FLORIDA CLAIMS ADJUSTER EXAM 6-29/ ALL LINES ADJUSTER
FLORIDA 332 QUESTIONS WITH VERIFIED AND CORRECT
ANSWERS/A+ GRADE/2023
Conditional Contract
... [Show More] Correct Answer: Also called a hypothetical contract, is a contract
agreement that only requires performance once the delineated conditions are met. This legal
agreement requires prior performance of another agreement or clause in order to be enforceable.
If the other agreement or condition is performed, then the conditional contract is enforceable and
the parties are bound to carry out the terms of the contract.
Contract of Indemnity Correct Answer: Principle of insurance that provides that when a loss
occurs, the insured should be restored to the approximate financial condition he/she occupied
before the loss occurred, no better or no worse.
Insurable Interest Correct Answer: the reasonable concern of a person to obtain insurance for
any individual or property against unforeseen events such as death, losses, etc.
Waiver Correct Answer: 1.) Implied voluntary relinquishment, abandoning a legal advantage,
need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses or limits the sum of a claim,
or extends coverage to add items not in a normal policy.
Express Waiver Correct Answer: Occurs when the insurer or its representative knowingly gives
up a known right under the insurance contract.
Implied Waiver Correct Answer: A waiver that is assumed to be in effect from a person's
behavior and shows he is waiving a right.
Damages Correct Answer: Monetary compensation that is awarded by a court in a civil action to
an individual who has been injured through the wrongful conduct of another party.
Subrogation Correct Answer: When an insured has a right to collect damages from another
party, but instead elects to claim the damages under his insurance policy, his rights against the
other party are transferred to the insurer.
Changes Correct Answer: All policies provide that any changes to the policy be made by the
insurer, in writing.
Policy Period Correct Answer: The condition states that coverage applies only to losses or
occurrences that take place during the policy period. (Prior to the stated date and time of
termination).
Policy Territory Correct Answer: Condition limiting coverage to occurrences or losses that take
place only within a stated geographical region.
Other Insurance Correct Answer: The principle of indemnity dictates against duplicate recovery
for the same loss.
FLORIDA CLAIMS ADJUSTER EXAM 6-29/ ALL LINES ADJUSTER
FLORIDA 332 QUESTIONS WITH VERIFIED AND CORRECT
ANSWERS/A+ GRADE/2023
Cancellation Correct Answer: The insured may cancel at any time, for any reason, without
advance notice. If the conpany wishes to cancel, it must provide some degree of advance notice
so the insured will have time to replace the coverage.
Appraisal Correct Answer: A written contract of or written agreement for or effecting insurance,
or the certificate thereof, by whatever name called, and includes all clauses, riders, endorsements
and papers which are a part thereof.
Insurance Correct Answer: Is a contract whereby one undertakes to indemnify another or pay or
allow a specified amount or a determinable benefit upon determinable contingencies.
Binder Correct Answer: Acts as a temporary contract until the policy is issued.
How many days should an insurer give for prior notice of cancellation of a binder? Correct
Answer: 5 days.
Property Insurance Correct Answer: Any insurance wherein payment by the insurer will be paid
directly to the insured or other specifically named interests.
Liability Insurance Correct Answer: Payment will be on behalf of the insured to another, based
upon the insureds liability to the recipient. Simply stated, Liability is "Negligence of the
Insured".
Loss Payee Clause Correct Answer: A Clause in a contract of insurance that provides, in the
event of payment being made under the policy in relation to the insured risk, that paymen [Show Less]