FLORIDA PUBLIC ADJUSTER STATE EXAM ACTUAL EXAM 230 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) | AGRADE

FLORIDA PUBLIC ADJUSTER STATE EXAM 2023-2024

ACTUAL EXAM 230 QUESTIONS AND CORRECT DETAILED

ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |

AGRADE

A personal insurance policy that includes both personal property and

personal liability coverages without endorsement: - ANSWERHomeowners Policy

Under a Commercial Package Policy, how many days does one have to

notify the insurance company of a claim? - ANSWER- The insurer must

notify promptly. The number of days are not specific.

What are the continuing education requirements for public adjusters? -

ANSWER- 24 hours of continuing education (5 hours law and ethics/ 19

hours online approved course by the DFS for public adjusters)

A policy which the policyholder is required to report the values of

insured property to the company at certain intervals is known as a: -

ANSWER- Reporting Form Policy

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

%? - ANSWER- 100%

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

of the insured property? - ANSWER- 100%

Medical Payment Coverage under a homeowner policy excludes: -

ANSWER- anyone living in the insured residence.

Under the BOP, up to how many years can the insurer request to

examine the books and records of an insured? - ANSWER- 3 years

How much are damaged or loss to signs limited to even when it is

attached to the building and considered part of the building? -

ANSWER- $1000

Name a common feature to most property insured under a commercial

inland marine policy. - ANSWER- Usually in Transit

What is an unendorsed commercial building and personal property form,

loss valuation based on? - ANSWER- ACV

Common carriers are responsible for damage to customer goods they

transport except for damage resulting from: - ANSWER- Acts of God

Commercial Property Builders Risk Coverage Form covers: -

ANSWER- 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

Under the BOP, how much is paid for pollution clean-up and removal in

case of a covered loss? - ANSWER- $10,000

Every licensee must notify the Department of a change of business

address within: - ANSWER- 30 days

DP-2 virtually excludes all forms of what? - ANSWER- Earth

Movement

What type of coverage provides coverage for all perils, unless that peril

is specifically excluded? - ANSWER- Open Perils

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? - ANSWER- $250

for the first offence and a fine of $500 or suspension or revocation of the

license for a subsequent offence.

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

risks? - ANSWER- Transportation

Garage policy physical damage covers which specific causes of loss? -

ANSWER- Flood Damage

Vandalism damage

Explosion

The term "theft" is broad enough to cover: - ANSWER- Robbery

Burglary

Larceny

A new, unused vehicle is not required to be inspected prior to obtaining

physical damage insurance coverage if the insurer is provided with: -

ANSWER- the insured can prove to the insurer with a bill of sale that

the vehicle is a new/unused car.

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: - ANSWER- Estoppel

Sprinkler Leakage Insurance does not provide coverage for: -

ANSWER- Growing Crops (Crop insurance is separate)

Personal Property under HO-3 is covered on a - ANSWER- Named Peril

basis

Personal Property under HO-5 is covered on - ANSWER- an open peril

basis