Florida Insurance Claims Adjuster License Practice Exam

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How does Funds Transfer Fraud coverage protect against financial loss?

Through losses due to investments
Through fraudulent fund transfers using communication devices
Through unauthorized bank transactions
Through theft of petty cash

The correct answer is: Through fraudulent fund transfers using communication devices

Funds Transfer Fraud coverage protects against financial loss by covering fraudulent fund transfers that are made using communication devices. This includes unauthorized transfers made by hackers or through phishing scams. Options A, C, and D are incorrect because they do not specifically mention fraudulent transfers using communication devices, which is the main focus of this type of coverage. Losses due to investments, unauthorized bank transactions, and theft of petty cash are covered by other types of insurance, but not through Funds Transfer Fraud coverage.