ADJUSTERS License 6-20 Questions and Answers 100% Correct

ADJUSTERS License 6-20 Questions and Answers 100% CorrectADJUSTERS License 6-20 Questions and Answers 100% CorrectWhat is an Insurance Policy - ANSWER-An Insurance Policy is a Contract (agreement between 2 parties) Insurance Policy in the state of Florida must be? - ANSWER-Written in order to constitute a policy Legal Definition of Insurance - ANSWER-Contract that undertakes to indemnity, or make whole, or pay a certain amount in the event a covered loss occurs. Consideration - ANSWER-Value for an Insurance contract is the premium paid by insured and the promise given by insurance company Temporary Insurance is put into effect by BINDERS - ANSWER-Binders include all terms, conditions and exclusions contained in a policy and no notice of cancellation or non renewal is required unless the binder has a term of more then 60 days Binder for automobile insurance are the EXCEPTION - ANSWER-5days notice is required to cancel binder Property Insurance - ANSWER-Payment made to the insured or others with interest simular to insured (mortgage holder)