perils

Garage policy physical damage covers which specific causes of loss?

Flood Damage Vandalism damage Explosion

Reasonable expense to protect the property when endangered by flood is covered by:

Flood insurance

Sprinkler Leakage Insurance does not provide coverage for:

Growing Crops (Crop insurance is separate)

A personal insurance policy that includes both personal property and personal liability coverages without endorsement:

Homeowners Policy

What type of coverage provides coverage for all perils, unless that peril is specifically excluded?

Open Perils

Under an Equipment Dealers Form the following would be covered.

Inventory Serviced Items Customer's Property on the Insured's Premises

The deductible under a homeowners policy does not apply to:

Liability

In ocean marine, what is covered by protection and indemnity coverage?

Loss of Life, Injury and Illness Crew Member Burial Expense Damage to docks, buoys and other structures not owned, leased, or hired by the insured.

Personal Property under HO-3 is covered on a

Named Peril basis

What are the mortgagee's rights under the dwelling property basic form (DP-1)?

No act by the insured will jeopardize the mortgagee's rights The mortgagee may file a proof of loss if the insured fails to do so The mortgagee is entitled to receive prior notice of a policy's cancellation

What are the duties of an insured when filing a claim?

Providing a proof of loss statement Preserving undamaged property to the best of his/her ability to avoid additional loss Full cooperation in providing the insurance company with all relevant books and records

Unless endorsed, how does BOP adjust property losses?

RCV (replacement cost value)

WIth an equipment breakdown policy, the loss settlement type is?

Replacement cost if the repair or replacement is made within 24 months.

A policy which the policyholder is required to report the values of insured property to the company at certain intervals is known as a:

Reporting Form Policy

The term "theft" is broad enough to cover:

Robbery Burglary Larceny

How do you cover specific types of personal property items?

Scheduled Endorsements

The Florida Citizens Property Insurance Corporation provides wind-only coverage in addition to other property coverages. The Citizens "wind-only" policy provides coverage for the perils of:

Wind and Hail

BOP is a commercial package policy that provides coverage to certain types of:

Small Businesses

Personal Property under HO-5 is covered on

an open peril basis

What must happen before a risk is eligible for Florida Workers Compensation Joint Underwriting Association?

The employer has to be declined by at least two carriers.

Under a Commercial Package Policy, how many days does one have to notify the insurance company of a claim?

The insurer must notify promptly. The number of days are not specific.

Any advertisement by public adjusters must state:

The name specified in the Department Records

A private passenger motor vehicle insurance policy providing physical damage coverage, including collision or comprehensive coverage may not be issued in Florida unless the insurer has inspected the vehicle unless:

They have been insured for 2 consecutive years and maintained physical damage coverage without interruption

What is the common element that links inland marine with ocean marine risks?

Transportation

Name a common feature to most property insured under a commercial inland marine policy.

Usually in Transit

What is used to provide fluid limits of coverage for fluctuating values of property at risks?

Value Reporting Form

If a commercial building has been vacant for more than 60 days, the following peril(s) are affected as regards to coverage:

Vandalism Freezing Fire

When does a consequential loss occur?

When there is a direct loss to the insured property.

The windstorm/hail deductible on a property issued in SouthEast Florida is:

a percentage of the policy limit

Medical Payment Coverage under a homeowner policy excludes:

anyone living in the insured residence.

Indirect loss causes

financial costs

A new, unused vehicle is not required to be inspected prior to obtaining physical damage insurance coverage if the insurer is provided with:

the insured can prove to the insurer with a bill of sale that the vehicle is a new/unused car.