Florida Certified Adjuster Pre-Licensing EXAM Newest
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Terms in this set (162)
Edward is a member of the Knights of Columbus, a a fraternal benefit society
religious group dedicated to voluntary service to the
benefit of society. He also recently purchased a
$100,000 life insurance policy from the organization.
This was possible because the Knights of Columbus is:
Jason's auto policy states that the insurer may cancel The insurer will pay the claim because of the implied waiver they have made by
coverage if a premium is more than 30 days late. not cancelling Jason's policy the previous times he was late with his payments
However, Jason is currently more than 30 days late, and
has been so five times in the last year, and his insurer
has done nothing about it. When Jason gets into an
accident and files a claim, which of the following is
most likely to happen?
Jared hopes to purchase a new insurance policy for his risk reduction
car, but he has an extremely poor driving record. The
insurance company decides to issue Jared an insurance
policy, but charges him a premium much higher than the
average driver. The insurance company is practicing:
Which of the following is NOT a characteristic of universal
insurance contracts? (aleatory, conditional, unilateral,
universal)
,A few weeks ago Christopher's garage was destroyed issue a complaint against the policyholder
by an out-of-control motorist. Fortunately, the motorist
had sufficient liability insurance to cover the damages.
However, the insurer insists that Christopher's garage is
worth far less than the appraisals he has received from
contractors. Christopher and the insurer have gone
back and forth in negotiations for weeks, making little
headway. Christopher decides it's time to:
A reciprocal insurer is: an unincorporated organization of subscribers that operates through an
attorney-in-fact to provide insurance benefits for its members.
Bob has been in the construction business a long time assignment
and is ready to retire. He sells the company to his friend
Scott and then lets the insurer know that any claims
against his policy should be paid to Scott from now on.
The insurer informs Bob that they cannot do this due to
which condition?
Cindy and her insurer cannot reach an agreement for mediation
her property claim, and have gone back and forth for
weeks without coming within $10,000 of each other. At
this point, since both believe they are offering a fair
settlement, a third party is needed to help facilitate the
negotiation. Both parties still want to retain their ability
to "walk-away" if they cannot reach an agreement. What
is the next best step for Cindy and her insurer?
How is the power to bind transferred to an adjuster? it is transferred through a written contract
Which of the following statements best describes a part A. The claimant and the insurer each select an appraiser, and those two select
of the appraisal process? an umpire.
A. The claimant and the insurer each select an
appraiser, and those two select an umpire.
B. All parties must agree to the final amount in order for
it to be binding.
C. A neutral third party, called the appraiser, plays an
advisory role to help the disputing parties come to a
settlement.
D. The opposing parties submit their evidence to the
appraiser, who makes a final and binding decision.
Bob's home was severely damaged by a thunderstorm C. Litigation
and he claims it will cost $74,000 to repair. His insurer
has investigated the claim, found the repairs could be
done for $49,000, and has offered Bob this amount of
indemnification. Negotiation between Bob and his
insurer seems to be failing. Due to the unpredictability
of the result, which of the following options should be
avoided by the insurer if possible?
A. Appraisal
B. Mediation
C. Litigation
D. Arbitration
, In appraisal, who chooses the umpire? B. The two appraisers
A. The claimant
B. The two appraisers
C. The insurance company
D. The adjuster
Adjuster Andy is trying to determine a final settlement $178,000 (because the cost of repairs is more than the policy limit, the final
amount for Stacy's claim. Stacy's house was destroyed settlement amount is the full policy limit ($178,000) and the deductible is
in a fire and it will cost $185,000 to rebuild it. Stacy's absorbed into the amount of the loss that exceeds the limit.
homeowners policy has a limit of $178,000 and a $1,800
deductible. Typically, how much would Adjuster Andy
calculate Stacy's final settlement amount to be?
Which of the following statements is NOT true of an D. An insurance adjuster receives her authority to sell products on behalf of the
insurance adjuster? insurer through a written contract.
A. An insurance adjuster must always use reasonable
judgement for both the insurer and the claimant.
B. An insurance adjuster is an agent.
C. An insurance adjuster who settles claims on behalf of
an insurer has the power to bind that insurer, even if she
makes a mistake.
D. An insurance adjuster receives her authority to sell
products on behalf of the insurer through a written
contract.
After a loss covered under a dwelling policy, Ordinance B. increased repair costs due to laws or codes.
or Law coverage pays for:
A. confiscation of property by the government.
B. increased repair costs due to laws or codes.
C. any change that decreases the value of the property.
D. remediation of pollutants.
Coverage C - Personal Property of a homeowners B. fish
policy typically excludes:
A. furniture.
B. fish.
C. dishes.
D. blanket coverage of personal property.
Stu has a collection of rare comic books. He wants to D. Monoline Policy
purchase theft insurance for his collection, separate
from his home and other property. What term most
accurately describes the type of policy Stu would
purchase?
