ADJUSTERS License 6-20\\\ Florida 6-20 Adjuster
License Course: Study, Apply & Pass the Exam real
2025
What is an Insurance Policy - -ANSWER-An Insurance Policy is a Contract (agreement between 2 parties)
Insurance Policy in the state of Florida must be? - -ANSWER-Written in order to constitute a policy
Legal Definition of Insurance - -ANSWER-Contract that undertakes to indemnity, or make whole, or pay
a certain amount in the event a covered loss occurs.
Consideration - -ANSWER-Value for an Insurance contract is the premium paid by insured and the
promise given by insurance company
Temporary Insurance is put into effect by BINDERS - -ANSWER-Binders include all terms, conditions and
exclusions contained in a policy and no notice of cancellation or non renewal is required unless the
binder has a term of more then 60 days
Binder for automobile insurance are the EXCEPTION - -ANSWER-5days notice is required to cancel
binder
Property Insurance - -ANSWER-Payment made to the insured or others with interest simular to insured
(mortgage holder)
, Liability Insurance - -ANSWER-Means a payment will be made to a 3rd party injured of damaged by the
insured. An Insured can NEVER recover damages from there own Liability Policy
All Property and Liability Insurance Contracts contain 4 fundamental parts: - -ANSWER-1.) Declaration:
Contains info regarding the insured, premium, period of coverage and liability.
2.) Insurance Agreement: defines the coverages contained within coverage.
3.) Exclusions: Eliminate coverage
4.) Conditions: Requirements that MUST be made Before payment will be made
1.) Property Adjuster receives notice of homeowners claim is Covered, Denied or being investigated
must be provided within? - -ANSWER-30 days
2.) An insurer gives which of the following as Consideration for insurance policy? - -ANSWER-A Promise
3.) Which of the following is not found on the Declaration page of a policy? - -ANSWER-Conditions:
Requirements that Must be made before payment will be made.
4.) Homeowners dog bites the mailman. Policy that pays the mailman is best described as? - -ANSWER-
Liability Policy
5.) Insurance Company wrote AUTO Insurance Binder for owner who said he had No prior accidents.
Immediately they find out this is NOT True. The company now wants to cancel cinder asap. What is
true? - -ANSWER-5 days notice REQUIRED
6.) For Insurance to pay damages, an insurance interest must exist: - -ANSWER-When the Lost takes
place
7.) Speeding while driving is best described as a? - -ANSWER-HAZARD
8.) A covered loss is $60,000.
Policy A has limit of $50,000.
License Course: Study, Apply & Pass the Exam real
2025
What is an Insurance Policy - -ANSWER-An Insurance Policy is a Contract (agreement between 2 parties)
Insurance Policy in the state of Florida must be? - -ANSWER-Written in order to constitute a policy
Legal Definition of Insurance - -ANSWER-Contract that undertakes to indemnity, or make whole, or pay
a certain amount in the event a covered loss occurs.
Consideration - -ANSWER-Value for an Insurance contract is the premium paid by insured and the
promise given by insurance company
Temporary Insurance is put into effect by BINDERS - -ANSWER-Binders include all terms, conditions and
exclusions contained in a policy and no notice of cancellation or non renewal is required unless the
binder has a term of more then 60 days
Binder for automobile insurance are the EXCEPTION - -ANSWER-5days notice is required to cancel
binder
Property Insurance - -ANSWER-Payment made to the insured or others with interest simular to insured
(mortgage holder)
, Liability Insurance - -ANSWER-Means a payment will be made to a 3rd party injured of damaged by the
insured. An Insured can NEVER recover damages from there own Liability Policy
All Property and Liability Insurance Contracts contain 4 fundamental parts: - -ANSWER-1.) Declaration:
Contains info regarding the insured, premium, period of coverage and liability.
2.) Insurance Agreement: defines the coverages contained within coverage.
3.) Exclusions: Eliminate coverage
4.) Conditions: Requirements that MUST be made Before payment will be made
1.) Property Adjuster receives notice of homeowners claim is Covered, Denied or being investigated
must be provided within? - -ANSWER-30 days
2.) An insurer gives which of the following as Consideration for insurance policy? - -ANSWER-A Promise
3.) Which of the following is not found on the Declaration page of a policy? - -ANSWER-Conditions:
Requirements that Must be made before payment will be made.
4.) Homeowners dog bites the mailman. Policy that pays the mailman is best described as? - -ANSWER-
Liability Policy
5.) Insurance Company wrote AUTO Insurance Binder for owner who said he had No prior accidents.
Immediately they find out this is NOT True. The company now wants to cancel cinder asap. What is
true? - -ANSWER-5 days notice REQUIRED
6.) For Insurance to pay damages, an insurance interest must exist: - -ANSWER-When the Lost takes
place
7.) Speeding while driving is best described as a? - -ANSWER-HAZARD
8.) A covered loss is $60,000.
Policy A has limit of $50,000.
