Florida Claims Adjuster Study Guide Test Bundle

Severability - Insurance applies separately to each insured as if other insureds did not exist. Abandonment - Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interes...

Peril - Somthing t√dhat causes a loss. Hazard - Something that increases the probability that a loss will occur. Warranty - A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation - ...

The following are basic characteristics of a property or liability insurance contract, except: A. Personal Contract B. Conditional Contract C. Loss of Settlement Contract D. Contract of Adhesion - Loss of Settlement Contract The Insurer's responsibility to pay for a property loss may be c...

Liberalization states, "The insured gets the benefit of any broadened coverage if the company, within __________ days of inception, adopts a form revision that is broader and without increase in premium." A. 10 days B. 55 days C. 65 days D. 45 days - D. 45 days Protects against loss of b...

Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue sta...

This optional provision states that if the insured becomes totally disabled, premiums are waived but the coverage remains in force: A. Waiver of Subrogation B. Waiver of Premium C. Waiver of Value D. None of the Above - B. Waiver of Premium "premiums are waived" Frank owned a home t...

Frank owned a home that was destroyed by a hurricane. Both TD Bank and Bank of America were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, TD Bank B. The Insured C. Jointly to TD Bank and Bank of America D. All listed...

Which of the following is NOT one of the duties of the Department of Financial Services? b. Dept does NOT set rates nor write policies - Set rates and write policies for various company products The adjuster has a particular relationship to his principal, the insurer. Which of the following b...

A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public - B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report ...

Florida No-Fault Tort Exemption - Those who comply with the law are granted limited immunity from suits of others through PIP coverage. 4 Exceptions to Tort Exemption(Threshold of No-Fault) - 1. Significant and Permanent loss of bodily function. 2.Permanent injury other than scarring and d...

All of the following describe insurable interest EXCEPT - -Insurable Interest must exist at the time of the loss. -Insurance Interest must exist for insurance to respond. *Show a similarity between insurance and wagering* -The insured would suffer an economic loss. An Insurance Policy is...

The insurer and insured agree to a specific value of insured item - Agreed Value Policies Someone who has care, custody or control of another's property - Bailee Claim filed by policy holder against his _ - First Party Claim When a person who entrusts another with an object and it...

The policy period is found in what part of an insurance contract? - Declarations Insurance policies are said to be contracts of... - Adhesion The failure to exercise due care is known as - Negligence A building is destroyed by flood. The loss of profits from renting the building is...

Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. (B) Written evidence of the agreement and its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performan...