Claims Adjuster Florida Exam Questions and Answers 100% Pass

Claims Adjuster Florida Exam Questions and Answers 100% Pass For purposes of insurance, a "loss" is best defined as: - Correct Answer ️️ -an unwelcomed, unplanned reduction in economic value An automatic sprinkler system in a hotel building is a risk reduction measure because it: - Correct Answer ️️ -reduces the amount of damage that a fire is likely to do Insuring a new restaurant against business failure is not possible because business success or failure is: - Correct Answer ️️ -a speculative risk Which of the following is an example of pure risk? - Correct Answer ️️ -the possibility of a business being flooded Zenith Insurance Company issues a policy to Best Manufacturing Company. A dispute arises between Zenith and Best on the meaning of an ambiguous clause in their contract. The matter goes to court, which can be expected to interpret the clause in a manner that: - Correct Answer ️️ -favors Best Manufacturing The fact that insurance policy language is written by an insurance company and is nonnegotiable makes insurance policies: - Correct Answer ️️ -contracts of adhesion Which of the following correctly identifies three elements that must be present to create an enforceable contract? - Correct Answer ️️ -acceptance, consideration, and offer Rhonda's parents bought her a car for her sixteenth birthday and made her responsible for maintaining and insuring it. However, when Rhonda applied for auto insurance after getting her driver's license, she was told that she could not enter into a binding insurance contract because, according to the law in her state, a 16-year-old does not qualify as a(n): - Correct Answer ️️ -competent party A fire severely damages Carl's home, making it uninhabitable. He moves his family to a hotel while the house is repaired. The additional expenses incurs in housing the family are considered what type of loss? - Correct Answer ️️ -indirect Butch's Meat Market loses electrical power during a flood. The business closes for several days, during which time there is no refrigeration and a large quantity of meat spoils. The loss of the meat is what type of loss? - Correct Answer ️️ -consequential "Replacement cost minus physical depreciation" describes which type of loss valuation method? - Correct Answer ️️ -actual cash value From a property insurance perspective, which of the following is NOT a basic type of construction? - Correct Answer ️️ -steel For an insurer to pay a property insurance claim, when must the policyholder have an insurable interest in the insured property? - Correct Answer ️️ -at the time of the loss Ken's house has an exterior layer of brick that covers wooden walls supported by wooden 2-by-4 studs. What type of construction does Ken's house have? - Correct Answer ️️ -masonry veneer Corinne purchased her home with a 10 percent down payment and a 90 percent mortgage from Sidney Bank. Why does Sidney Bank have an insurable interest in Corinne's house? - Correct Answer ️️ -The bank faces the possibility of a loss if Corinne's house is damaged or destroyed. All of the following are perils EXCEPT: texting while driving theft lightning windstorm - Correct Answer ️️ -texting while driving A dump truck collided with a tall oak tree in Marian's front yard. The tree fell onto her house, breaking a glass picture window and knocking a lamp off the table inside it. Sparks from the lamp started a fire that destroyed half the house. What is the proximate cause of the damage to Marian's house? - Correct Answer ️️ -the collision All of the following causes of loss are commonly listed as excluded perils in open perils property insurance policies, EXCEPT: wear and tear flood war vandalism - Correct Answer ️️ -vandalism While a homeowner is out of town, a group of teenagers break into her house, throw a beer party, and damage the interior without stealing anything. Connie's resul