FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES ADJUSTER-
FLORIDA- REVIEW 100% CORRECT
1. Peril: Something that causes a loss.
2. Hazard: Something that increases the probability that a loss
occwill
3. Warranty: A policy condition, either based on nsureds
information in the i cation or inserted by the insurer. It is a
guarantee of a fact.
4. Misrepresentation: An untrue statement by the insured, made in an
application for insurance but which does not become a part of the
policy.
5. Concealment: The failure of the insured to reveal relevant facts
known to the insured in applying for insurance.
6. Abandonment: Property insurance policies usually bandonm
contain an a clause, stating the insured cannot dump ent
damaged property on the i demand its full value.
7. Severability: The insurance applies separately to each s if
insured a insureds did not exist.
8. Proximate Cause: The cause having the most significant impact in
bringing about the loss under a first-party property insurance policy,
o or more
when tw independent perils operate at the same time (i.e., roduce a
concurrently) to p loss.
Courts employ a set of rules to resolve causation disputesroperty
when a p states that it covers or excludes losses "causedpolicy
, FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES ADJUSTER-
FLORIDA- REVIEW 100% CORRECT
by" a peril and there one peril at work in a fact pattern.
Under common law, whether the p coverage depends on
which peril is chosen as the proximate cause.
9. Direct Loss: Physical harm to tangible property.
, FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES ADJUSTER-
FLORIDA- REVIEW 100% CORRECT
10.Indirect Loss: Economic loss which flows as a result of direct
los
11.Actual Cash Value(ACV): Replacement Cost minus Depreci
ati
12.Coinsurance: The amount, generally expressed as a fixed
percentage, an insured must pay against a claim after the deductible
is satisfied. It's ultimately a way for the insured and insurer to
canshare
also
responsibility for the risk. It reduce the cost of the
insurance policy premium. Coinsurance can be written on an 80/20,
90/100, or 100% rule.
13.Personal Contract: Policies cover people who own and things,
operate as automobiles.
14.Conditional Contract: Also called a hypothetical contract, is a
contract agree- ment that only requires performance once the are met.
delineated conditions This r
legal agreement requires prior performance of another clause in
agreement o order to be enforceable. If the other agreement ed, then
or condition is perform conditional contract is enforceable
and the parties are bound to carry of the contract.
15.Contract of Indemnity: Principle of insurance that when a
provides that occurs, the insured should be restored to the loss
approximate financial c he/she occupied before the loss
occurred, no better or no worse.
16.Insurable Interest: the reasonable concern of a person to surance
obtain in any individual or property against unforeseen for sses,
events such as death, lo
, FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES ADJUSTER-
FLORIDA- REVIEW 100% CORRECT
17.Waiver: 1.) Implied voluntary relinquishment, abandoning a legal
advantage, need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses
or limits the sum of a claim, or extends coverage to add items not in a
normal policy.
18.Express Waiver: Occurs when the insurer or its representative
knowingly gives up a known right under the insurance contract.
19.Implied Waiver: A waiver that is assumed to be in effect from a
person's behavior and shows he is waiving a right.
20.Damages: Monetary compensation that is awarded by a n a civil
court i to an individual who has been injured through the action of
wrongful conduct party.
21.Subrogation: When an insured has a right to collect damages from
another party, but instead elects to claim the damages under his
insurance policy, his rights against the other party are transferred to
the insurer.
22.Changes: All policies provide that any changes to the policy be
made by the insurer, in writing.
23.Policy Period: The condition states that coverage applies only to
losses or occurrences that take place during the policy period. (Prior to
the stated date and time of termination).
24.Policy Territory: Condition limiting coverage to occurrences or losses
that take place only within a stated geographical region.
25.Other Insurance: The principle of indemnity dictates against
duplicate recov- ery for the same loss.
26.Cancellation: The insured may cancel at any time, for any reason,
without advance notice. If the conpany wishes to cancel, it must
provide some degree of advance notice so the insured will have time
to replace the coverage.
27.Appraisal: A written contract of or written agreement for or effecting
insurance, or the certificate thereof, by whatever name called, and
includes all clauses, riders, endorsements and papers which are a part
thereof.
