FL Adjusters License Practice Exams || 130 QUESTIONS || WELL ANSWERED 2024

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Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. (B) Written evidence of the agreement and ... its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performance. Correct Answer: (B) Written evidence of the agreement and its terms. Assume that five years ago a couple insured their home for [its then appraised value of] $60,000. Two weeks ago they had a stove fire resulting in an estimated loss of $15,000 for repairs. The adjuster finds that the value of their home is now $100,000, but the home is still only insured for $60,000 and has a deductible of $500. The policy has an 80% coinsurance clause. How much should the adjuster pay to the couple? (A) $11,500 (B) $10,875 (C) $14,500 (D) $15,000 Correct Answer: (B) $10,875 [Show More]

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