Florida Claims Adjuster With Correct Solutions

Florida Claims Adjuster With Correct
Solutions



PerilCORRECT ANSWERS✔✔Somthing t√dhat causes a loss.
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HazardCORRECT ANSWERS✔✔Something that increases the probability that a loss will occur.
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WarrantyCORRECT ANSWERS✔✔A policy condition, either based on information in the insureds
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application or inserted by the insurer. It is a guarantee of a fact.
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MisrepresentationCORRECT ANSWERS✔✔An untrue statement by the insured, made in an application for
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insurance but which does not become a part of the policy.
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ConcealmentCORRECT ANSWERS✔✔The failure of the insured to reveal relevant facts known to the
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insured in applying for insurance.
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AbandonmentCORRECT ANSWERS✔✔Property insurance policies usually contain an abandonment
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clause, stating the insured cannot dump damaged property on the insurer and demand its full value.
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,SeverabilityCORRECT ANSWERS✔✔The insurance applies separately to each insured as if other insureds j j j j j j j j j j j




did not exist.
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Proximate CauseCORRECT ANSWERS✔✔A fundamental doctrine in property insurance holds that when
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there is an unbroken connection between an occurrence and damage that grows out of the occurrence,
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then the resultant damage is all a part of the occurrence.
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Direct LossCORRECT ANSWERS✔✔Physical harm to tangible property.
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Indirect LossCORRECT ANSWERS✔✔Economic loss which flows as a result of direct loss.
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Actual Cash Value(ACV)CORRECT ANSWERS✔✔Replacement Cost minus Depreciation
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CoinsuranceCORRECT ANSWERS✔✔Is a method of providing equity in premiums by granting lower rates to j j j j j j j j j j j j j




those indureds who accept the responsibility of insuring for amounts which reflect a high percentage of the
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value of the subject property.
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Personal ContractCORRECT ANSWERS✔✔Policies cover people who own and operate things, such as
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automobiles.
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Conditional ContractCORRECT ANSWERS✔✔The parties are of unequal bargaining power, and the insured
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cannot negotiate the terms, having to take the offer of the insurer as made.
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Contract of IndemnityCORRECT ANSWERS✔✔One should return to their same position as they were
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before the loss occurred. This limits the number of people intentionally causing losses because it was to
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their economic advantage.
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, Insurable InterestCORRECT ANSWERS✔✔Any actual, lawful and substantial economic interest in the
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safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or
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impairment.
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WaiverCORRECT ANSWERS✔✔Generally defined as the voluntary relinquishment or surrender of some
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rightor privilege.
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Express WaiverCORRECT ANSWERS✔✔Occurs when the insurer or its representative knowingly gives up a
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known right under the insurance contract.
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Implied WaiverCORRECT ANSWERS✔✔May result from some act of neglect on the part of the adjuster.
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DamagesCORRECT ANSWERS✔✔Money Amounts. j j




SubrogationCORRECT ANSWERS✔✔When an insured has a right to collect damages from another party, j j j j j j j j j j j j




but instead elects to claim the damages under his insurance policy, his rights against the other party are
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transferred to the insurer.
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ChangesCORRECT ANSWERS✔✔All policies provide that any changes to the policy be made by the insurer,
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in writing.
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Policy PeriodCORRECT ANSWERS✔✔The condition states that coverage applies only to losses or
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occurrences that take place during the policy period. (Prior to the stated date and time of termination).
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Policy TerritoryCORRECT ANSWERS✔✔Condition limiting coverage to occurrences or losses that take
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place only within a stated geographical region.
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Other InsuranceCORRECT ANSWERS✔✔The principle of indemnity dictates against duplicate recovery for
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the same loss.
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