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ADJUSTERS LICENSE 6-20 EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -50 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: 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
Question 2: 12. A defense to a claim made by a person who knowingly competes in an extreme sports and is injured would be?
Answer:
Assumption of Risk Question 3: 16.) Proximate Cause is the UNBROKEN connection between the occurrence and ?that grows out of the occurrence?
Answer:
Damages
Question 4: 8. A car crash victim sued the negligent drunk driver 5 years after the accident...what is true in Florida?
Answer:
Claim barred by Statue of Limitations
Question 5: 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 Question 6: The Insured has a Homeowners insurance policy with a 5% Hurricane Deductible. If a hurricane loss of $6,000 occurs to the home that is valued and insured for $100,000., how much will the policy pay?
Answer:
$1,000.
Question 7: 2.) An insurer gives which of the following as Consideration for insurance policy?
Answer:
A Promise
Question 8: 8.) A covered loss is $60,000.
Policy A has limit of $50,000.Policy B has a limit of $150,000.
BOTH ARE PRORATED POLICIES!!
How much will Policy A pay for this loss?
Answer:
Add Policy A to Policy B and get Total. Then determine the % between the 2 and that is how much Policy A will pay out.
Example: A+B=$200,000. A is a 1/4 of total so it will pay $15,000.
Question 9: Property Insurance
Answer:
Payment made to the insured or others with interest simular to insured (mortgage holder)
Question 10: 4. Franchise deductible specifies that when the loss is equal to or more then the deductible, the loss
Answer:
Will be paid in full
Question 11: 15. Self interest or Self Dealing is a violation of an adjusters?
Answer:
Fiduciary duty Question 12: 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:
- days notice REQUIRED
Question 13: 11.) If there is a total loss by an insured peril to a FL building, the insurer must
pay:
Answer:
Policy Limits
Question 14: Binder for automobile insurance are the EXCEPTION
Answer:
5days notice is required to cancel binder
Question 15: 7. What type of tort arises from a negligent act?
Answer:
Unintentional
Question 16: What is a Peril
Answer:
A Peril is an event that may cause loss. Perils include Fire, windstorm, earthquakes and flood.Insurance Polices Only Cover Perils.
Question 17: 19. The FL. Unfair insurance Trade Practices act penalizes all of the following Except?
Answer:
Denying clients without reasonable investigation
Question 18: 7.) Speeding while driving is best described as a?
Answer:
HAZARD
Question 19: 9. The best statement regarding the appraisal process is?
Answer:
Appraisal determines the value of the lose.
Question 20: Insurance Policy in the state of Florida must be?
Answer:
Written in order to constitute a policy
Question 21: 18. Replacement Cost less depreciation is the definition of?
Answer:
Actual Cash Value
Question 22: 14. Liability refers to?
Answer:
The merits of the claim Question 23: 18.) If the policy limit is $80,000; 80% coinsurance requirements; loss of $20,000.and the value of the property is $200,000, what loss amount will the insurer pay?
Answer:
$10,000.
Question 24: 2. Which of the following is NOT a tort?
Answer:
Breach of contract
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