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
... [Show More] company products
Supervise the claims activity of adjusters
Investigate charges of unethical conduct of adjusters - 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 - 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. - 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 - Answer adhesion
Strict or Absolute Liability
applies to school systems.
must have failure to use "due care.
"considers the actions of a prudent person.
is assigned by law or statute. - Answer is assigned by law or statute.
Risks that are insurable are:
Speculative risk
Pure risk
Both A & B
ACA FINAL EXAM 100 QUESTIONS WITH 100%
COMPLETE AND CORRECT ANSWERS/A+ GRADE/2023
VERSION
None of the above - 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 - 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. -
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. - 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. -
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 - Answer A beach house owned by
Acme Corporation
Which of the following is NOT covered under the HO - Coverage C, Personal
Property?
ACA FINAL EXAM 100 QUESTIONS WITH 100%
COMPLETE AND CORRECT ANSWERS/A+ GRADE/2023
VERSION
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 - Answer The dead fish when the insured
accidentally overturns his tropical fish tank and all the fish die from lack of oxygen
Which of the following forms is "all risks" on the dwelling policy?
DP-1, or the basic form
DP-2, or the broad form
DP-3, or the special form
None of the above, since "all risks" is not available on a dwelling policy - Answer DP3, or the special form
Jane has a dwelling policy with the house insured for $40,000. If her detached shed,
which is valued at $4500, is destroyed by a covered peril, what can she expect?
Nothing, unless she has endorsed her policy with "unattached structures"
coverage.She can expect the $4500 to be paid, since her policy protects her up to
$40,000 for structures.She can expect $4,000 to be paid, because unattached
structures are covered up to 10% of the dwelling amount.She can expect $4,000 to
be paid, only if she has the proper endorsement to her dwelling policy - Answer She
can expect $4,000 to be paid, because unattached structures are covered up to 10%
of the dwelling amount.
Homeowners Policies usually insure property for which of the following?
Rising water - Flood, back up of sewer or drainInherent vice, underground seepage,
governmental actionFreezing, wear & tear, marring, deterioration
Fire, lightning, theft - Answer Fire, lightning, theft
Which of the following would be excluded (NOT covered) under a personal articles
floater on an "all risks" basis?
Insects destroy a valuable postage stamp worth $500A personal art collection on
display at a museum show is stolenA sophisticated telescope is damaged in a fireAll
of the above - Answer Insects destroy a valuable postage stamp worth $500
Which of the following is false concerning flood insurance?
A community applies for flood coverage and during this time, it is in the "emergency
program."
To be insured for flood, a new building only must have the walls up. [Show Less]