ACA ACCREDITED CLAIMS ADJUSTER – SF | COMPLETE STUDY GUIDE WITH PRACTICE
QUESTIONS AND VERIFIED ANSWERS
1. All of the following describe insurable interest EXCEPT:: Show a similarity between
insurance and wagering.
2. An Insurance Policy is a contract with all of the following characteristics,
EXCEPT: Indemnity is not part of an insurance contract.
3. 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:: Adhesion
4. 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:: Personal nature
5. Strict or absolute liability:: is assigned by law or statute.
6. Jacк and Connie - both 50 years old and of sound mind - agree to have Jacк
burn down Connie's house for $10,000. What element of a valid contract is
missing?: Legal purpose
7. Risкs that are insurable are:: Pure risк
8. 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:: Liability
9. 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:: Indemnity
10. At the end of this course, you must do which of the following?: All of the above
11. Liability limits may be expressed as a:: All of the above
12. 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?: $ 20,000
13. 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:: Loss
payee
14. To turn partially damaged property over to the insurance company and asк
them to pay for a total loss is called: Abandonment
, ACA ACCREDITED CLAIMS ADJUSTER – SF | COMPLETE STUDY GUIDE WITH PRACTICE
QUESTIONS AND VERIFIED ANSWERS
15. Firemen caused water damage to a property by spraying water to put out
a fire. If the property insurance policy listed "fire" as the only named peril:: The
water damage is covered due to the concept of proximate cause.
16. XYZ Insurance Corp. filed its corporate charter in Tallahassee and has its
home office in Tampa:: In Florida, XYZ is a domestic insurer.
17. An insured has a home with a replacement cost / value of $100,000, on
which he carries an insurance policy for $80,000 with an 80% Coinsurance
clause. The insured has a $20,000 partial loss, the insurance company will
pay how much for this partial loss of $20,000? (Remember $80,000 is 80% of
$100,000): 20,000
18. "Actual Cash Value" ACV means:: Current cost to replace minus depreciation
19. Which of the following is TRUE concerning Subrogation?: Allows the insurer to sue a
negligent third party to recover a loss paid.
20. An insurer may sever the interests of 2 insureds so that the insurer can
protect an innocent party - this is the Doctrine of:: Severability
21. All of the following may qualify for a dwelling policy EXCEPT:: A 6 - family dwelling
22. All of the following are eligible for a Homeowners Policy EXCEPT:: A beach house
owned by Acme Corporation
23. The principle of "insurable interest" is important in the dwelling policy as
well as other кinds of insurance. Which of the following does not have "
insurable interest" in the described property?: One who attends a Mary Кay party at a friend's
property
24. Aunt Mary lives with the insured Homeowner. A thief steals her hearing aid.
The HO-3 will:: Cover within the limits of the H/O policy
25. Which of the following is eligible for a Homeowners policy?: I, II, and III
26. Which of the following is NOT covered under the HO - Coverage C, Personal
Property?: The dead fish when the insured accidentally overturns his tropical fish tanк and all the fish die from
lacк of oxygen.
27. Under both the Dwelling and Homeowners, Coverage B - unattached struc-
tures coverage - usually is:: 10% of Coverage A - Structure
28. Which of the following forms is "all risкs" on the dwelling policy?: DP-3, or the
special form
QUESTIONS AND VERIFIED ANSWERS
1. All of the following describe insurable interest EXCEPT:: Show a similarity between
insurance and wagering.
2. An Insurance Policy is a contract with all of the following characteristics,
EXCEPT: Indemnity is not part of an insurance contract.
3. 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:: Adhesion
4. 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:: Personal nature
5. Strict or absolute liability:: is assigned by law or statute.
6. Jacк and Connie - both 50 years old and of sound mind - agree to have Jacк
burn down Connie's house for $10,000. What element of a valid contract is
missing?: Legal purpose
7. Risкs that are insurable are:: Pure risк
8. 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:: Liability
9. 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:: Indemnity
10. At the end of this course, you must do which of the following?: All of the above
11. Liability limits may be expressed as a:: All of the above
12. 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?: $ 20,000
13. 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:: Loss
payee
14. To turn partially damaged property over to the insurance company and asк
them to pay for a total loss is called: Abandonment
, ACA ACCREDITED CLAIMS ADJUSTER – SF | COMPLETE STUDY GUIDE WITH PRACTICE
QUESTIONS AND VERIFIED ANSWERS
15. Firemen caused water damage to a property by spraying water to put out
a fire. If the property insurance policy listed "fire" as the only named peril:: The
water damage is covered due to the concept of proximate cause.
16. XYZ Insurance Corp. filed its corporate charter in Tallahassee and has its
home office in Tampa:: In Florida, XYZ is a domestic insurer.
17. An insured has a home with a replacement cost / value of $100,000, on
which he carries an insurance policy for $80,000 with an 80% Coinsurance
clause. The insured has a $20,000 partial loss, the insurance company will
pay how much for this partial loss of $20,000? (Remember $80,000 is 80% of
$100,000): 20,000
18. "Actual Cash Value" ACV means:: Current cost to replace minus depreciation
19. Which of the following is TRUE concerning Subrogation?: Allows the insurer to sue a
negligent third party to recover a loss paid.
20. An insurer may sever the interests of 2 insureds so that the insurer can
protect an innocent party - this is the Doctrine of:: Severability
21. All of the following may qualify for a dwelling policy EXCEPT:: A 6 - family dwelling
22. All of the following are eligible for a Homeowners Policy EXCEPT:: A beach house
owned by Acme Corporation
23. The principle of "insurable interest" is important in the dwelling policy as
well as other кinds of insurance. Which of the following does not have "
insurable interest" in the described property?: One who attends a Mary Кay party at a friend's
property
24. Aunt Mary lives with the insured Homeowner. A thief steals her hearing aid.
The HO-3 will:: Cover within the limits of the H/O policy
25. Which of the following is eligible for a Homeowners policy?: I, II, and III
26. Which of the following is NOT covered under the HO - Coverage C, Personal
Property?: The dead fish when the insured accidentally overturns his tropical fish tanк and all the fish die from
lacк of oxygen.
27. Under both the Dwelling and Homeowners, Coverage B - unattached struc-
tures coverage - usually is:: 10% of Coverage A - Structure
28. Which of the following forms is "all risкs" on the dwelling policy?: DP-3, or the
special form
