Florida ACA Claims Licensing Exam
Q&A 100% Guaranteed Pass | Latest
Update
Insurance - ✔✔transfer of risk by contract to insurers who agree to indemnify
insureds for losses
Risk - ✔✔chance of loss
pure risk - ✔✔only outcomes are loss or no loss
personal risk - ✔✔premature death, insufficient income, poor health,
unemployment
property risk - ✔✔loss of real property or personal property (on the land not the
land itself)
Liability risk - ✔✔something that results in loss to another (3rd party buyout)
Controlling risk - ✔✔risk management; minimal loss
speculative risk - ✔✔either profit or loss is possible (NOT insurable)
indemnify - ✔✔compensate for loss, damage, or injury; reimburse; repay
Law of Large Numbers - ✔✔must have a large pool of insureds to be able to
predict losses so that the outcomes will reflect the probability of the results
1|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
, Direct loss - ✔✔Results from the damage, destruction, or theft of property by a
covered peril
indirect loss - ✔✔a financial loss that results from the occurrence of a direct
physical damage or theft loss
When can there be a pay out on liability risk - ✔✔negligence is proven
negligence - ✔✔failure to use due care; otherwise known as the prudent person
rule
Strict or Absolute Liability - ✔✔Liability assigned by statute without regard for
negligence (set by the state or industry, no allowable defense)
Indemnity Principle - ✔✔one should be in approximately the same position
after a loss as he was before the loss
Insurer - ✔✔A person or company that underwrites an insurance risk; the party
in an insurance contract undertaking to pay compensation.
Insured - ✔✔one who is named or covered by insurance
Insurable interest - ✔✔must exist at the time of loss and usually means an
economic or other interest in the event or in a particular property ex: bank
loans or mortgage companies
2|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
Q&A 100% Guaranteed Pass | Latest
Update
Insurance - ✔✔transfer of risk by contract to insurers who agree to indemnify
insureds for losses
Risk - ✔✔chance of loss
pure risk - ✔✔only outcomes are loss or no loss
personal risk - ✔✔premature death, insufficient income, poor health,
unemployment
property risk - ✔✔loss of real property or personal property (on the land not the
land itself)
Liability risk - ✔✔something that results in loss to another (3rd party buyout)
Controlling risk - ✔✔risk management; minimal loss
speculative risk - ✔✔either profit or loss is possible (NOT insurable)
indemnify - ✔✔compensate for loss, damage, or injury; reimburse; repay
Law of Large Numbers - ✔✔must have a large pool of insureds to be able to
predict losses so that the outcomes will reflect the probability of the results
1|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
, Direct loss - ✔✔Results from the damage, destruction, or theft of property by a
covered peril
indirect loss - ✔✔a financial loss that results from the occurrence of a direct
physical damage or theft loss
When can there be a pay out on liability risk - ✔✔negligence is proven
negligence - ✔✔failure to use due care; otherwise known as the prudent person
rule
Strict or Absolute Liability - ✔✔Liability assigned by statute without regard for
negligence (set by the state or industry, no allowable defense)
Indemnity Principle - ✔✔one should be in approximately the same position
after a loss as he was before the loss
Insurer - ✔✔A person or company that underwrites an insurance risk; the party
in an insurance contract undertaking to pay compensation.
Insured - ✔✔one who is named or covered by insurance
Insurable interest - ✔✔must exist at the time of loss and usually means an
economic or other interest in the event or in a particular property ex: bank
loans or mortgage companies
2|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.
