FLORIDA PUBLIC ADJUSTER COMPREHENSIVE
CORRECT QUESTIONS AND ANSWERS SURE A+
✔✔What are the goals and objectives of an insurer (and it's adjusters)? - ✔✔-To help
those who have been injured, or who have suffered a loss covered by the insurance
contract.
-To minimize loss for the insured party and the carrier.
-To comply with the requirements of law or terms of the insurance contract, and meet
the obligations to the policyholder
-To pay claims fairly and adequately.
-To maintain friendly and satisfactory relations between the injured party, the employer
or policyholder, the insurance company, and the public.
-To satisfy the company's moral and ethical obligation to the public and conduct [claims]
business in a friendly, helpful manner.
✔✔An adjuster's job is: - ✔✔To help those who have been injured, or who have
suffered a loss that is covered by the insurance contract, or for which an insured
policyholder is responsible, while at the same time protecting the interests of the insured
party and/or carrier
✔✔The 9 types of insurance companies are: - ✔✔1. Domestic
2. Foreign
3. Alien
4. Admitted (Authorized) and Non-Admitted (Unauthorized) Insurer
5. Stock Company
6. Mutual Company
7. Reciprocal Company
8. Fraternal Benefit Society
, 9. Lloyd's Insurer
✔✔Domestic Insurance Company - ✔✔An insurance company formed under the laws of
the state in which the insurance is written.
For example, a company incorporated in Connecticut is domestic to Connecticut
✔✔Foreign Insurance Company - ✔✔An insurance company that is incorporated
outside the state where it is conducting business
For example, a Connecticut domiciled company doing business in New York
✔✔Alien Insurance Company - ✔✔An insurance company incorporated outside the
country
For example, a company organized under the laws of Canada and doing business in the
United States would be an Alien company in this country
✔✔Admitted (or Authorized) Insurance company - ✔✔Upon applying for approval to do
business in a state, the insurance company receives a "Certificate of Authority" from the
state Insurance Department.
Once they receive this Certificate, they become known as an "Admitted" or "Authorized"
insurer.
✔✔Non-Admitted (or Unauthorized) Insurance company - ✔✔Upon applying for
approval to do business in a state, the insurance company receives a "Certificate of
Authority" from the state Insurance Department.
Companies without a certificate of authority are known as "Non-Admitted" or
"Unauthorized" companies.
✔✔Stock Insurance Company - ✔✔A type of insurance company owned by
stockholders.
✔✔Mutual insurance company - ✔✔A type of insurance company owned by its
policyholders.
Liberty Mutual is one of the most well-known insurance companies of this type.
✔✔Reciprocal Insurance Company - ✔✔A group-owned insurer whose main activity is
risk sharing.
In case of loss, the amount paid is shared by the participating members who accepted
the risk.
Lloyds of London is an example of a reciprocal.
CORRECT QUESTIONS AND ANSWERS SURE A+
✔✔What are the goals and objectives of an insurer (and it's adjusters)? - ✔✔-To help
those who have been injured, or who have suffered a loss covered by the insurance
contract.
-To minimize loss for the insured party and the carrier.
-To comply with the requirements of law or terms of the insurance contract, and meet
the obligations to the policyholder
-To pay claims fairly and adequately.
-To maintain friendly and satisfactory relations between the injured party, the employer
or policyholder, the insurance company, and the public.
-To satisfy the company's moral and ethical obligation to the public and conduct [claims]
business in a friendly, helpful manner.
✔✔An adjuster's job is: - ✔✔To help those who have been injured, or who have
suffered a loss that is covered by the insurance contract, or for which an insured
policyholder is responsible, while at the same time protecting the interests of the insured
party and/or carrier
✔✔The 9 types of insurance companies are: - ✔✔1. Domestic
2. Foreign
3. Alien
4. Admitted (Authorized) and Non-Admitted (Unauthorized) Insurer
5. Stock Company
6. Mutual Company
7. Reciprocal Company
8. Fraternal Benefit Society
, 9. Lloyd's Insurer
✔✔Domestic Insurance Company - ✔✔An insurance company formed under the laws of
the state in which the insurance is written.
For example, a company incorporated in Connecticut is domestic to Connecticut
✔✔Foreign Insurance Company - ✔✔An insurance company that is incorporated
outside the state where it is conducting business
For example, a Connecticut domiciled company doing business in New York
✔✔Alien Insurance Company - ✔✔An insurance company incorporated outside the
country
For example, a company organized under the laws of Canada and doing business in the
United States would be an Alien company in this country
✔✔Admitted (or Authorized) Insurance company - ✔✔Upon applying for approval to do
business in a state, the insurance company receives a "Certificate of Authority" from the
state Insurance Department.
Once they receive this Certificate, they become known as an "Admitted" or "Authorized"
insurer.
✔✔Non-Admitted (or Unauthorized) Insurance company - ✔✔Upon applying for
approval to do business in a state, the insurance company receives a "Certificate of
Authority" from the state Insurance Department.
Companies without a certificate of authority are known as "Non-Admitted" or
"Unauthorized" companies.
✔✔Stock Insurance Company - ✔✔A type of insurance company owned by
stockholders.
✔✔Mutual insurance company - ✔✔A type of insurance company owned by its
policyholders.
Liberty Mutual is one of the most well-known insurance companies of this type.
✔✔Reciprocal Insurance Company - ✔✔A group-owned insurer whose main activity is
risk sharing.
In case of loss, the amount paid is shared by the participating members who accepted
the risk.
Lloyds of London is an example of a reciprocal.
