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Claims Adjuster's Exam (FL) 2024
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Claims Adjuster's Exam (FL) 2024
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Claims Adjuster's Exam (FL) 2024All of the following describe insurable interest EXCEPT - ANS--Insurable Interest must
exist at the time of the loss.
-Insurance Interest must exist for insurance to respond.
*Show a similarity between insurance and wagering*
-The insured would suffer an economic loss.
An Insurance Policy is a contract with all of the following characteristics, EXCEPT -
ANS--It is a personal contract.
-Parties are of unequal power with ambiguities or unclear wording resolved in favor of
the insured because it is a contract of adhesion.
*Indemnity is not part of an insurance contract*
-There are conditions imposed upon both the insurer and insured.
An insurance contract may contain a "gray area" or an ambiguity, that is generally
resolved in favor of the insured because insurance policies are contracts of: -
ANS--Indemnity
-Cohesion
*Adhesion*
-Conditions
If an insured sells his car to another person, the buyer may be prohibited from also
receiving the insured's policy. This is because the insurance contract is a contract of: -
ANS-*Personal nature*
-Indemnity
-Adhesion
-Actual cash value
Strict or absolute liability: - ANS--applies to school systems.
-must have failure to use "due care."
-considers the actions of a prudent person.
*is assigned by law or statute*
Jack and Connie - both 50 years old and of sound mind - agree to have Jack burn down
Connie's house for $10,000. What element of a valid contract is missing? - ANS-*Legal
purpose*
Competent parties
, Consideration
Agreement of the parties
Risks that are insurable are: - ANS-Speculative risk
*Pure risk*
Both A & B
None of the above
Insurance that covers the responsibility for loss arising out of policy holder's negligence
- that results in payment to a party other than the insured is: - ANS-Not available in
Florida insurance policies
Fourth party claims
Standard property insurance
*Liability*
The goal of insurance is to restore the insured to the same economic position as before
the covered loss occurred, this is the principle of: - ANS-Adhesion
Actual Cash Value
*Indemnity*
Severability
Liability limits may be expressed as a: - ANS--Aggregate Limit
-Split Limit
-Single Limit
*All of the above*
An insured has A SPLIT limit liability policy with 10/20/10 limits. He owes the following
people liability bodily injuries claims of: Passenger 1 = $12,000, Passenger 2 = $10,000,
Passenger 3 = $18,000. How much liability insurance will his policy pay for these
claims? - ANS--$ 10,000
*$ 20,000*
-$ 30,000
-$40,000
If a lender has an insurable interest in an auto, because of the money loaned to finance
the auto, the lender would appear on the policy as the: - ANS--Lessee *Loss payee*
-Mortgagor
-Mortgagee
To turn partially damaged property over to the insurance company and ask them to pay
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