Arkansas Insurance Adjuster Practice Exam

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Which statement about Personal Article Floaters is FALSE?

  1. They cover on an open-peril basis

  2. Coverage is worldwide

  3. They pay least of actual cash value; cost to repair/replace; or coverage limits

  4. They have a $500 deductible

The correct answer is: They have a $500 deductible

Personal Article Floaters typically do not have a deductible, so Option D is incorrect. The other options are characteristics that are true about Personal Article Floaters: - A. Personal Article Floaters usually cover items on an open-peril basis, providing broader coverage compared to named perils policies. - B. Coverage under Personal Article Floaters is typically worldwide, ensuring that your valuable items are protected wherever you go. - C. Personal Article Floaters often pay the least of actual cash value, the cost to repair or replace the item, or the coverage limits, to ensure that you receive adequate compensation in the event of a covered loss.

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