ACA Final Exam Study Guide

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ACA Final Exam
At the end of this course, you must do which of the following?

Pass the final course exam with a scored of 70% or higher

Print your certificate from this website

Apply for your Insurance Adjuster license at the Florida Department of Financial
Services website at www.myfloridacfo.com/division/agents

All of the above - CORRECT ANSWER-All of the above

Which of the following is NOT one of the duties of the Department of Financial
Services?

License adjusters
Set rates and write policies for various company products
Supervise the claims activity of adjusters
Investigate charges of unethical conduct of adjusters - CORRECT ANSWER-Set
rates and write policies for various company products

When an insurance licensee moves, he has how long to notify the Florida Dept.
of Financial Services of his change of address?

10 Days
30 Days
60 Days
180 Days - CORRECT ANSWER-30

An Insurance Policy is a contract with all of the following characteristics,
EXCEPT

It is a personal contract.
Parties are of unequal power with ambiguities or unclear wording resolved in
favor of the insured because it is a contract of adhesion.




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Indemnity is not part of an insurance contract.
There are conditions imposed upon both the insurer and insured. - CORRECT
ANSWER-Indemnity is not part of an insurance contract.

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:

Indemnity
Cohesion
Adhesion
Conditions - CORRECT ANSWER-adhesion

Strict or Absolute Liability

applies to school systems.
must have failure to use "due care.
"considers the actions of a prudent person.
is assigned by law or statute. - CORRECT ANSWER-is assigned by law or
statute.

Risks that are insurable are:

Speculative risk
Pure risk
Both A & B
None of the above - CORRECT ANSWER-Pure Risk

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:

Adhesion
Actual Cash Value
Indemnity
Severability - CORRECT ANSWER-Indemnity

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:




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