Florida Adjuster Licensing Exam: Questions & Answers
Which of the following would you find in the Conditions section of an
insurance policy?
The meaning of certain important words in the contract
Causes of loss that are not covered
Policy limits
The insured's duty after a loss
(Ans- The insured's duty after a loss
All of the following are typical exclusions in an insurance policy, EXCEPT:
nuclear hazards.
explosion.
earthquakes.
flooding.
(Ans- explosion.
All of the following pieces of information can be found in the Conditions
section of an insurance policy,
EXCEPT:
causes of loss that are not covered.
what the insured must do in the event of a lawsuit.
,anything the insured must do for coverage to remain in effect.
the insured's duties after a loss.
(Ans- causes of loss that are not covered.
Which of the following statements is true about an insurance policy?
The insured is obligated to the terms of the contract for the entire
policy period.
It relies on the utmost good faith of both the insured and the insurer.
It is transferable if the property is sold to another party.
The insured sets the terms of the policy.
(Ans- It relies on the utmost good faith of both the insured and the
insurer.
In an insurance policy, the summary of what the insurer will do in the
event of a covered loss is called:
the insuring agreement.
the dec page.
the conditions section.
the definitions section.
(Ans- the insuring agreement.
,In a __________, only one party is legally obligated to perform.
unilateral contract
conditional contract
contract of adhesion
contract of utmost good faith
unilateral contract
(Ans- unilateral contract
Insurance policies are unilateral contracts. This means:
only one party has an obligation to perform.
ambiguities are settled in favor of the insured.
they depend on an unknown future event.
they rely on the honesty of both parties.
(Ans- only one party has an obligation to perform.
Which of the following is NOT a characteristic of insurance contracts?
Universal
Conditional
, Unilateral
Aleatory
(Ans- Universal
If an adjuster needs to find clarification about what actually constitutes
a collision, in which section of an
insurance policy would she find that information?
Declarations
Exclusions
Conditions
Definitions
(Ans- Definitions
Which of the following best describes a Fraternal Benefit Society?
A fraternal benefit society is a for-profit provider of insurance.
A fraternal benefit society uses investors' money to pay claims.
A fraternal benefit society is a social organization based around
common interests and beliefs.
A fraternal benefit society pays dividends to its stockholders.
(Ans- A fraternal benefit society is a social organization based around
common interests and beliefs.
Which of the following would you find in the Conditions section of an
insurance policy?
The meaning of certain important words in the contract
Causes of loss that are not covered
Policy limits
The insured's duty after a loss
(Ans- The insured's duty after a loss
All of the following are typical exclusions in an insurance policy, EXCEPT:
nuclear hazards.
explosion.
earthquakes.
flooding.
(Ans- explosion.
All of the following pieces of information can be found in the Conditions
section of an insurance policy,
EXCEPT:
causes of loss that are not covered.
what the insured must do in the event of a lawsuit.
,anything the insured must do for coverage to remain in effect.
the insured's duties after a loss.
(Ans- causes of loss that are not covered.
Which of the following statements is true about an insurance policy?
The insured is obligated to the terms of the contract for the entire
policy period.
It relies on the utmost good faith of both the insured and the insurer.
It is transferable if the property is sold to another party.
The insured sets the terms of the policy.
(Ans- It relies on the utmost good faith of both the insured and the
insurer.
In an insurance policy, the summary of what the insurer will do in the
event of a covered loss is called:
the insuring agreement.
the dec page.
the conditions section.
the definitions section.
(Ans- the insuring agreement.
,In a __________, only one party is legally obligated to perform.
unilateral contract
conditional contract
contract of adhesion
contract of utmost good faith
unilateral contract
(Ans- unilateral contract
Insurance policies are unilateral contracts. This means:
only one party has an obligation to perform.
ambiguities are settled in favor of the insured.
they depend on an unknown future event.
they rely on the honesty of both parties.
(Ans- only one party has an obligation to perform.
Which of the following is NOT a characteristic of insurance contracts?
Universal
Conditional
, Unilateral
Aleatory
(Ans- Universal
If an adjuster needs to find clarification about what actually constitutes
a collision, in which section of an
insurance policy would she find that information?
Declarations
Exclusions
Conditions
Definitions
(Ans- Definitions
Which of the following best describes a Fraternal Benefit Society?
A fraternal benefit society is a for-profit provider of insurance.
A fraternal benefit society uses investors' money to pay claims.
A fraternal benefit society is a social organization based around
common interests and beliefs.
A fraternal benefit society pays dividends to its stockholders.
(Ans- A fraternal benefit society is a social organization based around
common interests and beliefs.
