ADJUSTERS License 6-20 (With complete solution)

What is an Insurance Policy correct answers An Insurance Policy is a Contract (agreement between 2 parties) Insurance Policy in the state of Florida must be? correct answers Written in order to constitute a policy Legal Definition of Insurance correct answers Contract that undertakes to indemnity, or make whole, or pay a certain amount in the event a covered loss occurs. Consideration correct answers 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 correct answers 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 correct answers 5days notice is required to cancel binder Property Insurance correct answers Payment made to the insured or others with interest simular to insured (mortgage holder) Liability Insurance correct answers Means a payment will be made to a 3rd party injured of damaged by the insured. An Insured can NEVER recover damages from there own Liability Policy All Property and Liability Insurance Contracts contain 4 fundamental parts: correct answers 1.) Declaration: Contains info regarding the insured, premium, period of coverage and liability. 2.) Insurance Agreement: defines the coverages contained within coverage. 3.) Exclusions: Eliminate coverage 4.) Conditions: Requirements that MUST be made Before payment will be made 1.) Property Adjuster receives notice of homeowners claim is Covered, Denied or being investigated must be provided within? correct answers 30 days 2.) An insurer gives which of the following as Consideration for insurance policy? correct answers A Promise 3.) Which of the following is not found on the Declaration page of a policy? correct answers Conditions: Requirements that Must be made before payment will be made. 4.) Homeowners dog bites the mailman. Policy that pays the mailman is best described as? correct answers Liability Policy