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Adjusterpro Final Set Questions And Answers 100% Correct!!! Latest Updated 2024/2025
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Adjusterpro Final Set Questions And Answers 100% Correct!!! Latest Updated 2024/2025
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Adjusterpro Final Set Questions AndAnswers 100% Correct!!! Latest Updated
2024/2025
Residual market insurance programs are funded by:
A. banks.
B. private owners.
C. investment companies.
D. insurers and their policyholders. - ANSWER✔✔ D. insurers and their
policyholders.
Which of the following people would be ineligible for coverage under the Florida
Automobile Joint Underwriting Association?
A. A Georgia resident who caused 4 wrecks in the past 18 months, who drives to
Florida almost every day for work.
B. A Florida resident who can't get coverage through the voluntary market.
C. An air force pilot from California who is temporarily stationed in Florida.
D. A college student from Alabama with two DUIs on his record who is staying
with his grandmother in Florida for 2 months over the summer. - ANSWER✔✔ D.
A college student from Alabama with two DUIs on his record who is staying with
his grandmother in Florida for 2 months over the summer.
Participation in the Florida Automobile Joint Underwriting Association is
mandatory for:
A. all residents of the state of Florida.
B. the 10 largest auto insurers in Florida.
,C. all insurers who can sell auto insurance in Florida.
D. Florida insurers who provide only personal lines auto insurance. -
ANSWER✔✔ C. all insurers who can sell auto insurance in Florida.
Which of the following BEST describes the insurance provided by residual market
insurance programs?
A. Low premiums
B. Designed to help low-risk consumers
C. Usually a "last resort" form of insurance
D. Very extensive coverage - ANSWER✔✔ C. Usually a "last resort" form of
insurance
Which of the following provides basic property insurance for consumers who
cannot secure coverage in the regular insurance market?
A. Umbrella Coverage
B. Citizens Property Insurance Corporation
C. HO Coverage C
D. FECA - Federal Employees Compensation Act - ANSWER✔✔ B. Citizens
Property Insurance Corporation
Residual market insurance programs are primarily designed to meet the needs of
which type of consumer?
A. Consumers needing multiple policies
B. Low-income consumers
C. High-risk consumers
,D. Consumers with physical disabilities - ANSWER✔✔ C. High-risk consumers
Which Florida Residual Market program provides high risk Workers'
Compensation coverage for employers who cannot obtain it in the voluntary
market?
A. Citizens Insurance Corporation
B. Florida FAIR plan
C. Florida Workers Compensation Subsidy Fund
D. Florida Workers' Compensation Joint Underwriting Association -
ANSWER✔✔ D. Florida Workers' Compensation Joint Underwriting Association
A Florida company that is assigned to "Tier 2" for coverage under FWCJUA must
pay:
A. a fee of up to 10% of its entire payroll.
B. a fee of up to 5% of its entire payroll.
C. rates that are 25% higher than voluntary market rates.
D. rates that are 50% higher than voluntary market rates. - ANSWER✔✔ D. rates
that are 50% higher than voluntary market rates.
"Take-out credits"
A. reward private insurers who transfer risks into the residual market.
B. reward private insurers who take risks out of the residual market.
C. reward policyholders who choose to leave the residual market and be insured in
the voluntary market.
D. are a form of illegal kickback. - ANSWER✔✔ B. reward private insurers who
take risks out of the residual market.
, Which of the following is NOT true about Citizens Insurance?
A. A homeowner who has been approved for coverage in the voluntary market can
be eligible if the quote from the private insurer is at least 15% higher than that
offered by Citizens.
B. Vacant properties are ineligible for coverage.
C. Citizens offers wind-only policies for certain areas.
D. Citizens does not insure any type of commercial property. - ANSWER✔✔ D.
Citizens does not insure any type of commercial property.
A company that wishes to obtain Workers Compensation insurance through
FWCJUA must prove that:
A. it has been denied coverage by at least two insurers in the voluntary market.
B. it has been offered rates in the voluntary market at least 25% higher than the
rates offered by FWCJUA.
C. it has been denied coverage by at least three insurers in the voluntary market.
D. it has been offered rates in the voluntary market at least 15% higher than the
rates offered by FWCJUA. - ANSWER✔✔ A. it has been denied coverage by at
least two insurers in the voluntary market.
Citizens Insurance:
A. is available to certain people who are not residents of Florida.
B. can provide coverage for hotels.
C. has no deductible for hurricane coverage.
D. can provide coverage for a vacant property. - ANSWER✔✔ A. is available to
certain people who are not residents of Florida.
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