Florida Insurance Claims Adjuster License Practice Exam

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What is insurance defined as?

  1. A consultative process

  2. A government benefit program

  3. A contractual obligation to indemnify another

  4. A financial investment strategy

The correct answer is: A contractual obligation to indemnify another

Insurance is a specific type of contract where one party (the insurer) agrees to compensate the other (the insured) for any specific losses suffered as a result of certain events, in exchange for payment of a premium. A is incorrect because insurance is not a consultative process, it is a legal agreement. B is incorrect because insurance is not a government benefit program, it is a contractual agreement between two parties. D is incorrect because insurance is not a financial investment strategy, it is a risk management tool.

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