Florida Insurance Claims Adjuster License Practice Exam

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What does an appraisal in an insurance context signify?

  1. A formal dispute process

  2. A method of determining the value of insured property

  3. A written agreement or contract for insurance

  4. The assignment of a policy

The correct answer is: A written agreement or contract for insurance

An appraisal in an insurance context is a written agreement or contract for insurance. This means it is a legally binding document that outlines the details and terms of the insurance policy. Options A, B, and D don't accurately describe what an appraisal signifies in an insurance context. Option A refers to a dispute process, which is not specific to insurance. Option B mentions determining the value of insured property, which is only one aspect of an insurance appraisal. Option D refers to the assignment of a policy, which is a different process than an appraisal. So, while these options may be related to insurance, they are not synonymous with an appraisal in an insurance context.

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