FLORIDA ALL-LINES ADJUSTER LICENSE EXAM
QUESTIONS AND ANSWERS 100% VERIFIED.
Premium -
- correct answer -is paid in exchange for this service. A
____________ can be defined as a guaranteed small loss used to
prevent a large loss.
Insurance Policy -
- correct answer -When insurance coverage is offered, an
____________ _________ is created.
The _________ is a contract whereby one party undertakes to
indemnify another or pay a specified amount based on defined
contingencies.
The policy is in effect as long as the premiums are paid.
In general, any insurance contract has ______ (__) requirements
to make the contract legal and valid: -
- correct answer -(FOUR):
A manifestation of assent to its terms by the parties who make the
contract.
A sufficient consideration for each promise.
Legal capacity of the parties to contract.
Not against public policy or otherwise illegal.
All property and liability insurance contracts are comprised of four
basic parts: -
- correct answer -Declarations,
The Insuring Agreement,
Exclusions,
Conditions.
Declarations (Dec Page): -
- correct answer -Includes descriptive material relating to:
The subjects covered,
persons insured,
, the premium to be paid,
period of coverage,
and policy limits or amounts of insurance.
Insuring Agreement -
- correct answer -Summarizes the major promises of the insurance
company, as well as state what is covered in the policy. This
agreement represents what the final coverage will be.
_____________ and conditions may modify what the insuring
agreement provides. -
- correct answer -Exclusions
Exclusions -
- correct answer -are necessary to eliminate coverages which
might duplicate those in other policies of the insured, be
uninsurable perils, or be coverages of a specialized nature that the
insurer is not qualified or prepared to offer or that require special
underwriting and rating.
Automobile insurance can be defined as: -
- correct answer -A contract for an automobile in which one party
agrees to pay for another party's financial loss resulting from a
specified event (e.g., a collision, theft, or storm damage).
More on Auto Insurance: -
- correct answer -Since exposure to loss related to automobiles
exists for literally every individual, family, and business, this type of
insurance is considered to be among the most important of the
property and liability insurance lines. Financial damages are paid
on behalf of the insured by the insuring company. These are
damages the insured is legally liable to pay to others and must be
for bodily injuries or property damage. The insurer also provides a
defense against claims or lawsuits for these same liabilities. In
addition, some automobile insurance pays the insured for
damages incurred to their own vehicle. Collision and
Comprehensive are two examples of this type of coverage.
The policy only protects those with the status of 'insured' as
defined within the policy. A payment is made on "legal liability,"
normally as a result of a negligent act or omission arising out of the
ownership, maintenance, or use of an automobile.
QUESTIONS AND ANSWERS 100% VERIFIED.
Premium -
- correct answer -is paid in exchange for this service. A
____________ can be defined as a guaranteed small loss used to
prevent a large loss.
Insurance Policy -
- correct answer -When insurance coverage is offered, an
____________ _________ is created.
The _________ is a contract whereby one party undertakes to
indemnify another or pay a specified amount based on defined
contingencies.
The policy is in effect as long as the premiums are paid.
In general, any insurance contract has ______ (__) requirements
to make the contract legal and valid: -
- correct answer -(FOUR):
A manifestation of assent to its terms by the parties who make the
contract.
A sufficient consideration for each promise.
Legal capacity of the parties to contract.
Not against public policy or otherwise illegal.
All property and liability insurance contracts are comprised of four
basic parts: -
- correct answer -Declarations,
The Insuring Agreement,
Exclusions,
Conditions.
Declarations (Dec Page): -
- correct answer -Includes descriptive material relating to:
The subjects covered,
persons insured,
, the premium to be paid,
period of coverage,
and policy limits or amounts of insurance.
Insuring Agreement -
- correct answer -Summarizes the major promises of the insurance
company, as well as state what is covered in the policy. This
agreement represents what the final coverage will be.
_____________ and conditions may modify what the insuring
agreement provides. -
- correct answer -Exclusions
Exclusions -
- correct answer -are necessary to eliminate coverages which
might duplicate those in other policies of the insured, be
uninsurable perils, or be coverages of a specialized nature that the
insurer is not qualified or prepared to offer or that require special
underwriting and rating.
Automobile insurance can be defined as: -
- correct answer -A contract for an automobile in which one party
agrees to pay for another party's financial loss resulting from a
specified event (e.g., a collision, theft, or storm damage).
More on Auto Insurance: -
- correct answer -Since exposure to loss related to automobiles
exists for literally every individual, family, and business, this type of
insurance is considered to be among the most important of the
property and liability insurance lines. Financial damages are paid
on behalf of the insured by the insuring company. These are
damages the insured is legally liable to pay to others and must be
for bodily injuries or property damage. The insurer also provides a
defense against claims or lawsuits for these same liabilities. In
addition, some automobile insurance pays the insured for
damages incurred to their own vehicle. Collision and
Comprehensive are two examples of this type of coverage.
The policy only protects those with the status of 'insured' as
defined within the policy. A payment is made on "legal liability,"
normally as a result of a negligent act or omission arising out of the
ownership, maintenance, or use of an automobile.
