FLORIDA PUBLIC ADJUSTER STATE
TEST EXAMINATION COMPLETE 100
QUESTIONS AND SOLUTIONS GRADED
A
⩥ Insurance. Answer: A contract whereby one undertakes to indemnify
another or pay or allow a specified amount or a determinable benefit
upon determinable contingencies.
⩥ 4 Elements of an Insurance Contract. Answer: D.I.C.E.
1.Declarations
2.the Insuring Agreement
3.Exclusions
4.Conditions
⩥ Example of Subrogation. Answer: Insurance Company pays the victim
and collects for the DUIer or liable party of any sort.
⩥ Example of Severability. Answer: Tom and Eva are insured for
liability of injury. Tom intentionally injured someone(intention voiding
coverage for Tom), Eva is still covered.
, ⩥ Valued Policy Law. Answer: The value of the property is agreed to as
part of the policy.
⩥ Coinsurance. Answer: A policy for less than the entire value of the
insured property and cover pro-rata whether or not other insurance
exists. 80% actually means (pro-rata share)/80%
⩥ Beginning statement of a liability insurance policy. Answer: Insurer
agrees "to pay on behalf of the insured all sums the insured becomes
legally obligated to pay as damages" or equivalent wording.
⩥ Three Ways in which the limits to a liability insurance policy Insuring
Agreement can be expressed?. Answer: 1.single limit
2.split limit
3.Aggregate limit
⩥ 2 Types of Tort Liability. Answer: 1.Negligent
Liability(Unintentional)
2.Strict Liability(Intentional)
⩥ What is the difference between Common Law and Statute Law?.
Answer: Common Law is based on stare decisis, whereas statutory law
is explicit with a statute number.
TEST EXAMINATION COMPLETE 100
QUESTIONS AND SOLUTIONS GRADED
A
⩥ Insurance. Answer: A contract whereby one undertakes to indemnify
another or pay or allow a specified amount or a determinable benefit
upon determinable contingencies.
⩥ 4 Elements of an Insurance Contract. Answer: D.I.C.E.
1.Declarations
2.the Insuring Agreement
3.Exclusions
4.Conditions
⩥ Example of Subrogation. Answer: Insurance Company pays the victim
and collects for the DUIer or liable party of any sort.
⩥ Example of Severability. Answer: Tom and Eva are insured for
liability of injury. Tom intentionally injured someone(intention voiding
coverage for Tom), Eva is still covered.
, ⩥ Valued Policy Law. Answer: The value of the property is agreed to as
part of the policy.
⩥ Coinsurance. Answer: A policy for less than the entire value of the
insured property and cover pro-rata whether or not other insurance
exists. 80% actually means (pro-rata share)/80%
⩥ Beginning statement of a liability insurance policy. Answer: Insurer
agrees "to pay on behalf of the insured all sums the insured becomes
legally obligated to pay as damages" or equivalent wording.
⩥ Three Ways in which the limits to a liability insurance policy Insuring
Agreement can be expressed?. Answer: 1.single limit
2.split limit
3.Aggregate limit
⩥ 2 Types of Tort Liability. Answer: 1.Negligent
Liability(Unintentional)
2.Strict Liability(Intentional)
⩥ What is the difference between Common Law and Statute Law?.
Answer: Common Law is based on stare decisis, whereas statutory law
is explicit with a statute number.
