6/28/25, 9:29
AM
FLORIDA INSURANCE ADJUSTERS LICENSING EXAM QUESTIONS AND
ANSWERS WITH COMPLETRE SOLUTIONS VERIFIED LATEST UPDATE
2025/2026
Terms in this set (255)
Insurance is a contract between an individual
or entity (the insured) and an insurance
Insurance and How it company (the insurer). In exchange for
Works premium payments, the insurer agrees to
provide financial compensation to the
insured for
covered losses or damages.
What is the first Offer and Acceptance
characteristic of a
legal contract?
1/29
,6/28/25, 9:29
AM
What does Offer The insured makes an offer by submitting an
and Acceptance entail application for insurance, and the insurer
in an accepts the offer by issuing a policy.
insurance contract?
What is the second Consideration
characteristic of a
legal contract?
What does Both parties exchange something of value; the
Consideration involve insured pays premiums, and the insurer promises
in an insurance to provide coverage.
contract?
What is the third Legal Purpose
characteristic of a
legal contract?
What does Legal The insurance contract must serve a lawful
Purpose mean in the purpose and comply with regulatory
context of an requirements.
2/29
, 6/28/25, 9:29
AM
insurance contract?
What is the fourth Competent Parties
characteristic of a
legal contract?
What does Both the insured and insurer must have legal
Competent Parties capacity to enter into the contract.
refer to in a legal
contract?
the insurance company that provides coverage and
Insurer
assumes the risk of loss
What is an insured in the An individual or entity covered by the insurance
context of insurance? policy.
What does an Pays premiums and receives benefits in case
insured do in relation of a covered loss.
to an insurance
policy?
3/29
AM
FLORIDA INSURANCE ADJUSTERS LICENSING EXAM QUESTIONS AND
ANSWERS WITH COMPLETRE SOLUTIONS VERIFIED LATEST UPDATE
2025/2026
Terms in this set (255)
Insurance is a contract between an individual
or entity (the insured) and an insurance
Insurance and How it company (the insurer). In exchange for
Works premium payments, the insurer agrees to
provide financial compensation to the
insured for
covered losses or damages.
What is the first Offer and Acceptance
characteristic of a
legal contract?
1/29
,6/28/25, 9:29
AM
What does Offer The insured makes an offer by submitting an
and Acceptance entail application for insurance, and the insurer
in an accepts the offer by issuing a policy.
insurance contract?
What is the second Consideration
characteristic of a
legal contract?
What does Both parties exchange something of value; the
Consideration involve insured pays premiums, and the insurer promises
in an insurance to provide coverage.
contract?
What is the third Legal Purpose
characteristic of a
legal contract?
What does Legal The insurance contract must serve a lawful
Purpose mean in the purpose and comply with regulatory
context of an requirements.
2/29
, 6/28/25, 9:29
AM
insurance contract?
What is the fourth Competent Parties
characteristic of a
legal contract?
What does Both the insured and insurer must have legal
Competent Parties capacity to enter into the contract.
refer to in a legal
contract?
the insurance company that provides coverage and
Insurer
assumes the risk of loss
What is an insured in the An individual or entity covered by the insurance
context of insurance? policy.
What does an Pays premiums and receives benefits in case
insured do in relation of a covered loss.
to an insurance
policy?
3/29
