Claims Adjuster's Exam (FL)
-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. - correct answer All of the following describe
insurable interest EXCEPT
-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. - correct answer An
Insurance Policy is a contract with all of the following characteristics, EXCEPT
-Indemnity
-Cohesion
*Adhesion*
-Conditions - correct answer 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:
*Personal nature*
-Indemnity
-Adhesion
-Actual cash value - correct answer 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:
-applies to school systems.
-must have failure to use "due care."
, Claims Adjuster's Exam (FL)
-considers the actions of a prudent person.
*is assigned by law or statute* - correct answer Strict or absolute liability:
*Legal purpose*
Competent parties
Consideration
Agreement of the parties - correct answer 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?
Speculative risk
*Pure risk*
Both A & B
None of the above - correct answer Risks that are insurable are:
Not available in Florida insurance policies
Fourth party claims
Standard property insurance
*Liability* - correct answer Insurance that covers the responsibility for loss arising out of policy
holder's negligence - that results in payment to a party other than the insured is:
Adhesion
Actual Cash Value
*Indemnity*
Severability - correct answer The goal of insurance is to restore the insured to the same
economic position as before the covered loss occurred, this is the principle of:
-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. - correct answer All of the following describe
insurable interest EXCEPT
-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. - correct answer An
Insurance Policy is a contract with all of the following characteristics, EXCEPT
-Indemnity
-Cohesion
*Adhesion*
-Conditions - correct answer 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:
*Personal nature*
-Indemnity
-Adhesion
-Actual cash value - correct answer 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:
-applies to school systems.
-must have failure to use "due care."
, Claims Adjuster's Exam (FL)
-considers the actions of a prudent person.
*is assigned by law or statute* - correct answer Strict or absolute liability:
*Legal purpose*
Competent parties
Consideration
Agreement of the parties - correct answer 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?
Speculative risk
*Pure risk*
Both A & B
None of the above - correct answer Risks that are insurable are:
Not available in Florida insurance policies
Fourth party claims
Standard property insurance
*Liability* - correct answer Insurance that covers the responsibility for loss arising out of policy
holder's negligence - that results in payment to a party other than the insured is:
Adhesion
Actual Cash Value
*Indemnity*
Severability - correct answer The goal of insurance is to restore the insured to the same
economic position as before the covered loss occurred, this is the principle of:
