FL Adjusters License Practice Exam Questions with 100% Correct Answers | Latest 2023/2024

FL Adjusters License Practice Exam Questions with 100% Correct Answers | Latest 2023/2024 Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. (B) Written evidence of the agreement and its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performance. -- (B) Written evidence of the agreement and its terms. Assume that five years ago a couple insured their home for [its then appraised value of] $60,000. Two weeks ago they had a stove fire resulting in an estimated loss of $15,000 for repairs. The adjuster finds that the value of their home is now $100,000, but the home is still only insured for $60,000 and has a deductible of $500. The policy has an 80% coinsurance clause. How much should the adjuster pay to the couple? (A) $11,500 (B) $10,875 (C) $14,500 (D) $15,000 -- (B) $10,875 Negligence is described as: (A)Liability imposed by jury verdict. (B) Liability arising from statutorily imposed liability regardless of fault. (C) Fault that arises from doing something you shouldn't have done, or not doing something you should have done. (D) Fault imposed on you because you have a greater ability to pay. -- (C) Fault that arises from doing something you shouldn't have done, or not doing something you should have done. Describe the coverage's provided in a split limit policy of 10/20/10. (A) The coverage provides $10,000 in property damage limits, $20,000 in bodily injury for any one individual, and $10,000 for bodily injuries to each additional person injured. (B) The coverage provides $10,000 for bodily injury to one individual, $20,000 for property damage, and $10,000 for bodily injuries to each additional person injured. (C) The coverage provides up to $10,000 of liability protection for bodily injury to any one individual, an aggregate of $20,000 for all bodily injuries regardless of how many individuals, and $10,000 for medical payments coverage for the insured's bodily injury. (D) The coverage provides up to $10,000 of liability protection for bodily injury to any one individual, an aggregate of $20,000 for all bodily injuries regardless of how many individuals, and $10,000 for property damage. -- (D) The coverage provides up to $10,000 of liability protection for bodily injury to any one individual, an aggregate of $20,000 for all bodily injuries regardless of how many individuals, and $10,000 for property damage. A couple has insured their home for $150,000. A fire ensues and guts their home, resulting in a total loss. An appraisal of the home prior to loss results in a value of $120,000, yet the adjuster is required by law to pay the couple $150,000. This is known as the application of: (A)The valued policy law. (B) Payment of policy limits plus a penalty for over-insuring the home. (C) Replacement cost value (D) Actual cash value -- (A)The valued policy law. Which of the following would not be a preferred claims practice or behavior under Florida's Unfair Insurance Trade Practices Act? (A) Not responding to an insured's calls because you haven't made up your mind yet. (B) Sending a letter to a claimant explaining why you can't pay their claim, or offering a compromise based on specific facts and legal issues. (C) Contacting a witness the day after receiving the claim and getting additional facts about the accident. (D) Contacting an insured o