FLORIDA ADJUSTER LICENSING 2023-2024 ACTUAL
EXAM 400 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED
ANSWERS) | AGRADE
Which of
... [Show More] the following statements is true about an insurance policy?
The insured is obligated to the terms of the contract for the entire policy period.
It relies on the utmost good faith of both the insured and the insurer.
It is transferable if the property is sold to another party.
The insured sets the terms of the policy. - ....ANSWER....It relies on the utmost good
faith of both the insured and the insurer.
In an insurance policy, the summary of what the insurer will do in the event of a covered
loss is called:
the insuring agreement.
the dec page.
the conditions section.
the definitions section. - ....ANSWER....the insuring agreement.
In a __________, only one party is legally obligated to perform.
unilateral contract
conditional contract
contract of adhesion
contract of utmost good faith
unilateral contract - ....ANSWER....unilateral contract
Insurance policies are unilateral contracts. This means:
only one party has an obligation to perform.
ambiguities are settled in favor of the insured.
they depend on an unknown future event.
they rely on the honesty of both parties. - ....ANSWER....only one party has an
obligation to perform.
Which of the following is NOT a characteristic of insurance contracts?
Universal
Conditional
Unilateral
Aleatory - ....ANSWER....Universal
If an adjuster needs to find clarification about what actually constitutes a collision, in
which section of an
insurance policy would she find that information?
Declarations
Exclusions
Conditions
Definitions - ....ANSWER....Definitions
Which of the following best describes a Fraternal Benefit Society?
A fraternal benefit society is a for-profit provider of insurance.
A fraternal benefit society uses investors' money to pay claims.
A fraternal benefit society is a social organization based around common interests and
beliefs.
A fraternal benefit society pays dividends to its stockholders. - ....ANSWER....A fraternal
benefit society is a social organization based around common interests and beliefs.
Which of the following is NOT a characteristic of social insurance programs?
Social insurance programs are for-profit programs.
Social insurance programs are designed to meet the needs of the general public as a
whole.
The benefits of a social insurance program may be prescribed by f [Show Less]