semplr.

Exams · Certifications · Licensing

All-Lines Insurance Adjuster Exam (Texas and Florida 6-20)

Residual markets and FIGA (FL): practice questions

Our Insurance adjuster (all lines) bank has 7 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

Start the free mock exam

Question 1 · Florida

Citizens Property Insurance Corporation in Florida is:

  1. A private stock insurer owned by its shareholders
  2. The state's residual market property insurer
  3. The workers' compensation fund
  4. The auto insurance pool
Show the answer

B. The state's residual market property insurer — Fla. Stat. 627.351(6) establishes Citizens Property Insurance Corporation as a residual market mechanism.

Question 2 · Florida

For administration and assessment, FIGA is divided into which two accounts?

  1. Residential property and commercial property
  2. Wind and non-wind
  3. Auto liability and physical damage, and all other covered insurance
  4. Personal lines and workers' compensation
Show the answer

C. Auto liability and physical damage, and all other covered insurance — Fla. Stat. 631.55(2): the association is divided into the auto liability and auto physical damage account and the account for all other insurance.

Question 3 · Florida

Employers unable to buy workers' compensation coverage in Florida's voluntary market can turn to:

  1. FIGA
  2. Citizens Property Insurance Corporation
  3. The FAJUA
  4. The Florida Workers' Compensation JUA
Show the answer

D. The Florida Workers' Compensation JUA — Fla. Stat. 627.311 establishes the FWCJUA as the residual market for workers' compensation.

Question 4 · Florida

The Florida Insurance Guaranty Association (FIGA) pays covered claims of:

  1. Insolvent property and casualty insurers
  2. Policyholders whose claims were denied for fraud
  3. Life insurers that become insolvent
  4. Uninsured drivers
Show the answer

A. Insolvent property and casualty insurers — Fla. Stat. 631.57: FIGA is deemed the insurer for covered claims of insolvent member insurers.

Question 5 · Florida

FIGA covers claims arising within how many days after the insurer's insolvency is determined (unless the policy expires or is replaced sooner)?

  1. 10 days
  2. 60 days
  3. 30 days
  4. 1 year
Show the answer

C. 30 days — Fla. Stat. 631.57(1)(a)1.

More Insurance adjuster (all lines) topics