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FLORIDA CLAIMS ADJUS TER
EXAM QUESTIONS AND A NSWERS
Question: What is a claim in the property/casualty
industry?
Correct answer: an assertion of an alleged legal right
against a person, entity, company, or insurer that carries with it a demand for money as compensation for injuries or damages
Question: When you purchase insurance, you are buying:
Correct answer: peace of mind that if an insured event
does occur, that the insurance company will keep its promise and provide the financial protection that you purchased
Question: In today’s society, what is the most important
factor in the purchase of insurance?
Correct answer: trust
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Question: What is one of the most important claim
handling goals of an insurance company?
Correct answer: to help those who have been injured or
who have suffered loss for which the insured is responsible, while at the same time minimizing loss for the insured party and carrier
Question: What is the primary difference between a
company employee adjuster and an independent adjuster?
Correct answer: a company employee adjuster works for
an insurance company and an independent adjuster works independently for themselves or for adjusting firms who represent many clients
Question: What does an adjuster’s responsibility as a
fiduciary mean?
Correct answer: the adjuster represents, and controls, the
property and financial interests of the client to whom he/she owes a high degree of loyalty and good faith
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Question: What are the basic and primary functions of an
adjuster?
Correct answer: investigating, evaluating, reporting,
negotiating, and disposing of claims
Question: What is an adjuster’s compliance requirement
to retain a license once licensed?
Correct answer: an adjuster must complete 24 hours of
continuing education in every 2-year compliance period, of which 5 hours must be taken in a properly certified 5- hour law and ethics update course
Question: What is the basic premise of the adjuster’s code
of ethics?
Correct answer: the work of adjusting engages the public
trust
Question: Which of the following would NOT be a
preferred claims practice or behavior under the FL Unfair Insurance Trade Practices Act?
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Correct answer: Not responding to an insured’s calls
because you haven’t made up your mind
Question: What are the four critical elements of a
contract?
Correct answer: 1. agreement to terms (must understand
what is given and received), 2. adequate consideration for the promises made, 3. legal capacity of the parties to contract, 4. contract must have legal purpose
Question: Why is an insurance policy often referred to as
a contract of adhesion?
Correct answer: if any of the wording or language in the
policy is vague or ambiguous, making it difficult to understand or interpret, the law is well settled that the interpretation shall be in favor of the party who did not control its terms (the policyholder)
Question: What are the consequences for a carrier if they
or their adjuster breach a contract through non-payment or non-compliance with policy requirements?
