ACA Final Exam Study Guide Questions with Correct Answers, Exams of Health Physics

Download ACA Final Exam Study Guide Questions with Correct Answers and more Exams Health Physics in PDF only on Docsity!

ACA Final Exam Study Guide Questions with Correct Answers

2025 Update.

At the end of this course, you must do which of the following? Pass the final course exam with a score of 70% or higher Print your certificate from this website Apply for your Insurance Adjuster license at the Florida Department of Financial Services website at www.myfloridacfo.com/division/agents All of the above - Correct answer All of the above Which of the following is NOT one of the duties of the Department of Financial Services? License adjusters Set rates and write policies for various company products Supervise the claims activity of adjusters Investigate charges of unethical conduct of adjusters - Correct answer Set rates and write policies for various company products When an insurance licensee moves, he has how long to notify the Florida Dept. of Financial Services of his change of address? 10 Days 30 Days 60 Days 180 Days - Correct answer 30 An Insurance Policy is a contract with all of the following characteristics, EXCEPT It is a personal contract. Parties are of unequal power with ambiguities or unclear wording resolved in favor of the insured because it is a contract of adhesion. Indemnity is not part of an insurance contract. There are conditions imposed upon both the insurer and insured. - Correct answer Indemnity is not part of an insurance contract. An insurance contract may contain a "gray area" or an ambiguity that is generally resolved in favor of the insured because insurance policies are contracts of: Indemnity

Cohesion Adhesion Conditions - Correct answer adhesion Strict or Absolute Liability Applies to school systems. Must have failure to use "due care. "Considers the actions of a prudent person. Is assigned by law or statute. - Correct answer is assigned by law or statute. Risks that are insurable are: Speculative risk Pure risk Both A & B None of the above - Correct answer Pure Risk The goal of insurance is to restore the insured to the same economic position as before the covered loss occurred, this is the principle of: Adhesion Actual Cash Value Indemnity Severability - Correct answer Indemnity Firemen caused water damage to a property by spraying water to put out a fire. If the property insurance policy listed "fire" as the only named peril: The water damage is not a covered peril. The fire dept. has liability for the water damage. The water damage is covered due to the concept of proximate cause. The Fire damage is covered but not the water damage due to proximate cause. - Correct answer the water damage is covered due to the concept of proximate cause. XYZ Insurance Corp. filed its corporate charter in Tallahassee and has its home office in Tampa: In Florida, XYZ is a domestic insurer. In Florida, XYZ is a foreign insurer. In Florida, XYZ is an alien insurer. None of the above is true. - Correct answer In Florida, XYZ is a domestic insurer. All of the following may qualify for a dwelling policy EXCEPT:

Rising water - Flood, back up of sewer or drain Inherent vice, underground seepage, governmental action freezing, wear & tear, marring, deterioration Fire, lightning, theft - Correct answer Fire, lightning, theft Which of the following would be excluded (NOT covered) under a personal articles floater on an "all risks" basis? Insects destroy a valuable postage stamp worth $500A personal art collection on display at a museum show is stolen sophisticated telescope is damaged in a fireball of the above - Correct answer Insects destroy a valuable postage stamp worth $ Which of the following is false concerning flood insurance? A community applies for flood coverage and during this time, it is in the "emergency program." To be insured for flood, a new building only must have the walls up. Two acres must be inundated with water - flooded. Loss to a detached garage would be settled on an actual cash value basis. - Correct answer to be insured for flood, a new building only must have the walls up. All of the following are EXCLUSIONS under a personal articles floater (Personal Inland Marine Policy) EXCEPT: Theft Deterioration of insured article Inherent vice - destruction contained within the object Losses caused by vermin or insects - Correct answer Theft Condominiums may be covered by both an Association (Commercial Condo) Policy and a Unit Owners' (Homeowners) Policy, which of the following is true? The Unit Owners' Policy is primary and the Association Policy is excess The Association Policy is primary and the Unit Owners' Policy is excess There never would be both an Association Policy and a Unit Owner's Policy on the same property at the same time None of the above statements are true - Correct answer The Association Policy is primary and the Unit Owners' Policy is excess A claimant ate some undercooked fish and got violently ill at the restaurant. Which of the following would pay for this occurrence? A products and completed operations form A premises and operations form An owner's and contractor's protective liability form

