Claims Adjuster's Exam (FL)
Claims Adjuster's Exam (FL)
Study online at https://quizlet.com/_2msu97
1. -Insurable Interest must exist at the time of All of the following describe insurable
the loss. interest EXCEPT
-Insurance Interest must exist for insurance
to respond.
*Show a similarity between insurance and wa-
gering*
-The insured would suffer an economic loss.
2. -It is a personal contract. An Insurance Policy is a contract with all
-Parties are of unequal power with ambigu- of the following characteristics, EXCEPT
ities or unclear wording resolved in favor of
the insured because it is a contract of adhe-
sion.
*Indemnity is not part of an insurance con-
tract*
-There are conditions imposed upon both the
insurer and insured.
3. -Indemnity An insurance contract may contain a
-Cohesion "gray area" or an ambiguity, that is gen-
*Adhesion* erally resolved in favor of the insured
-Conditions because insurance policies are contracts
of:
4. *Personal nature* If an insured sells his car to another per-
-Indemnity son, the buyer may be prohibited from
-Adhesion also receiving the insured's policy. This
-Actual cash value is because the insurance contract is a
contract of:
5. -applies to school systems. Strict or absolute liability:
-must have failure to use "due care."
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Page 1 of 9
, Claims Adjuster's Exam (FL)
Claims Adjuster's Exam (FL)
Study online at https://quizlet.com/_2msu97
-considers the actions of a prudent person.
*is assigned by law or statute*
6. *Legal purpose* Jack and Connie - both 50 years old and
Competent parties of sound mind - agree to have Jack burn
Consideration down Connie's house for $10,000. What
Agreement of the parties element of a valid contract is missing?
7. Speculative risk Risks that are insurable are:
*Pure risk*
Both A & B
None of the above
8. Not available in Florida insurance policies Insurance that covers the responsibility
Fourth party claims for loss arising out of policy holder's
Standard property insurance negligence - that results in payment to
*Liability* a party other than the insured is:
9. Adhesion The goal of insurance is to restore the
Actual Cash Value insured to the same economic position
*Indemnity* as before the covered loss occurred, this
Severability is the principle of:
10. -Aggregate Limit Liability limits may be expressed as a:
-Split Limit
-Single Limit
*All of the above*
11. -$ 10,000 An insured has A SPLIT limit liability
*$ 20,000* policy with 10/20/10 limits. He owes
-$ 30,000 the following people liability bodily in-
-$40,000 juries claims of: Passenger 1 = $12,000,
Passenger 2 = $10,000, Passenger 3 =
2/9
Page 2 of 9
Claims Adjuster's Exam (FL)
Study online at https://quizlet.com/_2msu97
1. -Insurable Interest must exist at the time of All of the following describe insurable
the loss. interest EXCEPT
-Insurance Interest must exist for insurance
to respond.
*Show a similarity between insurance and wa-
gering*
-The insured would suffer an economic loss.
2. -It is a personal contract. An Insurance Policy is a contract with all
-Parties are of unequal power with ambigu- of the following characteristics, EXCEPT
ities or unclear wording resolved in favor of
the insured because it is a contract of adhe-
sion.
*Indemnity is not part of an insurance con-
tract*
-There are conditions imposed upon both the
insurer and insured.
3. -Indemnity An insurance contract may contain a
-Cohesion "gray area" or an ambiguity, that is gen-
*Adhesion* erally resolved in favor of the insured
-Conditions because insurance policies are contracts
of:
4. *Personal nature* If an insured sells his car to another per-
-Indemnity son, the buyer may be prohibited from
-Adhesion also receiving the insured's policy. This
-Actual cash value is because the insurance contract is a
contract of:
5. -applies to school systems. Strict or absolute liability:
-must have failure to use "due care."
1/9
Page 1 of 9
, Claims Adjuster's Exam (FL)
Claims Adjuster's Exam (FL)
Study online at https://quizlet.com/_2msu97
-considers the actions of a prudent person.
*is assigned by law or statute*
6. *Legal purpose* Jack and Connie - both 50 years old and
Competent parties of sound mind - agree to have Jack burn
Consideration down Connie's house for $10,000. What
Agreement of the parties element of a valid contract is missing?
7. Speculative risk Risks that are insurable are:
*Pure risk*
Both A & B
None of the above
8. Not available in Florida insurance policies Insurance that covers the responsibility
Fourth party claims for loss arising out of policy holder's
Standard property insurance negligence - that results in payment to
*Liability* a party other than the insured is:
9. Adhesion The goal of insurance is to restore the
Actual Cash Value insured to the same economic position
*Indemnity* as before the covered loss occurred, this
Severability is the principle of:
10. -Aggregate Limit Liability limits may be expressed as a:
-Split Limit
-Single Limit
*All of the above*
11. -$ 10,000 An insured has A SPLIT limit liability
*$ 20,000* policy with 10/20/10 limits. He owes
-$ 30,000 the following people liability bodily in-
-$40,000 juries claims of: Passenger 1 = $12,000,
Passenger 2 = $10,000, Passenger 3 =
2/9
Page 2 of 9