A. Valuable Papers Policy
B. Actual Cash Value Policy
C. Standard Fire Policy
D. Monoline Policy
2026 Complete Questions and Correct Detailed Answers
(Verified Answers) |Already Graded A+
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
NJ Life Insurance Exam | Questions ... Medicare basics Pearson Vue Life Insurance Test IDA... RM
Teacher 205 terms Teacher 90 terms Teacher 25 terms Te
gradesfavour Preview susankaruiru01 Preview m8524209 Preview
Terms in this set (162)
Edward is a member of the Knights of Columbus, a a fraternal benefit society
religious group dedicated to voluntary service to the
benefit of society. He also recently purchased a
$100,000 life insurance policy from the organization.
This was possible because the Knights of Columbus is:
Jason's auto policy states that the insurer may cancel The insurer will pay the claim because of the implied waiver they have made by
coverage if a premium is more than 30 days late. not cancelling Jason's policy the previous times he was late with his payments
However, Jason is currently more than 30 days late, and
has been so five times in the last year, and his insurer
has done nothing about it. When Jason gets into an
accident and files a claim, which of the following is
most likely to happen?
Jared hopes to purchase a new insurance policy for his risk reduction
car, but he has an extremely poor driving record. The
insurance company decides to issue Jared an insurance
policy, but charges him a premium much higher than the
average driver. The insurance company is practicing:
Which of the following is NOT a characteristic of universal
insurance contracts? (aleatory, conditional, unilateral,
universal)
,A few weeks ago Christopher's garage was destroyed issue a complaint against the policyholder
by an out-of-control motorist. Fortunately, the motorist
had sufficient liability insurance to cover the damages.
However, the insurer insists that Christopher's garage is
worth far less than the appraisals he has received from
contractors. Christopher and the insurer have gone
back and forth in negotiations for weeks, making little
headway. Christopher decides it's time to:
A reciprocal insurer is: an unincorporated organization of subscribers that operates through an
attorney-in-fact to provide insurance benefits for its members.
Bob has been in the construction business a long time assignment
and is ready to retire. He sells the company to his friend
Scott and then lets the insurer know that any claims
against his policy should be paid to Scott from now on.
The insurer informs Bob that they cannot do this due to
which condition?
Cindy and her insurer cannot reach an agreement for mediation
her property claim, and have gone back and forth for
weeks without coming within $10,000 of each other. At
this point, since both believe they are offering a fair
settlement, a third party is needed to help facilitate the
negotiation. Both parties still want to retain their ability
to "walk-away" if they cannot reach an agreement. What
is the next best step for Cindy and her insurer?
How is the power to bind transferred to an adjuster? it is transferred through a written contract
Which of the following statements best describes a part A. The claimant and the insurer each select an appraiser, and those two select
of the appraisal process? an umpire.
A. The claimant and the insurer each select an
appraiser, and those two select an umpire.
B. All parties must agree to the final amount in order for
it to be binding.
C. A neutral third party, called the appraiser, plays an
advisory role to help the disputing parties come to a
settlement.
D. The opposing parties submit their evidence to the
appraiser, who makes a final and binding decision.
Bob's home was severely damaged by a thunderstorm C. Litigation
and he claims it will cost $74,000 to repair. His insurer
has investigated the claim, found the repairs could be
done for $49,000, and has offered Bob this amount of
indemnification. Negotiation between Bob and his
insurer seems to be failing. Due to the unpredictability
of the result, which of the following options should be
avoided by the insurer if possible?
A. Appraisal
B. Mediation
C. Litigation
D. Arbitration
, In appraisal, who chooses the umpire? B. The two appraisers
A. The claimant
B. The two appraisers
C. The insurance company
D. The adjuster
Adjuster Andy is trying to determine a final settlement $178,000 (because the cost of repairs is more than the policy limit, the final
amount for Stacy's claim. Stacy's house was destroyed settlement amount is the full policy limit ($178,000) and the deductible is
in a fire and it will cost $185,000 to rebuild it. Stacy's absorbed into the amount of the loss that exceeds the limit.
homeowners policy has a limit of $178,000 and a $1,800
deductible. Typically, how much would Adjuster Andy
calculate Stacy's final settlement amount to be?
Which of the following statements is NOT true of an D. An insurance adjuster receives her authority to sell products on behalf of the
insurance adjuster? insurer through a written contract.
A. An insurance adjuster must always use reasonable
judgement for both the insurer and the claimant.
B. An insurance adjuster is an agent.
C. An insurance adjuster who settles claims on behalf of
an insurer has the power to bind that insurer, even if she
makes a mistake.
D. An insurance adjuster receives her authority to sell
products on behalf of the insurer through a written
contract.
After a loss covered under a dwelling policy, Ordinance B. increased repair costs due to laws or codes.
or Law coverage pays for:
A. confiscation of property by the government.
B. increased repair costs due to laws or codes.
C. any change that decreases the value of the property.
D. remediation of pollutants.
Coverage C - Personal Property of a homeowners B. fish
policy typically excludes:
A. furniture.
B. fish.
C. dishes.
D. blanket coverage of personal property.
Stu has a collection of rare comic books. He wants to D. Monoline Policy
purchase theft insurance for his collection, separate
from his home and other property. What term most
accurately describes the type of policy Stu would
purchase?
A. Valuable Papers Policy
B. Actual Cash Value Policy
C. Standard Fire Policy
D. Monoline Policy
