Insurance Licensing Florida Exam 1 With 100% Correct And Verified Answers, Exams of Advanced Education

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Insurance Licensing Florida Exam 1 With

100% Correct And Verified Answers

What is the primary difference between a staff adjuster and an independent adjuster? - Correct Answer- A staff adjuster works for an insurance company and an independent adjuster works independently for themselves or for adjusting firms who represent many clients. A couple has insured their home for $150,000. A fire ensues and guts their home, resulting in a total loss. An appraisal of the home prior to loss results in a value of $120,000, yet the adjuster is required by law to pay the couple $150,000. This is known as the application of: - Correct Answer-The valued policy law. The doctrine of proximate cause is defined as: - Correct Answer-If there is an unbroken chain of events, or series of consequences, flowing from the initial loss caused by the insured peril to a subsequent loss, the insured peril causing the initial loss will be considered the "proximate cause" of the subsequent loss. An adjuster's responsibility as a fiduciary means: - Correct Answer-The adjuster represents, and controls, the property and financial interests of the client, to whom he/she owes a high degree of loyalty and good faith. The Adjuster's Code of Ethics starts with a basic premise which states: - Correct Answer-The work of adjusting engages the public trust. Breach of contract by a carrier or its adjuster, through non-payment or non-compliance with policy requirements, could have which of the following consequences for a carrier (select one from the following): - Correct Answer-If found guilty of a breach of contract, the carrier could be punished with a "bad faith" verdict that would cost it millions of dollars. When you purchase insurance, you are buying: - Correct Answer-Peace of mind that if an insured event does occur, that the insurance company will keep its promise and provide the financial protection that you purchased.

Which of the following would not be a preferred claims practice or behavior under Florida's Unfair Insurance Trade Practices Act? - Correct Answer-Not responding to an insured's calls because you haven't made up your mind yet. One of the most important claim handling goals of an insurance company is: - Correct Answer-To help those who have been injured, or who have suffered loss for which the insured is responsible, while at the same time minimizing loss for the insured party and carrier. Which of the following is NOT an example of "compensatory damages": - Correct Answer-A jury verdict of $1,000,000 against the defendant to punish them for their reprehensible actions in causing the loss. Which of the following statements is NOT true? - Correct Answer-If a question of coverage arises and cannot be swiftly resolved in favor of the insured, the carrier should immediately tender the claim to its defense attorney and deny the claim. Which of the following is NOT a defense to a claim of negligence? - Correct Answer-Breach of Warranty The fundamental difference in adjusting claims in the healthcare industry and in the property/casualty (i.e. workers' compensation, liability, etc.) industry is: - Correct Answer-The relative degree of legalism involved. To adjust claims in the property and casualty industry one must have a sound foundation and understanding of various legal doctrines and issues. Describe the difference between a peril and a hazard. - Correct Answer-A peril is a cause of loss, like fire. A hazard is a condition that exists beforehand that increases the likelihood of such a loss, like a messy storeroom or garage that contains lots of toxic chemicals, oily rags, etc. Negligence is described as: - Correct Answer-Fault that arises from doing something you shouldn't have done, or not doing something you should have done. Which of the following is one of the duties of an Insured following a loss? - Correct Answer-Giving prompt notice of loss to the insurer

Which of the following is NOT one of the four critical elements of a contract? - Correct Answer-Written evidence of the agreement and its terms.