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ADJUSTERS LICENSE 6-20 QUESTIONS AND ANSWERS UPDATED
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ADJUSTERS LICENSE 6-20 QUESTIONS AND ANSWERS UPDATED
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ADJUSTERS LICENSE 6-20 QUESTIONSAND ANSWERS UPDATED 2024 -2025
What,is,an,Insurance,Policy,,ANS,-,,An,Insurance,Policy,is,a,Contract,(agreement,between,2,parties)
Insurance,Policy,in,the,state,of,Florida,must,be?,,ANS,-,,Written,in,order,to,constitute,a,policy
Legal,Definition,of,Insurance,,ANS,-
,,Contract,that,undertakes,to,indemnity,,or,make,whole,,or,pay,a,certain,amount,in,the,event,a,covered,l
oss,occurs.
Consideration,,ANS,-
,,Value,for,an,Insurance,contract,is,the,premium,paid,by,insured,and,the,promise,given,by,insurance,com
pany
Temporary,Insurance,is,put,into,effect,by,BINDERS,,ANS,-
,,Binders,include,all,terms,,conditions,and,exclusions,contained,in,a,policy,and,no,notice,of,cancellation,o
r,non,renewal,is,required,unless,the,binder,has,a,term,of,more,then,60,days
Binder,for,automobile,insurance,are,the,EXCEPTION,,ANS,-,,5days,notice,is,required,to,cancel,binder
Property,Insurance,,ANS,-
,,Payment,made,to,the,insured,or,others,with,interest,simular,to,insured,(mortgage,holder)
Liability,Insurance,,ANS,-
,,Means,a,payment,will,be,made,to,a,3rd,party,injured,of,damaged,by,the,insured.,An,Insured,can,NEVER,
recover,damages,from,there,own,Liability,Policy
All,Property,and,Liability,Insurance,Contracts,contain,4,fundamental,parts:,,ANS,-
,,1.),Declaration:,Contains,info,regarding,the,insured,,premium,,period,of,coverage,and,liability.
2.),Insurance,Agreement:,defines,the,coverages,contained,within,coverage.
3.),Exclusions:,Eliminate,coverage
, 4.),Conditions:,Requirements,that,MUST,be,made,Before,payment,will,be,made
1.),Property,Adjuster,receives,notice,of,homeowners,claim,is,Covered,,Denied,or,being,investigated,must
,be,provided,within?,,ANS,-,,30,days
2.),An,insurer,gives,which,of,the,following,as,Consideration,for,insurance,policy?,,ANS,-,,A,Promise
3.),Which,of,the,following,is,not,found,on,the,Declaration,page,of,a,policy?,,ANS,-
,,Conditions:,Requirements,that,Must,be,made,before,payment,will,be,made.
4.),Homeowners,dog,bites,the,mailman.,Policy,that,pays,the,mailman,is,best,described,as?,,ANS,-
,,Liability,Policy
5.),Insurance,Company,wrote,AUTO,Insurance,Binder,for,owner,who,said,he,had,No,prior,accidents.,Imm
ediately,they,find,out,this,is,NOT,True.,The,company,now,wants,to,cancel,cinder,asap.,What,is,true?,,ANS
,-,,5,days,notice,REQUIRED
6.),For,Insurance,to,pay,damages,,an,insurance,interest,must,exist:,,ANS,-,,When,the,Lost,takes,place
7.),Speeding,while,driving,is,best,described,as,a?,,ANS,-,,HAZARD
8.),A,covered,loss,is,$60,000.
Policy,A,has,limit,of,$50,000.
Policy,B,has,a,limit,of,$150,000.
BOTH,ARE,PRORATED,POLICIES!!
How,much,will,Policy,A,pay,for,this,loss?,,ANS,-
,,Add,Policy,A,to,Policy,B,and,get,Total.,Then,determine,the,%,between,the,2,and,that,is,how,much,Policy,
A,will,pay,out.
Example:,A+B=$200,000.,A,is,a,1/4,of,total,so,it,will,pay,$15,000.
9.),Sold,my,home,yesterday.,Last,night,house,burnt,down,but,I,had,not,yet,cancelled,the,Policy.,New,own
er,also,has,Policy.,Which,one,pays?,,ANS,-,,Purchasers,Policy-Purchaser,has,Insurance,Interest!
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