Florida all lines adjuster exam 2023 Solved 100% Correct

Liability insurance policies are what kind of contracts - ANSWER-third party contracts third party contracts do what - ANSWER-promise to pay on behalf of the insured all damages two forms of legal liability - ANSWER-civil and criminal liability what is a tort - ANSWER-A civil wrong who is the tortfeasor - ANSWER-someone who committed the tort joint tortfeasor - ANSWER-two or more people who commit a single tort in civil lawsuit, the tortfeasor is referred to as - ANSWER-the defendant in civil law, the injured person bringing the suit is referred to as - ANSWER-the plantiff how are torts addressed by insurance policies - ANSWER-intentional, unintentional or liability without fault intentional tort acts are - ANSWER-committed with intent, may still be covered if consequences of the action were not intended what are the 7 intentional torts - ANSWER-1. Battery 2. Assault 3. False Imprisonment 4. Intentional Infliction of Emotional Distress 5. Trespass to Land 6. Trespass to Chattels 7. Conversion unintentional torts are known as - ANSWER-negligence what is negligence - ANSWER-failure to use ordinary or reasonable care Vicarious or imputed negligence is - ANSWER-unintentional tort where act is not directly attributable to the insured common form of vicarious liability - ANSWER-relationship between employer and employee aka pizza delivery guy hitting pedestrian strict or absolute liability - ANSWER-imposed by statutory law that involve inherent danger activities involving inherent danger include - ANSWER-dangerous materials, hazardous operations or animals Bodily injury is defined as - ANSWER-bodily harm,sickness, disease or death property damage is defined as - ANSWER-direct physical damage to tangible property including the loss of use to prove negligence what must be established - ANSWER-the actions not only caused injury or damage but also was the proximate cause of the loss The foreseeability test is used to determine what - ANSWER-tests whether negligent party should have reasonably foreseen the consequences that resulted from action common law consists of what - ANSWER-behaviors and customs that have never been written into the law statute law is what - ANSWER-written law of states For a liability policy to pay a claim, the person who is legally liable - ANSWER-must be insured under the policy what are compensatory damages - ANSWER-damages awarded by the court to pay for actual losses by the plaintiff in a lawsuit two categories of compensatory damages - ANSWER-special damages and general damages what are compensatory special damages - ANSWER-awards for actual economic losses such as medical expenses , lost wages , and property damages caused by defendant what are general compensatory damages - ANSWER-compensate for losses of intangible nature such as pain and suffering do full tort coverages have a high or low premium - ANSWER-much higher premium than limited tort what are punitive damages - ANSWER-damages exceeding simple compensation and awarded to punish the defendant. contributory negligence - ANSWER-A common law defense stating that if individuals contribute to their own loss in any way, then the defendant cannot be held liable for the loss many states have declared the contributory negligence rule as harsh and have adopted the - ANSWER-comparative negligence rule comparative negligence - ANSWER-the purpose is to reduce a plaintiffs damage award by the plaintiffs percentage of negligence if the plaintiff was awarded $50,000 in damages but found to be 10% negligent in the cause of loss, their award would be reduced to - ANSWER-50,000 X .10=5,000- 50,000= $45,000 Pure Comparative Negligence - ANSWER-reduced to the percentage of injured partys negligence modified comparative negligence - ANSWER-if the plaintiff is 50% or more at fault for the loss, they cannot collect an award for damages what are the 3 defenses against negligence - ANSWER-assumption of risk intervening cause statute of limitations assumption of risk - ANSWER-A defense against negligence that can be used when the plaintiff was aware of a danger and voluntarily assumed the risk of injury from that danger. what is intervening cause - ANSWER-An independent factor breaks the chain of causation and becomes the proximate cause of loss what is statute of limitations - ANSWER-the statutory defense that imposes a time limit in which the plaintiff can file a lawsuit what are the three types of limits expressed in liability policies - ANSWER-single limit, split limits and aggregate limits "Single limit" in liability policies - ANSWER-highest amount the policy will pay for any one accident or occurrence, intended to cover Bodily injury and property damage "Split limits" are most frequently used in what kind of policies - ANSWER-automobile policies the first limit in the split limit policies is - ANSWER-the maximum amount paid for any one person for bodily injury per occurrence the second limit in the split limit policies is - ANSWER-the maximum amount paid for ALL people injured per occurrence the third limit in the split limit policies is - ANSWER-the maximum amount the policy will pay for property damage per occurrence what is the aggregate limit in a liability policy - ANSWER-the maximum amount the policy will pay for all occurrences during the policy period what happens what the insured reached the aggregate limit - ANSWER-the insured is without coverage The definition of occurrence - ANSWER-a continuous or repeated exposure to an event that results in a financial loss liability insurance policies are written on which two forms? - ANSWER-either a "claims-made" or "occurrence" form Why would someone choose a liability insurance policy to be written on "occurrence forms" - ANSWER-to cover liability claims when the occurrence took place during the policy period regardless of when the claim was filed why would someone choose a liability insurance policy to be written on a "claims-made form" - ANSWER-to provide coverage for claims only when both the occurrence and the resulting claim filling takes place during the pLiability insurance policies are what kind of contracts - ANSWER-third party contracts third party