Florida Insurance Claims Adjuster License Practice Exam

Securities were purchased for $150,000. They were stolen and sold for $175,000. On the day the theft was reported the securities were valued at $162,000. How much would be paid?

1. A. $150,000

2. B. No coverage

3. C. $175,000

4. D. $162,000

The correct answer is: D. $162,000

The correct amount to be paid is the value of the securities on the day of the theft, which is $162,000. This is because insurance typically covers the actual cash value of the item at the time of loss. Option A is incorrect because it is the original purchase price and does not reflect the current value of the securities. Option B is incorrect because it assumes there is no insurance coverage, but the question does not mention insurance. Option C is incorrect because it is the price the securities were sold for after the theft, which is not relevant to the amount to be paid by insurance.