Florida Public adjuster 320 license study guide with
verified answers
Adhesion Contract Ans✓✓✓ A standard-form contract in which the stronger
party dictates the terms.
Admitted (or Authorized) Insurance company Ans✓✓✓ Upon applying for
approval to do business in a state, the insurance company receives a "Certificate
of Authority" from the state Insurance Department.
Once they receive this Certificate, they become known as an "Admitted" or
"Authorized" insurer.
Aleatory Contract Ans✓✓✓ A contract where the values exchanged may not be
equal but depend on an uncertain event
Alien Insurance Company Ans✓✓✓ An insurance company incorporated outside
the country
For example, a company organized under the laws of Canada and doing business
in the United States would be an Alien company in this country
An adjuster currently holding an insurance license in their home state and who
obtains a similar license in another state to adjust insurance claims is known as:
A. Interstate adjuster
B. Out of State adjuster
C. Non-resident adjuster
, D. Admitted adjuster Ans✓✓✓ C. Non-resident adjuster
An adjuster's job is: Ans✓✓✓ To help those who have been injured, or who have
suffered a loss that is covered by the insurance contract, or for which an insured
policyholder is responsible, while at the same time protecting the interests of the
insured party and/or carrier
Apparent authority Ans✓✓✓ Is based on a third party's (or insurance consumer)
reasonable belief that an agent has authority to act on behalf of the Insurer.
Without actual notice or reason to believe otherwise, a third party cannot be
expected to know of any unusual limitations the Insurer has placed on the agent's
authority.
Binders Ans✓✓✓ A statement (written or oral) that insurance coverage is in
force. Its purpose is to provide temporary coverage until an actual insurance
policy can be issued.
Brokers Ans✓✓✓ Are representatives of insurance buyers. They resemble agents
except for the fact that they represent customers rather than insurers.
Churning Ans✓✓✓ An attempt by an unscrupulous agent to cancel an existing
policy and replace it with a new one, drawing down the cash value to pay for it.
This activity generates an additional commission for the agent and may result in
the consumer
having to pay more down the line.
Conditional Contract Ans✓✓✓ Conditional contracts because when a loss occurs,
certain conditions must be met to make the contract legally enforceable.
verified answers
Adhesion Contract Ans✓✓✓ A standard-form contract in which the stronger
party dictates the terms.
Admitted (or Authorized) Insurance company Ans✓✓✓ Upon applying for
approval to do business in a state, the insurance company receives a "Certificate
of Authority" from the state Insurance Department.
Once they receive this Certificate, they become known as an "Admitted" or
"Authorized" insurer.
Aleatory Contract Ans✓✓✓ A contract where the values exchanged may not be
equal but depend on an uncertain event
Alien Insurance Company Ans✓✓✓ An insurance company incorporated outside
the country
For example, a company organized under the laws of Canada and doing business
in the United States would be an Alien company in this country
An adjuster currently holding an insurance license in their home state and who
obtains a similar license in another state to adjust insurance claims is known as:
A. Interstate adjuster
B. Out of State adjuster
C. Non-resident adjuster
, D. Admitted adjuster Ans✓✓✓ C. Non-resident adjuster
An adjuster's job is: Ans✓✓✓ To help those who have been injured, or who have
suffered a loss that is covered by the insurance contract, or for which an insured
policyholder is responsible, while at the same time protecting the interests of the
insured party and/or carrier
Apparent authority Ans✓✓✓ Is based on a third party's (or insurance consumer)
reasonable belief that an agent has authority to act on behalf of the Insurer.
Without actual notice or reason to believe otherwise, a third party cannot be
expected to know of any unusual limitations the Insurer has placed on the agent's
authority.
Binders Ans✓✓✓ A statement (written or oral) that insurance coverage is in
force. Its purpose is to provide temporary coverage until an actual insurance
policy can be issued.
Brokers Ans✓✓✓ Are representatives of insurance buyers. They resemble agents
except for the fact that they represent customers rather than insurers.
Churning Ans✓✓✓ An attempt by an unscrupulous agent to cancel an existing
policy and replace it with a new one, drawing down the cash value to pay for it.
This activity generates an additional commission for the agent and may result in
the consumer
having to pay more down the line.
Conditional Contract Ans✓✓✓ Conditional contracts because when a loss occurs,
certain conditions must be met to make the contract legally enforceable.
