Florida Adjuster Licensing Practice Exam questions with correct solutions

A claim in the property/casualty industry Is defined as: an assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damages when you purchase insurance, you are buying: peace of mind that if an insured event does occur, that the insurance company will keep its promise and provide the financial protection that you purchased in today's society, the most important factor in the purchase of insurance is: trust One of the most important claim handling goals of an insurance company is: to help those who have been injured or who have suffered loss for which the insured is responsible, while at the same time minimizing loss for the insured party and carrier what is the primary difference between a company employee adjuster and an independent adjuster a company employee adjuster works for an insurance company and an independent adjuster works independently for themselves or for adjusting firms who represent many clients an adjuster's responsibility as a fiduciary means: the adjuster represents, and controls, the property and financial interests of the client to whom he/she owes a high degree of loyalty and good faith the basic and primary functions of an adjuster are: investigating, evaluating, reporting, negotiating and disposing of claims once an adjuster is licensed, he or she must maintain a continuing education requirement. What is that adjuster's compliance requirement in order to retain a license? an adjuster must complete 24 hours of continuing education in every 2 year compliance period, of which 5 hours must be taken in a properly certified 5 hour law and ethics update course the adjuster's code of ethics starts with a basic premise which states: the work of adjusting engages the public trust Which of the following would NOT be a preferred claims practice or behavior under FL Unfair Insurance Trade Practices Act? Not responding to an insured calls because you haven't made up your mind what are the four critical elements of a contract? 1. agreement to terms (must understand what is given and received) 2. adequate consideration for the promises made 3. legal capacity of the parties to contract 4. contract must have legal purpose an insurance policy is often referred to as a contract of adhesion which means: if any of the wording or language in the policy is vague or ambiguous, making it difficult to understand or interpret, the law is well settled that the interpretation shall be in favor of the party who did not control its terms (the policyholder) breach of contract by a carrier or its adjuster through non-payment or on-compliance with policy requirements, could have the following consequences for a carrier if found guilty of a breach of contract, the carrier could be punished with a "bad faith" verdict that would cost it millions of dollars