ADJUSTERS License 6-20
ADJUSTERS License 6-20
Study online at https://quizlet.com/_hkay1v
1. What is an Insurance Policy An Insurance Policy is a Contract
(agreement between 2 parties)
2. Insurance Policy in the state of Florida must be? Written in order to constitute a pol-
icy
3. Legal Definition of Insurance Contract that undertakes to indem-
nity, or make whole, or pay a certain
amount in the event a covered loss
occurs.
4. Consideration Value for an Insurance contract is
the premium paid by insured and
the promise given by insurance
company
5. Temporary Insurance is put into effect by Binders include all terms, condi-
BINDERS tions and exclusions contained in a
policy and no notice of cancellation
or non renewal is required unless
the binder has a term of more then
60 days
6. Binder for automobile insurance are the EXCEP- 5days notice is required to cancel
TION binder
7. Property Insurance Payment made to the insured or
others with interest simular to in-
sured (mortgage holder)
8. Liability Insurance Means a payment will be made to
a 3rd party injured of damaged by
the insured. An Insured can NEVER
1/6
1 of 6
, ADJUSTERS License 6-20
ADJUSTERS License 6-20
Study online at https://quizlet.com/_hkay1v
recover damages from there own
Liability Policy
9. All Property and Liability Insurance Contracts 1.) Declaration: Contains info re-
contain 4 fundamental parts: garding the insured, premium, pe-
riod of coverage and liability.
2.) Insurance Agreement: defines
the coverages contained within cov-
erage.
3.) Exclusions: Eliminate coverage
4.) Conditions: Requirements that
MUST be made Before payment will
be made
10. 1.) Property Adjuster receives notice of home- 30 days
owners claim is Covered, Denied or being inves-
tigated must be provided within?
11. 2.) An insurer gives which of the following as A Promise
Consideration for insurance policy?
12. 3.) Which of the following is not found on the Conditions: Requirements that
Declaration page of a policy? Must be made before payment will
be made.
13. 4.) Homeowners dog bites the mailman. Policy Liability Policy
that pays the mailman is best described as?
14. 5.) Insurance Company wrote AUTO Insurance 5 days notice REQUIRED
Binder for owner who said he had No prior ac-
cidents. Immediately they find out this is NOT
True. The company now wants to cancel cinder
asap. What is true?
2/6
2 of 6
ADJUSTERS License 6-20
Study online at https://quizlet.com/_hkay1v
1. What is an Insurance Policy An Insurance Policy is a Contract
(agreement between 2 parties)
2. Insurance Policy in the state of Florida must be? Written in order to constitute a pol-
icy
3. Legal Definition of Insurance Contract that undertakes to indem-
nity, or make whole, or pay a certain
amount in the event a covered loss
occurs.
4. Consideration Value for an Insurance contract is
the premium paid by insured and
the promise given by insurance
company
5. Temporary Insurance is put into effect by Binders include all terms, condi-
BINDERS tions and exclusions contained in a
policy and no notice of cancellation
or non renewal is required unless
the binder has a term of more then
60 days
6. Binder for automobile insurance are the EXCEP- 5days notice is required to cancel
TION binder
7. Property Insurance Payment made to the insured or
others with interest simular to in-
sured (mortgage holder)
8. Liability Insurance Means a payment will be made to
a 3rd party injured of damaged by
the insured. An Insured can NEVER
1/6
1 of 6
, ADJUSTERS License 6-20
ADJUSTERS License 6-20
Study online at https://quizlet.com/_hkay1v
recover damages from there own
Liability Policy
9. All Property and Liability Insurance Contracts 1.) Declaration: Contains info re-
contain 4 fundamental parts: garding the insured, premium, pe-
riod of coverage and liability.
2.) Insurance Agreement: defines
the coverages contained within cov-
erage.
3.) Exclusions: Eliminate coverage
4.) Conditions: Requirements that
MUST be made Before payment will
be made
10. 1.) Property Adjuster receives notice of home- 30 days
owners claim is Covered, Denied or being inves-
tigated must be provided within?
11. 2.) An insurer gives which of the following as A Promise
Consideration for insurance policy?
12. 3.) Which of the following is not found on the Conditions: Requirements that
Declaration page of a policy? Must be made before payment will
be made.
13. 4.) Homeowners dog bites the mailman. Policy Liability Policy
that pays the mailman is best described as?
14. 5.) Insurance Company wrote AUTO Insurance 5 days notice REQUIRED
Binder for owner who said he had No prior ac-
cidents. Immediately they find out this is NOT
True. The company now wants to cancel cinder
asap. What is true?
2/6
2 of 6
