Florida adjusters license practice exams questions answers a guide

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. Correct Answer: (B) Written evidence of the agreement and its terms. Assume that five years ago a couple insured their home for [its then appraised value of] $60,000. Two weeks ago they had a stove fire resulting in an estimated loss of $15,000 for repairs. The adjuster finds that the value of their home is now $100,000, but the home is still only insured for $60,000 and has a deductible of $500. The policy has an 80% coinsurance clause. How much should the adjuster pay to the couple? (A) $11,500 (B) $10,875 (C) $14,500 (D) $15,000 Correct Answer: (B) $10,875 Negligence is described as: (A)Liability imposed by jury verdict. (B) Liability arising from statutorily imposed liability regardless of fault. (C) Fault that arises from doing something you shouldn't have done, or not doing something you should have done. (D) Fault imposed on you because you have a greater ability to pay. Correct Answer: (C) Fault that arises from doing something you shouldn't have done, or not doing something you should have done. Describe the coverage's provided in a split limit policy of 10/20/10. (A) The coverage provides $10,000 in property damage limits, $20,000 in bodily injury for any one individual, and $10,000 for bodily injuries to each additional person injured.