A liquor liability form - Correct answer a premises and operations form Which of the following are covered exposures for bodily injury and property damage under the CGL (Commercial General Liability) Policy: Products and completed operations Contractual Liability Contingent Liability All of the above are available in the CGL policy - Correct answer All of the above are available in the CGL policy Under a CGL Occurrence liability form, which policy would cover an accident that occurred June 1, 1998, and was discovered and reported July 15, 2008? A policy dated 1/1/98 to 12/31/ A policy dated 1/1/99 to 12/31/ A policy dated 1/1/08 to 12/31/ No policy would cover a claim filed in 2008 for an accident in 1998 - Correct answer a policy dated 1/1/98 to 12/31/ A furniture manufacturing business wanted to serve free beer at its company picnic. What is required for this business to have liability coverage for liquor consumption at the picnic? The business CGL policy will cover this exposure The business CGL requires the liquor liability form in this case The business CGL should have the "extension of coverage" endorsement there is no way liability for alcoholic beverages can be included under CGL - Correct answer the business CGL policy will cover this exposure Insurance agents and adjusters may have their professional activities covered under a type of liability insurance called: Owners Protective Liability Employment Related Practices Liability Malpractice Liability Errors and Omissions Liability - Correct answer Errors and Omissions Liability The following are employees who must have workers compensation EXCEPT: Government employees Pro athletes Construction industry workers in companies with 1 employee Private employers with 4 or more employees - Correct answer Pro athletes All the following are components of the Workers Compensation EXCEPT:

The hospital is the oblige The hospital is the principal the hospital is the surety the hospital is the inseminator - Correct answer the hospital is the oblige A health insurance policy was issued containing the provision that the insurance company must renew the policy to a particular age and could NOT adjust the premiums. What is this policy called? A non-cancelable policy A major medical policy An optionally renewable policy A guaranteed renewable policy - Correct answer a non-cancelable policy What type of health insurance plan usually offers the broadest coverage at the lowest cost with the most freedom of choice? Group Insurance PPO Group Insurance HMOPrivate Insurance Policy Private Insurance HMO - Correct answer Group Insurance PPO All of the following are true for Medicare Supplement Insurance EXCEPT: Offered to people over 65 and certain disability receivers Covers some expenses not paid by Medicare Policy must contain a 180 day "free look"Pre-existing conditions may not be excluded for more than 180 days - Correct answer Policy must contain a 180 day "free look" Jane is a Florida resident with an auto. She has PIP coverage of $10,000 with no deductible. If she is in an auto accident and has medical bills of $10,000, how much will her PIP pay? $10,000$8,000$2, 0 - Correct answer 8, If Jane has work loss of $1000 due to the auto accident, how much will her PIP pay for work loss? $10,000$1000$800$600 - Correct answer 600 What if Jane's accident happened during the work day while she was driving a State Farm owned auto and Jane was out adjusting auto claims. How much would Jane's PIP pay for her medical injuries? $10,000$8,000$6,000zero - Correct answer zero Jane takes 5 friends to Orlando, all 5 of Jane's friends are Florida residents who own automobiles, how much of Jane's PIP coverage is available for each of the 5 friends riding with Jane in her minivan? $10, 0000 $2,000$8,000 - Correct answer 0 How much would Jane's PIP pay if the auto accident caused injuries to Jane that created $12,000 in medical bills and Jane had a $1000 PIP Deductible?

