Exam (elaborations)
Claims Adjuster's Exam (FL)
- Course
- Institution
Claims Adjuster's Exam (FL)
[Show more]
Seller
Follow
modocko752
Content preview
Claims Adjuster's Exam (FL)All 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
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 modocko752. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83750 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now