Florida Claims Adjuster Exam questions with correct answers

Severability CORRECT ANS Insurance applies separately to each insured as if other insureds did not exist. Abandonment CORRECT ANS Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value. * Insurable Interest CORRECT ANS One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization CORRECT ANS States that if the insurer adopts a revision which would broaden coverage without additional premium within some period of time prior to the policy period or during the policy period, the insured receives the benefit of such broadened coverage. Doctrine of Proximate Cause CORRECT ANS States that when there is an unbroken connection between an occurrence and damage that grows out of the occurrence, then the resultant damage is all a part of the occurrence. Actual Cash Value CORRECT ANS The Loss Settlement Valuation that subtracts an allowance for depreciation Warranty CORRECT ANS A policy condition, either based on information in the insured's application or inserted by the insurer Conditional Contract CORRECT ANS The Insurer's responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property against further loss, and to give the insurer proof of the loss is defined as?