ADJUSTERS License 6-20 Exam With 100% Correct And Verified Answers, Exams of Advanced Education

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ADJUSTERS License 6-20 Exam With

100% Correct And Verified Answers

What is an Insurance Policy - Correct Answer-An Insurance Policy is a Contract (agreement between 2 parties) Insurance Policy in the state of Florida must be? - Correct Answer-Written in order to constitute a policy Legal Definition of Insurance - Correct Answer-Contract that undertakes to indemnity, or make whole, or pay a certain amount in the event a covered loss occurs. Consideration - Correct 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 - Correct 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 - Correct Answer-5days notice is required to cancel binder Property Insurance - Correct Answer-Payment made to the insured or others with interest simular to insured (mortgage holder) Liability Insurance - Correct 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: - Correct 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? - Correct Answer-30 days 2.) An insurer gives which of the following as Consideration for insurance policy? - Correct Answer-A Promise 3.) Which of the following is not found on the Declaration page of a policy? - Correct 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? - Correct 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? - Correct Answer-5 days notice REQUIRED 6.) For Insurance to pay damages, an insurance interest must exist: - Correct Answer- When the Lost takes place 7.) Speeding while driving is best described as a? - Correct Answer-HAZARD 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? - Correct 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. 9.) Sold my home yesterday. Last night house burnt down but I had not yet cancelled the Policy. New owner also has Policy. Which one pays? - Correct Answer-Purchasers Policy-Purchaser has Insurance Interest! 10.) Giving PROMPT NOTICE OF LOSS is best described as a policy? - Correct Answer-Condition: Requirements that Must be met before payment will be made. 11.) If there is a total loss by an insured peril to a FL building, the insurer must pay: - Correct Answer-Policy Limits What is a Peril - Correct Answer-A Peril is an event that may cause loss. Perils include Fire, windstorm, earthquakes and flood. Insurance Polices Only Cover Perils. 12.) A Loss Payable Clause refers to? - Correct Answer-Lender Interest in Personal Property 13.) My Coin Collection was appraised and my insurance company specifically insured the values of that collection. That is an example of? - Correct Answer-A Valued Policy 14.) An Insurance Contract is based on the Principle of: - Correct Answer-Utmost Good Faith

10. Florida is a __________ Negligence state? - Correct Answer-Comparative
11. Rule 69B-220.201 prohibits adjusters from? - Correct Answer-Giving Legal Advice
12. A defense to a claim made by a person who knowingly competes in an extreme sports and is injured would be? - Correct Answer-Assumption of Risk
13. In Florida property claims must be paid within _____ days of notice of claims? - Correct Answer-90 days
14. Liability refers to? - Correct Answer-The merits of the claim
15. Self interest or Self Dealing is a violation of an adjusters? - Correct Answer- Fiduciary duty
16. A single claimant was injured in a accident with a FL. State Employee. What is true?

• Correct Answer-The Maximum recovery is $200,000.

17. An insured has a split limit auto policy with limits of 50/100/50 what is true? - Correct Answer-The insured can never recover any money from these limits.
18. Replacement Cost less depreciation is the definition of? - Correct Answer-Actual Cash Value
19. The FL. Unfair insurance Trade Practices act penalizes all of the following Except? - Correct Answer-Denying clients without reasonable investigation
20. An insured has an auto policy a single limit of $30,000 What is true? - Correct Answer-$30,000 is available for 3rd party property damage and bodily injury claims