ACA Final Exam Questions And Answers With 100% Correct Answers

ACA Final Exam Questions And Answers With 100% Correct Answers All of the above - answerAll 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 - answerSet 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 - answer30 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. Indemnity is not part of an insurance contract. There are conditions imposed upon both the insurer and insured. - answerIndemnity 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 - answeradhesion 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. - answeris assigned by law or statute. Risks that are insurable are: Speculative risk Pure risk Both A & B None of the above - answerPure 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 - answerIndemnity Firemen caused water damage to a