Florida Insurance Claims Adjuster License Practice Exam

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What is a Loan Receipt?

  1. A final payment settlement document

  2. A document for loan application

  3. An advanced payment pending claim outcome acknowledgment

  4. A receipt for insurance premium payment

The correct answer is: An advanced payment pending claim outcome acknowledgment

A loan receipt is a document that serves as proof of payment of an advanced amount towards a loan application, while the claim outcome is still pending. It may also be used as a reference for repayment of the loan amount in the future. Option A is incorrect because a final payment settlement document is issued when the loan is fully paid off and not when an advanced payment is made. Option B is incorrect because a loan application document is filled out before any payment is made and is not considered a receipt. Option D is incorrect because a receipt for insurance premium payment is issued for a different purpose and does not pertain to loans.

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