- Study guides, Class notes & Summaries

Which of the following is NOT one of the duties of the Department of Financial Services? b. Dept does NOT set rates nor write policies - ANSWER-Set rates and write policies for various company products The adjuster has a particular relationship to his principal, the insurer. Which of the following best describes this relationship? - ANSWER-It is a fiduciary relationship. The Claims Adjuster's role in the insurance industry includes all the following EXCEPT: - ANSWER-Gives appropriate leg...

Adjuster Pro - Florida Certified Adjuster Glossary Questions and Answers 2023 Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion One of the characteristics of an insurance contract. Me...

Florida 2-15 Insurance License Exam Questions and Answers 2023 Accumulation units are converted into annuity units: at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. FALSE Robert ...

Florida Life and Health Insurance Questions and Answers 2023 Insured The person covered by the insurance policy. Rider A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? A contract in which only one of the parties is legally bound to fulfill its obligations. What law protects consumers from the circulation of inaccurate or obsolete information? The Fair Credit Reporting Act. What are th...

6-20 Claims Adjuster Questions and Answers, Graded A+ The following are basic characteristics of a property or liability insurance contract, EXCEPT: A. Personal Contract B. Conditional Contract C. Loss Settlement Contract D. Contract of Adhesion C. Loss Settlement Contract The Insurers responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property against further loss, and to give the insurer proo...

Florida Adjuster All Lines Questions and Answers 2023 The Adjuster's Code of Ethics starts with a basic premise which states: The work of adjusting engages the public trust Once an adjuster is licensed he or she must maintain a continuing education requirement. Select from the following an adjuster's compliance requirement in order to stay licensed: A newly licensed adjuster must complete 24 hours of continuing education in every two year compliance period, of which 5 hours must be t...

Claims Adjuster Florida Questions and Answers, Graded A+ For purposes of insurance, a "loss" is best defined as: an unwelcomed, unplanned reduction in economic value An automatic sprinkler system in a hotel building is a risk reduction measure because it: reduces the amount of damage that a fire is likely to do Insuring a new restaurant against business failure is not possible because business success or failure is: a speculative risk Which of the following is an examp...

FL All Lines Claims Adjuster Questions and Answers, Graded A+ What is an eligible building for flood insurance? A structure with 2 or more outside rigid walls and a fully secure roof, built on a permanent site, with 50% or more of the value above ground level and located within an eligible community What is Builders Risk Coverage? Covers buildings in the course of completion. Proper coverage is 100% of expected completed value Do all Homeowners policies contain Coverage A? No, ...

FL Adjusters License Practice Exams Questions and Answers, Graded A+ Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. (B) Written evidence of the agreement and its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performance. (B) Written evidence of the agreement and its terms. Assume that five years ago a couple insured their home for [its t...

Florida 3-20 Public Adjusters State Exam (Set 1) Questions and Answers Graded A+ The insurer and insured agree to a specific value of insured item Agreed Value Policies Someone who has care, custody or control of another's property Bailee Claim filed by policy holder against his _ First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Fir...