1
ACA Final Exam Study Guide Questions with Correct
Answers 2024 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.
, 2
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:
A 6 - family dwelling
A beach house owned by Acme Corporation
A small single family home, rented by a salesman
An old frame home, built upon piers, valued at $10,000 and occupied by the owner,
Mrs. Jones. Company underwriting minimum for a homeowner policy is $50,000. -
Correct answer A 6 - family dwelling
All of the following are eligible for a Homeowners Policy EXCEPT:
A person who rents an apartment
A condominium owner
Owner-occupant of a four-family dwelling
A beach house owned by Acme Corporation - Correct answer a beach house owned by
Acme Corporation
Which of the following is NOT covered under the HO - Coverage C, Personal Property?
An insured's suitcase and clothing, valued at $1,500, stolen from his motel room while
at a convention.
A fire breaks out in the residence and an overnight guest loses his clothes in the fire.
The insured's daughter's golf clubs are stolen from her locker at high school.
The dead fish when the insured accidentally overturns his tropical fish tank and all the
fish die from lack of oxygen - Correct answer the dead fish when the insured
accidentally overturns his tropical fish tank and all the fish die from lack of oxygen
ACA Final Exam Study Guide Questions with Correct
Answers 2024 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.
, 2
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:
A 6 - family dwelling
A beach house owned by Acme Corporation
A small single family home, rented by a salesman
An old frame home, built upon piers, valued at $10,000 and occupied by the owner,
Mrs. Jones. Company underwriting minimum for a homeowner policy is $50,000. -
Correct answer A 6 - family dwelling
All of the following are eligible for a Homeowners Policy EXCEPT:
A person who rents an apartment
A condominium owner
Owner-occupant of a four-family dwelling
A beach house owned by Acme Corporation - Correct answer a beach house owned by
Acme Corporation
Which of the following is NOT covered under the HO - Coverage C, Personal Property?
An insured's suitcase and clothing, valued at $1,500, stolen from his motel room while
at a convention.
A fire breaks out in the residence and an overnight guest loses his clothes in the fire.
The insured's daughter's golf clubs are stolen from her locker at high school.
The dead fish when the insured accidentally overturns his tropical fish tank and all the
fish die from lack of oxygen - Correct answer the dead fish when the insured
accidentally overturns his tropical fish tank and all the fish die from lack of oxygen
