Florida Adjuster Licensing Exam Prep - Questions And Answers

Assume that 5 years ago a couple insured their home for its then appraised value of $60,000. 2 weeks ago they had a stove fire resulting in an estimated loss of $15,000. The adjuster finds that the value of their home is now $100,000 but the home is still only insured for $60K and there is a deductible of $500. The policy has an 80% coinsurance clause. How much should the adjuster pay to the couple? {Ans: ($15,000-$500)($60,000/$100,000(.80))= $10,875}A claim in the property/casualty industry Is defined as: {Ans: an assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damages}an adjuster's responsibility as a fiduciary means: {Ans: the adjuster represents, and controls, the property and financial interests of the client to whom he/she owes a high degree of loyalty and good faith}describe the difference between a peril and a hazard {Ans: a peril is a cause of loss, like fire. A hazard is a condition that exists beforehand that increases the likelihood of such a loss, like a messy storeroom or garage}a couple has insured their home for $150,000. a