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.
