Claims Adjuster's Exam
(FL)
1. -Insurable Interest must exist at the time of the loss.
-Insurance Interest must exist for insurance to respond.
*Show a similarity between insurance and wagering*
-The insured would suffer an economic loss.: All of the following describe insurable
interest EXCEPT
2. -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.: An
Insurance Policy is a contract with all of the following characteristics, EXCEPT
3. -Indemnity
-Cohesion
*Adhesion*
-Conditions: 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:
4. *Personal nature*
-Indemnity
-Adhesion
-Actual cash value: If an insured sells his car to another person, the buyer may be prohibited
from also receiving the insured's policy. This is because the insurance contract is a contract of:
5. -applies to school systems.
-must have failure to use "due care."
-considers the actions of a prudent person.
*is assigned by law or statute*: Strict or absolute liability:
6. *Legal
purpose*
Competent
parties
Consideration
Agreement of the parties: Jack and Connie - both 50 years old and of sound mind - agree
to have Jack burn down Connie's house for $10,000. What element of a valid contract is missing?
1/
12
, Claims Adjuster's Exam
(FL)
7. Speculative risk
*Pure risk*
2/
12
(FL)
1. -Insurable Interest must exist at the time of the loss.
-Insurance Interest must exist for insurance to respond.
*Show a similarity between insurance and wagering*
-The insured would suffer an economic loss.: All of the following describe insurable
interest EXCEPT
2. -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.: An
Insurance Policy is a contract with all of the following characteristics, EXCEPT
3. -Indemnity
-Cohesion
*Adhesion*
-Conditions: 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:
4. *Personal nature*
-Indemnity
-Adhesion
-Actual cash value: If an insured sells his car to another person, the buyer may be prohibited
from also receiving the insured's policy. This is because the insurance contract is a contract of:
5. -applies to school systems.
-must have failure to use "due care."
-considers the actions of a prudent person.
*is assigned by law or statute*: Strict or absolute liability:
6. *Legal
purpose*
Competent
parties
Consideration
Agreement of the parties: Jack and Connie - both 50 years old and of sound mind - agree
to have Jack burn down Connie's house for $10,000. What element of a valid contract is missing?
1/
12
, Claims Adjuster's Exam
(FL)
7. Speculative risk
*Pure risk*
2/
12
