FLORIDA ADJUSTER LICENSING
QUESTIONS AND CORRECT ANSWERS
VERIFIED LATEST 2023-2024 GRADE A +
While driving, Ben was struck by another driver,
Roxanne. Ben then filed a claim with Roxanne's
insurer. In
essence, what was Ben doing when he filed this
claim?
Alerting Roxanne's insurer of his intent to take the
case to court
Submitting a formal request to settle the damages
with Roxanne's insurer
Ordering Roxanne's insurer to pay for his damages
within 15 days
Admitting he was actually "at fault" -
ANSWER>>>Submitting a formal request to settle
the damages with Roxanne's insurer
Mark incurred $8,000 damage to his car in an
accident. He received $8,000 from his insurance
company and
$4,000 from the other driver. By receiving a profit
from the loss, Mark could be in violation of:
the principle of financial status.
,the principle of financial restoration.
the principle of profit and loss.
the principle of indemnity. - ANSWER>>>the
principle of indemnity
What is a reserve, in insurance terms?
The amount of revenue that the insurer sets aside to
pay employee salaries
A group of policyholders who pay into the same pool
of premiums
A pool of collected premiums that the insurer sets
aside to pay claims
A set of rules governing how the insurance industry
should work - ANSWER>>>A pool of collected
premiums that the insurer sets aside to pay claims
The purpose of the principle of indemnity is:
to prevent an insured from making a profit on a loss.
to transfer the risk of financial loss from one party to
another.
to transfer the right to collect a debt from one party
to another.
to prevent an insurer from making a profit on a loss.
- ANSWER>>>to prevent an insured from making a
profit on a loss.
,Greg plays trombone in his school band during
football games. During a rally song in the stands one
day,
Greg annoys one of the opposing team's fans, who
grabs his $400 trombone and hurls it down the
bleachers, completely destroying it. Greg's
insurance pays him $400 to replace the trombone,
but then the
opposing team's coach also offers to replace the
instrument, at whatever the cost. So Greg orders a
new
$3,200 trombone and has the opposing team's
athletic department absorb the cost. Which principle
has
Greg violated?
The principle of consideration
The principle of legal purpose
The principal of the opposing team
The principle of indemnity - ANSWER>>>The
principle of indemnity
Which of the following refers to being restored to the
financial condition you were in before a loss?
Indemnification
Restoration
Estoppel
Subrogation - ANSWER>>>Indemnification
, Bobby just purchased an insurance policy for his
home from XYZ Insurance. Which of the following
would be
a reason this policy may not be legally binding?
Bobby has an outstanding warrant for selling
marijuana.
Bobby has been diagnosed with schizophrenia.
Bobby paid his first premium when he and his agent
agreed on a policy, but he is waiting for the policy
documents to be prepared so he can sign them
Bobby is only 19 years old. - ANSWER>>>Bobby
has been diagnosed with schizophrenia.
Indemnification may include all of the following
except:
reimbursement for hotel costs.
reimbursement for rental car costs.
payment for pain and suffering.
payment for repairs to property. -
ANSWER>>>payment for pain and suffering.
Which of the following is NOT a requirement for a
legally binding contract?
There must be a legal purpose.
There must be mutual consent.
Both parties must bring something of value.
QUESTIONS AND CORRECT ANSWERS
VERIFIED LATEST 2023-2024 GRADE A +
While driving, Ben was struck by another driver,
Roxanne. Ben then filed a claim with Roxanne's
insurer. In
essence, what was Ben doing when he filed this
claim?
Alerting Roxanne's insurer of his intent to take the
case to court
Submitting a formal request to settle the damages
with Roxanne's insurer
Ordering Roxanne's insurer to pay for his damages
within 15 days
Admitting he was actually "at fault" -
ANSWER>>>Submitting a formal request to settle
the damages with Roxanne's insurer
Mark incurred $8,000 damage to his car in an
accident. He received $8,000 from his insurance
company and
$4,000 from the other driver. By receiving a profit
from the loss, Mark could be in violation of:
the principle of financial status.
,the principle of financial restoration.
the principle of profit and loss.
the principle of indemnity. - ANSWER>>>the
principle of indemnity
What is a reserve, in insurance terms?
The amount of revenue that the insurer sets aside to
pay employee salaries
A group of policyholders who pay into the same pool
of premiums
A pool of collected premiums that the insurer sets
aside to pay claims
A set of rules governing how the insurance industry
should work - ANSWER>>>A pool of collected
premiums that the insurer sets aside to pay claims
The purpose of the principle of indemnity is:
to prevent an insured from making a profit on a loss.
to transfer the risk of financial loss from one party to
another.
to transfer the right to collect a debt from one party
to another.
to prevent an insurer from making a profit on a loss.
- ANSWER>>>to prevent an insured from making a
profit on a loss.
,Greg plays trombone in his school band during
football games. During a rally song in the stands one
day,
Greg annoys one of the opposing team's fans, who
grabs his $400 trombone and hurls it down the
bleachers, completely destroying it. Greg's
insurance pays him $400 to replace the trombone,
but then the
opposing team's coach also offers to replace the
instrument, at whatever the cost. So Greg orders a
new
$3,200 trombone and has the opposing team's
athletic department absorb the cost. Which principle
has
Greg violated?
The principle of consideration
The principle of legal purpose
The principal of the opposing team
The principle of indemnity - ANSWER>>>The
principle of indemnity
Which of the following refers to being restored to the
financial condition you were in before a loss?
Indemnification
Restoration
Estoppel
Subrogation - ANSWER>>>Indemnification
, Bobby just purchased an insurance policy for his
home from XYZ Insurance. Which of the following
would be
a reason this policy may not be legally binding?
Bobby has an outstanding warrant for selling
marijuana.
Bobby has been diagnosed with schizophrenia.
Bobby paid his first premium when he and his agent
agreed on a policy, but he is waiting for the policy
documents to be prepared so he can sign them
Bobby is only 19 years old. - ANSWER>>>Bobby
has been diagnosed with schizophrenia.
Indemnification may include all of the following
except:
reimbursement for hotel costs.
reimbursement for rental car costs.
payment for pain and suffering.
payment for repairs to property. -
ANSWER>>>payment for pain and suffering.
Which of the following is NOT a requirement for a
legally binding contract?
There must be a legal purpose.
There must be mutual consent.
Both parties must bring something of value.
