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FLORIDA ADJUSTER LICENSING ACTUAL FINAL EXAM STUDY GUIDE 2024|LATEST UPDATE |BRAND NEW VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|(100%)GUARANTEED SUCCESS$15.49
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FLORIDA ADJUSTER LICENSING ACTUAL FINAL EXAM STUDY GUIDE 2024|LATEST UPDATE |BRAND NEW VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|(100%)GUARANTEED SUCCESS
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FLORIDA ADJUSTER LICENSING
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FLORIDA ADJUSTER LICENSING
FLORIDA ADJUSTER LICENSING ACTUAL FINAL EXAM STUDY GUIDE 2024|LATEST UPDATE |BRAND NEW VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|(100%)GUARANTEED SUCCESS
While driving, Ben was struck by another driver, Roxanne. Ben then filed a claim with Roxanne's insurer. In
essence, wha...
FLORIDA ADJUSTER LICENSING
ACTUAL FINAL EXAM STUDY GUIDE
2024|LATEST UPDATE 2024-
2025|BRAND NEW VERIFIED EXAM
QUESTIONS AND CORRECT
ANSWERS ALL GRADED
A+|(100%)GUARANTEED SUCCESS
While driving, Ben was struck by another driver, Roxanne. Ben then filed a claim with
Roxanne's insurer. In
essence, what was Ben doing when he filed this claim?
Alerting Roxanne's insurer of his intent to take the case to court
Submitting a formal request to settle the damages with Roxanne's insurer
Ordering Roxanne's insurer to pay for his damages within 15 days
Admitting he was actually "at fault" - ANSWER-✅Submitting a formal request to
settle the damages with Roxanne's insurer
Mark incurred $8,000 damage to his car in an accident. He received $8,000 from his
insurance company and
$4,000 from the other driver. By receiving a profit from the loss, Mark could be in
violation of:
the principle of financial status.
the principle of financial restoration.
the principle of profit and loss.
the principle of indemnity. - ANSWER-✅the principle of indemnity
What is a reserve, in insurance terms?
The amount of revenue that the insurer sets aside to pay employee salaries
A group of policyholders who pay into the same pool of premiums
A pool of collected premiums that the insurer sets aside to pay claims
A set of rules governing how the insurance industry should work - ANSWER-✅A pool
of collected premiums that the insurer sets aside to pay claims
, The purpose of the principle of indemnity is:
to prevent an insured from making a profit on a loss.
to transfer the risk of financial loss from one party to another.
to transfer the right to collect a debt from one party to another.
to prevent an insurer from making a profit on a loss. - ANSWER-✅to prevent an
insured from making a profit on a loss.
Greg plays trombone in his school band during football games. During a rally song in
the stands one day,
Greg annoys one of the opposing team's fans, who grabs his $400 trombone and
hurls it down the
bleachers, completely destroying it. Greg's insurance pays him $400 to replace the
trombone, but then the
opposing team's coach also offers to replace the instrument, at whatever the cost.
So Greg orders a new
$3,200 trombone and has the opposing team's athletic department absorb the cost.
Which principle has
Greg violated?
The principle of consideration
The principle of legal purpose
The principal of the opposing team
The principle of indemnity - ANSWER-✅The principle of indemnity
Which of the following refers to being restored to the financial condition you were
in before a loss?
Indemnification
Restoration
Estoppel
Subrogation - ANSWER-✅Indemnification
Bobby just purchased an insurance policy for his home from XYZ Insurance. Which of
the following would be
a reason this policy may not be legally binding?
Bobby has an outstanding warrant for selling marijuana.
Bobby has been diagnosed with schizophrenia.
Bobby paid his first premium when he and his agent agreed on a policy, but he is
waiting for the policy documents to be prepared so he can sign them
Bobby is only 19 years old. - ANSWER-✅Bobby has been diagnosed with
schizophrenia.
Indemnification may include all of the following except:
reimbursement for hotel costs.
reimbursement for rental car costs.
payment for pain and suffering.
payment for repairs to property. - ANSWER-✅payment for pain and suffering.
, Which of the following is NOT a requirement for a legally binding contract?
There must be a legal purpose.
There must be mutual consent.
Both parties must bring something of value.
It must be a notarized document. - ANSWER-✅It must be a notarized document.
The fee paid by the insured in exchange for an insurance policy is called a:
premium.
legal purpose.
binder.
contract. - ANSWER-✅premium
Which of the following best defines the principle of indemnity?
Both parties to an insurance contract must contribute something of value.
After a loss, the insured should be restored to his approximate financial condition
before the loss.
In order to be legally binding, a contract must have agreement, consideration,
competent parties, and
legal purpose.
In exchange for a premium, the insurer grants peace of mind by reducing the
insured's insecurity about
the future. - ANSWER-✅After a loss, the insured should be restored to his
approximate financial condition before the loss.
Which of the following is found in the declarations page of an insurance policy?
The perils insured against
A description of how to file a claim
The obligations of the insured after a loss
The name of the insured party - ANSWER-✅The name of the insured party
In which section of an insurance policy might you find the following statement?
"'We, us, and our' refers to
ABC Insurance company."
Definitions
Declarations
Conditions
Exclusions - ANSWER-✅Definitions
In which section of an insurance policy might you find the following statement?
"Damage to insured
property must be reported within 15 days of the damaging occurrence."
Exclusions
Definitions
Conditions
, Declarations Page - ANSWER-✅Conditions
Which section of an insurance policy is designed to OMIT certain risks from coverage?
Exclusions
Insuring Agreement
Coverage Forms
Definitions - ANSWER-✅Exclusions
Which of the following would you find in the Conditions section of an insurance
policy?
The meaning of certain important words in the contract
Causes of loss that are not covered
Policy limits
The insured's duty after a loss - ANSWER-✅The insured's duty after a loss
All of the following are typical exclusions in an insurance policy, EXCEPT:
nuclear hazards.
explosion.
earthquakes.
flooding. - ANSWER-✅explosion.
All of the following pieces of information can be found in the Conditions section of
an insurance policy,
EXCEPT:
causes of loss that are not covered.
what the insured must do in the event of a lawsuit.
anything the insured must do for coverage to remain in effect.
the insured's duties after a loss. - ANSWER-✅causes of loss that are not covered.
Which of the following statements is true about an insurance policy?
The insured is obligated to the terms of the contract for the entire policy period.
It relies on the utmost good faith of both the insured and the insurer.
It is transferable if the property is sold to another party.
The insured sets the terms of the policy. - ANSWER-✅It relies on the utmost good
faith of both the insured and the insurer.
In an insurance policy, the summary of what the insurer will do in the event of a
covered loss is called:
the insuring agreement.
the dec page.
the conditions section.
the definitions section. - ANSWER-✅the insuring agreement.
In a __________, only one party is legally obligated to perform.
unilateral contract
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