FLORIDA- REVIEW 100% CORRECT
1. Peril: Something that causes a loss.
2. Hazard: Something that increases the probability that a loss
occwill
3. Warranty: A policy condition, either based on nsureds
information in the i cation or inserted by the insurer. It is a
guarantee of a fact.
4. Misrepresentation: An untrue statement by the insured, made in an
application for insurance but which does not become a part of the
policy.
5. Concealment: The failure of the insured to reveal relevant facts
known to the insured in applying for insurance.
6. Abandonment: Property insurance policies usually bandonm
contain an a clause, stating the insured cannot dump ent
damaged property on the i demand its full value.
7. Severability: The insurance applies separately to each s if
insured a insureds did not exist.
8. Proximate Cause: The cause having the most significant impact in
bringing about the loss under a first-party property insurance policy,
o or more
when tw independent perils operate at the same time (i.e., roduce a
concurrently) to p loss.
Courts employ a set of rules to resolve causation disputesroperty
when a p states that it covers or excludes losses "causedpolicy
, FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES ADJUSTER-
FLORIDA- REVIEW 100% CORRECT
by" a peril and there one peril at work in a fact pattern.
Under common law, whether the p coverage depends on
which peril is chosen as the proximate cause.
9. Direct Loss: Physical harm to tangible property.
, FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES ADJUSTER-
FLORIDA- REVIEW 100% CORRECT
10.Indirect Loss: Economic loss which flows as a result of direct
los
11.Actual Cash Value(ACV): Replacement Cost minus Depreci
ati
12.Coinsurance: The amount, generally expressed as a fixed
percentage, an insured must pay against a claim after the deductible
is satisfied. It's ultimately a way for the insured and insurer to
canshare
also
responsibility for the risk. It reduce the cost of the
insurance policy premium. Coinsurance can be written on an 80/20,
90/100, or 100% rule.
13.Personal Contract: Policies cover people who own and things,
operate as automobiles.
14.Conditional Contract: Also called a hypothetical contract, is a
contract agree- ment that only requires performance once the are met.
delineated conditions This r
legal agreement requires prior performance of another clause in
agreement o order to be enforceable. If the other agreement ed, then
or condition is perform conditional contract is enforceable
and the parties are bound to carry of the contract.
15.Contract of Indemnity: Principle of insurance that when a
provides that occurs, the insured should be restored to the loss
approximate financial c he/she occupied before the loss
occurred, no better or no worse.
16.Insurable Interest: the reasonable concern of a person to surance
obtain in any individual or property against unforeseen for sses,
events such as death, lo
, FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES ADJUSTER-
FLORIDA- REVIEW 100% CORRECT
17.Waiver: 1.) Implied voluntary relinquishment, abandoning a legal
advantage, need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses
or limits the sum of a claim, or extends coverage to add items not in a
normal policy.
18.Express Waiver: Occurs when the insurer or its representative
knowingly gives up a known right under the insurance contract.
19.Implied Waiver: A waiver that is assumed to be in effect from a
person's behavior and shows he is waiving a right.
20.Damages: Monetary compensation that is awarded by a n a civil
court i to an individual who has been injured through the action of
wrongful conduct party.
21.Subrogation: When an insured has a right to collect damages from
another party, but instead elects to claim the damages under his
insurance policy, his rights against the other party are transferred to
the insurer.
22.Changes: All policies provide that any changes to the policy be
made by the insurer, in writing.
23.Policy Period: The condition states that coverage applies only to
losses or occurrences that take place during the policy period. (Prior to
the stated date and time of termination).
24.Policy Territory: Condition limiting coverage to occurrences or losses
that take place only within a stated geographical region.
25.Other Insurance: The principle of indemnity dictates against
duplicate recov- ery for the same loss.
26.Cancellation: The insured may cancel at any time, for any reason,
without advance notice. If the conpany wishes to cancel, it must
provide some degree of advance notice so the insured will have time
to replace the coverage.
27.Appraisal: A written contract of or written agreement for or effecting
insurance, or the certificate thereof, by whatever name called, and
includes all clauses, riders, endorsements and papers which are a part
thereof.
