Florida Insurance Claims Adjuster License Practice Exam

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What does Securities Deposited with Others coverage insure?

Physical property stored with a third party
Securities deposited with a custodian against theft or destruction
Damage to securities in transit
Cyber theft of digital securities

The correct answer is: Securities deposited with a custodian against theft or destruction

Securities Deposited with Others coverage provides insurance for securities that are deposited with a custodian against theft or destruction. This means that in the event of theft or damage to the securities while in the possession of a third party custodian, the insurance will cover any financial losses. Option A is incorrect because it refers to physical property, not securities, being stored with a third party. Option C is also incorrect because it only covers damage during transit, not while in the possession of a custodian. Option D is incorrect because it specifically mentions cyber theft of digital securities, which is not included in this coverage.