FLORIDA CLAIMS ADJUSTER EXAM |
COMPLETE STUDY GUIDE 2026 | VERIFIED
ANSWERS | 100% CORRECT | GRADED A+|
PASS GUARANTEED
Power to bind - ANSWER One manifestation of the authority given to insurance
agents by the principal. The principal is
bound by, or must adhere to, the guarantees and statements made by its agent.
Premium - ANSWER A scheduled and affordable fee, paid by the policyholder
to the insurer, in return for coverage.
Preponderance of Evidence - ANSWER A preponderance of evidence is enough
evidence to make it more likely that an argument is true
than that it is false. In a civil trial, the plaintiff needs to provide a preponderance of
evidence in
order to win her case.
Principal - ANSWER The principal refers to an agent's employer (usually an
insurance company, but it could also
mean anyone who contracts the agent to work on their behalf and gives her the
authority to do
so).
, Principle of Indemnity - ANSWER The principle behind all insurance
contracts. It states that, when a loss occurs, the insured
should be restored to his or her financial condition before the loss occurred, no
better, no worse.
The insured cannot profit from a loss.
Privacy - ANSWER In insurance, the right of consumers to have their personal
information protected.
Private - ANSWER Private insurance is the term for any insurance other than
social insurance. Social insurance
programs are run by the government instead of by private individuals.
Professional Liability - ANSWER Professional Liability Coverage is insurance
that protects practitioners such as doctors, lawyers,
engineers, architects, etc.. It includes two types of coverage: malpractice insurance
and errors
and omissions insurance.
Proof of Loss - ANSWER The form or statement that the policyholder is
required to submit to the insurer before she can
be indemnified for a loss.
Proximate Cause - ANSWER The original occurrence, the source, of all the
subsequent damages
,Punitive Damages - ANSWER Intangible damages awarded to the plaintiff
when the defendant's actions show intentional
heinous, antisocial behavior or extreme indifference to harm. They are determined
by the court.
Rating Systems - ANSWER Measure hazards of individual risk in a given area,
and sets premiums accordingly.
RC - ANSWER RC: Replacement Cost, It refers to the cost of repairing or
replacing an insured item, based on
the item's value at the time of the loss.
Rebates - ANSWER Refunding of part of the premium, due to the creation of a
new contract or change to an existing
contract.
Reciprocal Insurers - ANSWER A Reciprocal Insurer is an unincorporated
organization of subscribers that operates through an
attorney-in-fact to provide insurance benefits for its members.
Reinsurers - ANSWER Companies which sell insurance to insurers to reduce
the insurer's exposure to loss.
Reporting - ANSWER One of the adjuster's duties is to Report to the Principal.
The adjuster must give the principal
, frequent updates of her progress on any given claim.
Replacement Cost (RC) - ANSWER The cost of repairing or replacing an
insured item, based on the item's value at the time of the
loss.
Reservation of Rights - ANSWER A notification that an insurer might give to
an insured, informing him that a reported loss might
not be covered under his insurance policy.
Retroactive date - ANSWER Date preceding a policy period before which the
policy will not cover occurrences.
Revenue Assurance (Crop
Insurance) - ANSWER A form of Crop Revenue Insurance that provides a fixed
revenue guarantee based on average
county prices
Revenue Protection (Crop
Insurance) - ANSWER Also called Yield Protection, this is the most
comprehensive form of Crop Revenue Insurance,
offering higher coverage amounts than other types. The revenue guarantee is based
on the
higher of: harvest-market price or early market price. Previously called Crop
Revenue Coverage
(CRC)
COMPLETE STUDY GUIDE 2026 | VERIFIED
ANSWERS | 100% CORRECT | GRADED A+|
PASS GUARANTEED
Power to bind - ANSWER One manifestation of the authority given to insurance
agents by the principal. The principal is
bound by, or must adhere to, the guarantees and statements made by its agent.
Premium - ANSWER A scheduled and affordable fee, paid by the policyholder
to the insurer, in return for coverage.
Preponderance of Evidence - ANSWER A preponderance of evidence is enough
evidence to make it more likely that an argument is true
than that it is false. In a civil trial, the plaintiff needs to provide a preponderance of
evidence in
order to win her case.
Principal - ANSWER The principal refers to an agent's employer (usually an
insurance company, but it could also
mean anyone who contracts the agent to work on their behalf and gives her the
authority to do
so).
, Principle of Indemnity - ANSWER The principle behind all insurance
contracts. It states that, when a loss occurs, the insured
should be restored to his or her financial condition before the loss occurred, no
better, no worse.
The insured cannot profit from a loss.
Privacy - ANSWER In insurance, the right of consumers to have their personal
information protected.
Private - ANSWER Private insurance is the term for any insurance other than
social insurance. Social insurance
programs are run by the government instead of by private individuals.
Professional Liability - ANSWER Professional Liability Coverage is insurance
that protects practitioners such as doctors, lawyers,
engineers, architects, etc.. It includes two types of coverage: malpractice insurance
and errors
and omissions insurance.
Proof of Loss - ANSWER The form or statement that the policyholder is
required to submit to the insurer before she can
be indemnified for a loss.
Proximate Cause - ANSWER The original occurrence, the source, of all the
subsequent damages
,Punitive Damages - ANSWER Intangible damages awarded to the plaintiff
when the defendant's actions show intentional
heinous, antisocial behavior or extreme indifference to harm. They are determined
by the court.
Rating Systems - ANSWER Measure hazards of individual risk in a given area,
and sets premiums accordingly.
RC - ANSWER RC: Replacement Cost, It refers to the cost of repairing or
replacing an insured item, based on
the item's value at the time of the loss.
Rebates - ANSWER Refunding of part of the premium, due to the creation of a
new contract or change to an existing
contract.
Reciprocal Insurers - ANSWER A Reciprocal Insurer is an unincorporated
organization of subscribers that operates through an
attorney-in-fact to provide insurance benefits for its members.
Reinsurers - ANSWER Companies which sell insurance to insurers to reduce
the insurer's exposure to loss.
Reporting - ANSWER One of the adjuster's duties is to Report to the Principal.
The adjuster must give the principal
, frequent updates of her progress on any given claim.
Replacement Cost (RC) - ANSWER The cost of repairing or replacing an
insured item, based on the item's value at the time of the
loss.
Reservation of Rights - ANSWER A notification that an insurer might give to
an insured, informing him that a reported loss might
not be covered under his insurance policy.
Retroactive date - ANSWER Date preceding a policy period before which the
policy will not cover occurrences.
Revenue Assurance (Crop
Insurance) - ANSWER A form of Crop Revenue Insurance that provides a fixed
revenue guarantee based on average
county prices
Revenue Protection (Crop
Insurance) - ANSWER Also called Yield Protection, this is the most
comprehensive form of Crop Revenue Insurance,
offering higher coverage amounts than other types. The revenue guarantee is based
on the
higher of: harvest-market price or early market price. Previously called Crop
Revenue Coverage
(CRC)