$10,000$12,000$8600$8800 - Correct answer 8800 When is the named insured NOT entitled to PIP benefits? Injured in Florida while a pedestrian struck by a defined motor vehicle Injured outside of Florida in their own insured Florida vehicle Injured outside of Florida while a pedestrian struck by a defined motor vehicle Injured in Florida in a borrowed defined motor vehicle - Correct answer Injured outside of Florida while a pedestrian struck by a defined motor vehicle Which of the following is NOT one of the "thresholds" in the "No-Fault" law? Death of the insured the temporary injury of the insured permanent loss of a bodily function permanent scarring on the face of an actress - Correct answer the temporary injury of the insured The "trigger" of the financial responsibility law is: Carrying a gun in a personal auto buying a second personal auto an accident involving bodily injury or property damage rendering the vehicle inoperable or a serious violation such as DUI. All of the above - Correct answer An accident involving bodily injury or property damage rendering the vehicle inoperable or a serious violation such as DUI. An insured had an accident in another state that required liability limits of 25/50/25. Our insured had 10/20/10 limits. What happens if the liability he incurs exceeds 10/20/10? Our insured's license will be revoked since he did not comply with the other state's requirements Our insured's policy will respond to the higher limit of the other state Our insured's policy will pay up to its 10/20/10 limits and the insured will be responsible for any balance None of the above - Correct answer Our insured's policy will respond to the higher limit of the other state Your insured has purchased the minimum split limit policy that meets Financial Responsibility Law in Florida. He causes the following bodily injuries to passengers: Carl $12, Jeanne $10, Charlie $10, How much will his policy pay? Nothing$10,000 each to all that were injured$20,000 for the total BI portion of accident$32,000 total for all injuries from Part A Liability - Correct answer $20,000 for the total BI portion of accident An insured has 25/50/25 limits and injured another person. The injured person won a tort claim for $30,000 against the insured and the insured's attorney charged $7,500 to defend the insured. How much is paid by the insured's insurance company? 0, since the insured was at-fault. $50,000, the policy limit. $37,500, the actual damages and the attorney's fees for defense. $32,500, the policy limit and the attorney's fees for defense - Correct answer $32,500, the policy limit and the attorney's fees for defense. An insured has $100 deductible Other Than Collision, and $250 deductible Collision. If a rock breaks his windshield and repairs total $675, how much will be paid?

Walk-away settlement Full Release settlement Rehabilitation settlement Structured settlement - Correct answer A Full Release settlement Adjuster Jane moved from one city in Florida to another. What length of time does she have to notify the Insurance Department of the address change? 10 Days30 Days60 Days90 Days - Correct answer 30 days Bad Faith & Adjusting Practices - Under the Florida Unfair Trade Practices Act & the Unfair Methods of Competition and Unfair or Deceptive Acts, all of the following are prohibited, EXCEPT: Adjuster refuses to advise insured of reason claim denied in writing Adjuster denies a claim without reasonable investigation Adjuster keeps accurate records on a claim Adjuster settles a claim based on an altered application. - Correct answer Adjuster keeps accurate records on a claim Florida's Administrative Code contains a Code of Ethics for Adjuster - which of the following is FALSE? An adjuster shall not provide favored treatment to any claimant An adjuster shall not advise a claimant to refrain from seeking legal advice An adjuster shall put the duty for fair and honest treatment of the claimant above the adjuster's own interests An Adjuster owes fair and prompt treatment to their own company's policyholders only - Correct answer An Adjuster owes fair and prompt treatment to their own company's policyholders only Which of the following is a duty owed to an invitee? Land owner must make reasonable efforts to maintain property in safe condition invitee must maintain a care level typical of a reasonable person land owner does not owe any legal duties to an invitee - they are the same as trespassers none of the above are true - Correct answer land owner must make reasonable efforts to maintain property in safe condition What is the difference between liability and coverage? There is no difference they are not related liability is a legal doctrine and coverage is a contractual obligation coverage is a legal obligation and liability is a legal obligation - Correct answer liability is a legal doctrine and coverage is a contractual obligation All of the following activities are illegal for an adjuster, EXCEPT: Give advice which is of a legal nature Use only company forms to prepare releases encourage a claimant to make a quick decision on an offer to settle Fail to make claimant aware of potential litigation for claimant's actions - Correct answer Use only company forms to prepare releases An adjuster received written notice from the Department of Financial Services regarding a claim. What length of time does he have to respond to the inquiry? 10 calendar days14 calendar days21 calendar days30 calendar days - Correct answer 21 days Which of the following is NOT a goal in the adjusting process? comply with laws and contract cultivate good customer relations and policyholder retention control costs always pay the maximum limit of the policy - Correct answer always pay the maximum limit of the policy Risk may be controlled by which of the following?

Safety measures Purchase of Insurance Retention of risk (self-insure) All of the above - Correct answer All of the above