6.20 Florida All Lines Adjuster- Review Quizzes with Complete Solutions

The deductible - ANSWER-The dollar amount that the insured pays before the insurer is required to pay the remainder of the loss is known as? Replacement cost - ANSWER-Which loss settlement provides new for old? the claims adjuster's role in the insurance industry includes - ANSWER-Give appropriate legal advice and write binding contracts following are examples of a peril - ANSWER-Lighting, Explosion and Fire The abandonment clause - ANSWER-The clause that prohibits the insured from dumping damaged property on the insurance company and demanding to be paid in full is? Liberalization - ANSWER-When a policy change results in broadened coverage with no additional premium, the insured automatically receives the benefit under the principle of? Risk - ANSWER-The chance of financial loss is known as? Percentage - ANSWER-Hurricane insurance in coastal areas in Florida is written subject to which of the following deductibles? Severability - ANSWER-Insurance may apply separately to each insured, as if the other insureds did not exist. This is known as the doctrine of? The principle of proximate cause - ANSWER-When there is an unbroken connection between an occurrence and the damage that arises from the occurrence, and all the resulting damage happened on account of that occurrence, this is known as? characteristics of a contract - ANSWER-Consideration must be given to at least one party Primary - ANSWER-When two or more policies apply to the same loss, the one that pays first is called? Mortgagee Clause - ANSWER-The clause that protects the lender in a real property policy is the? Indemnity - ANSWER-The concept that one should not profit from the payment provided by an insurance policy is known as? Property or first-party insurance - ANSWER-Payment the insurance company makes directly to the insured is? Written - ANSWER-To be considered an insurance contract, a policy must be? Subrogation - ANSWER-When the insured transfers his/her rights to collect for damages to the insurer, it is known as? The insured - ANSWER-If an insurance policy is unclear or ambiguous, in whose favor does the policy respond? Insurable interest - ANSWER-A partial owner of a building cannot receive full value for the building in the event of a loss because of? Comparative negligence - ANSWER-Reduces the insured's damages by the degree of negligence the following are part of an insurance policy - ANSWER-Exclusions, Declarations and Endorsementd ACV - ANSWER-replacement cost minus depreciation The insured's house is totally destroyed in a fire. The house is insured for $200,000. The adjuster who investigates the claims determines the ACV of the home is $185,000. - ANSWER-The Florida Valued Policy Law requires the insurer to pay $200,000 describe a franchise deductible - ANSWER-No payment is made until the loss equals or exceeds the amount of the deductible and then the loss is paid in full All of the following are characteristics of an insurance contract EXCEPT? Personal, Private, Conditional, Adhesion? - ANSWER-Private If a claimant is represented by an attorney, the adjuster should? - ANSWER-Only meet with the client when the attorney is present Adjusters should advise claimants on? - ANSWER-claims information An adjuster is required to notify a claimant when a claim is denied. The notification must be? - ANSWER-Written The term ethics refers to? - ANSWER-service to others, personal respect and proper mode of conduct When an adjuster deals with a claimant who is not a policyholder, this claim is known as an? - ANSWER-third party claim