100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Florida Certified Adjuster Pre-Licensing Exam Questions And Correct Answers $11.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Adjuster
  4.  
  5. Adjuster

Exam (elaborations)

Florida Certified Adjuster Pre-Licensing Exam Questions And Correct Answers
 2 views  0 purchase
  • Course
  • Adjuster
  • Institution
  • Adjuster

Florida Certified Adjuster Pre-Licensing Exam Questions And Correct Answers Edward is a member of the Knights of Columbus, a religious group dedicated to voluntary service to the benefit of society. He also recently purchased a $100,000 life insurance policy from the organization. This was poss...

[Show more]

Preview 4 out of 60  pages

Document information

  • October 15, 2024
  • 60
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • florida certified adjuster pre licensing exam ques

Written for

  • Adjuster
  • Adjuster

Seller

avatar-seller
sirjoel

Reviews received

Content preview

©SIRJOEL EXAM SOLUTIONS
10/14/2024 11:14 PM


Florida Certified Adjuster Pre-Licensing
Exam Questions And Correct Answers




Edward is a member of the Knights of Columbus, a religious group dedicated to voluntary

service to the benefit of society. He also recently purchased a $100,000 life insurance policy

from the organization. This was possible because the Knights of Columbus is: - answer✔a

fraternal benefit society

Jason's auto policy states that the insurer may cancel coverage if a premium is more than 30 days

late. However, Jason is currently more than 30 days late, and has been so five times in the last

year, and his insurer has done nothing about it. When Jason gets into an accident and files a

claim, which of the following is most likely to happen? - answer✔The insurer will pay the claim

because of the implied waiver they have made by not cancelling Jason's policy the previous

times he was late with his payments

Jared hopes to purchase a new insurance policy for his car, but he has an extremely poor driving

record. The insurance company decides to issue Jared an insurance policy, but charges him a

premium much higher than the average driver. The insurance company is practicing: -

answer✔risk reduction

, ©SIRJOEL EXAM SOLUTIONS
10/14/2024 11:14 PM
Which of the following is NOT a characteristic of insurance contracts? (aleatory, conditional,

unilateral, universal) - answer✔universal


A few weeks ago Christopher's garage was destroyed by an out-of-control motorist. Fortunately,

the motorist had sufficient liability insurance to cover the damages. However, the insurer insists

that Christopher's garage is worth far less than the appraisals he has received from contractors.

Christopher and the insurer have gone back and forth in negotiations for weeks, making little

headway. Christopher decides it's time to: - answer✔issue a complaint against the policyholder


A reciprocal insurer is: - answer✔an unincorporated organization of subscribers that operates

through an attorney-in-fact to provide insurance benefits for its members.

Bob has been in the construction business a long time and is ready to retire. He sells the

company to his friend Scott and then lets the insurer know that any claims against his policy

should be paid to Scott from now on. The insurer informs Bob that they cannot do this due to

which condition? - answer✔assignment


Cindy and her insurer cannot reach an agreement for her property claim, and have gone back and

forth for weeks without coming within $10,000 of each other. At this point, since both believe

they are offering a fair settlement, a third party is needed to help facilitate the negotiation. Both

parties still want to retain their ability to "walk-away" if they cannot reach an agreement. What is

the next best step for Cindy and her insurer? - answer✔mediation


How is the power to bind transferred to an adjuster? - answer✔it is transferred through a written

contract

, ©SIRJOEL EXAM SOLUTIONS
10/14/2024 11:14 PM
Which of the following statements best describes a part of the appraisal process?




A. The claimant and the insurer each select an appraiser, and those two select an umpire.

B. All parties must agree to the final amount in order for it to be binding.

C. A neutral third party, called the appraiser, plays an advisory role to help the disputing parties

come to a settlement.

D. The opposing parties submit their evidence to the appraiser, who makes a final and binding

decision. - answer✔A. The claimant and the insurer each select an appraiser, and those two

select an umpire.

Bob's home was severely damaged by a thunderstorm and he claims it will cost $74,000 to

repair. His insurer has investigated the claim, found the repairs could be done for $49,000, and

has offered Bob this amount of indemnification. Negotiation between Bob and his insurer seems

to be failing. Due to the unpredictability of the result, which of the following options should be

avoided by the insurer if possible?




A. Appraisal

B. Mediation

C. Litigation


D. Arbitration - answer✔C. Litigation

, ©SIRJOEL EXAM SOLUTIONS
10/14/2024 11:14 PM
In appraisal, who chooses the umpire?




A. The claimant

B. The two appraisers

C. The insurance company


D. The adjuster - answer✔B. The two appraisers


Adjuster Andy is trying to determine a final settlement amount for Stacy's claim. Stacy's house

was destroyed in a fire and it will cost $185,000 to rebuild it. Stacy's homeowners policy has a

limit of $178,000 and a $1,800 deductible. Typically, how much would Adjuster Andy calculate

Stacy's final settlement amount to be? - answer✔$178,000 (because the cost of repairs is more

than the policy limit, the final settlement amount is the full policy limit ($178,000) and the

deductible is absorbed into the amount of the loss that exceeds the limit.

Which of the following statements is NOT true of an insurance adjuster?




A. An insurance adjuster must always use reasonable judgement for both the insurer and the

claimant.

B. An insurance adjuster is an agent.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller sirjoel. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart