Florida Adjusters All Lines Insurance Exam Questions and Answers

Florida Adjusters All Lines Insurance Exam Questions and Answers

What are "boilerplate languages?'

{{Correct Ans- Standardized language that can be used repeatedly in various documents. Boilerplate language refers to any language that is generic or standard across contract types. Boilerplate contractelements are often added to a custom contract in order to protect the parties in basic ways. Legal language requires being concise and as clear as possible.

What is an insurance pool and what is the purpose of it?

{{Correct Ans- An insurance pool is created from a group of policy holders.Under this system, policy holders come together to form a pool, which can provide protection to insurancecompanies against catastrophic risks such as floods or earthquakes.

What is the definition of the word "peril?"

{{Correct Ans- serious and immediate danger. A peril describes the potential causes of losses. It is the decision of the insurance company to define the specific perils that are covered under its insurance policy.

What is a "risk factor?"

{{Correct Ans- Things that can make something worse. I.E. Smoking cigarettes can increase the chances of developing lung cancer.

What is a "premium payment?"

{{Correct Ans- In the most simple terms, the insurance premium is defined as the amount of money the insurance company is going to charge you for the insurance policy you are purchasing. The insurance premium is the cost of your insurance.