contracts do what - ANSWER-promise to pay on behalf of the insured all damages two forms of legal liability - ANSWER-civil and criminal liability what is a tort - ANSWER-A civil wrong who is the tortfeasor - ANSWER-someone who committed the tort joint tortfeasor - ANSWER-two or more people who commit a single tort in civil lawsuit, the tortfeasor is referred to as - ANSWER-the defendant in civil law, the injured person bringing the suit is referred to as - ANSWER-the plantiff how are torts addressed by insurance policies - ANSWER-intentional, unintentional or liability without fault intentional tort acts are - ANSWER-committed with intent, may still be covered if consequences of the action were not intended what are the 7 intentional torts - ANSWER-1. Battery 2. Assault 3. False Imprisonment 4. Intentional Infliction of Emotional Distress 5. Trespass to Land 6. Trespass to Chattels 7. Conversion unintentional torts are known as - ANSWER-negligence what is negligence - ANSWER-failure to use ordinary or reasonable care Vicarious or imputed negligence is - ANSWER-unintentional tort where act is not directly attributable to the insured common form of vicarious liability - ANSWER-relationship between employer and employee aka pizza delivery guy hitting pedestrian strict or absolute liability - ANSWER-imposed by statutory law that involve inherent danger activities involving inherent danger include - ANSWER-dangerous materials, hazardous operations or animals Bodily injury is defined as - ANSWER-bodily harm,sickness, disease or death property damage is defined as - ANSWER-direct physical damage to tangible property including the loss of use to prove negligence what must be established - ANSWER-the actions not only caused injury or damage but also was the proximate cause of the loss The foreseeability test is used to determine what - ANSWER-tests whether negligent party should have reasonably foreseen the consequences that resulted from action common law consists of what - ANSWER-behaviors and customs that have never been written into the law statute law is what - ANSWER-written law of states For a liability policy to pay a claim, the person who is legally liable - ANSWER-must be insured under the policy what are compensatory damages - ANSWER-damages awarded by the court to pay for actual losses by the plaintiff in a lawsuit two categories of compensatory damages - ANSWER-special damages and general damages what are compensatory special damages - ANSWER-awards for actual economic losses such as medical expenses , lost wages , and property damages caused by defendant what are general compensatory damages - ANSWER-compensate for losses of intangible nature such as pain and suffering do full tort coverages have a high or low premium - ANSWER-much higher premium than limited tort what are punitive damages - ANSWER-damages exceeding simple compensation and awarded to punish the defendant. contributory negligence - ANSWER-A common law defense stating that if individuals contribute to their own loss in any way, then the defendant cannot be held liable for the loss many states have declared the contributory negligence rule as harsh and have adopted the - ANSWER-comparative negligence rule comparative negligence - ANSWER-the purpose is to reduce a plaintiffs damage award by the plaintiffs percentage of negligence if the plaintiff was awarded $50,000 in damages but found to be 10% negligent in the cause of loss, their award would be reduced to - ANSWER-50,000 X .10=5,000- 50,000= $45,000 Pure Comparative Negligence - ANSWER-reduced to the percentage of injured partys negligence modified comparative negligence - ANSWER-if the plaintiff is 50% or more at fault for the loss, they cannot collect an award for damages what are the 3 defenses against negligence - ANSWER-assumption of risk intervening cause statute of limitations assumption of risk - ANSWER-A defense against negligence that can be used when the plaintiff was aware of a danger and voluntarily assumed the risk of injury from that danger. what is intervening cause - ANSWER-An independent factor breaks the chain of causation and becomes the proximate cause of loss what is statute of limitations - ANSWER-the statutory defense that imposes a time limit in which the plaintiff can file a lawsuit what are the three types of limits expressed in liability policies - ANSWER-single limit, split limits and aggregate limits "Single limit" in liability policies - ANSWER-highest amount the policy will pay for any one accident or occurrence, intended to cover Bodily injury and property damage "Split limits" are most frequently used in what kind of policies - ANSWER-automobile policies the first limit in the split limit policies is - ANSWER-the maximum amount paid for any one person for bodily injury per occurrence the second limit in the split limit policies is - ANSWER-the maximum amount paid for ALL people injured per occurrence the third limit in the split limit policies is - ANSWER-the maximum amount the policy will pay for property damage per occurrence what is the aggregate limit in a liability policy - ANSWER-the maximum amount the policy will pay for all occurrences during the policy period what happens what the insured reached the aggregate limit - ANSWER-the insured is without coverage The definition of occurrence - ANSWER-a continuous or repeated exposure to an event that results in a financial loss liability insurance policies are written on which two forms? - ANSWER-either a "claims-made" or "occurrence" form Why would someone choose a liability insurance policy to be written on "occurrence forms" - ANSWER-to cover liability claims when the occurrence took place during the policy period regardless of when the claim was filed why would someone choose a liability insurance policy to be written on a "claims-made form" - ANSWER-to provide coverage for claims only when both the occurrence and the resulting claim filling takes place during the policy period, if filed after the policy expiration date it will not be covered what is the "duty to defend" - ANSWER-insurer has theolicy period, if filed after the policy expiration date it will not be covered what is the "duty to defend" - ANSWER-insurer has the