Florida 3-20 Public Adjusters State Exam (Set 1) Solved 100%

The insurer and insured agree to a specific value of insured item - ANSWER-Agreed Value Policies Someone who has care, custody or control of another's property - ANSWER-Bailee Claim filed by policy holder against his _ - ANSWER-First Party Claim When a person who entrusts another with an object and it results in injury to someone can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - ANSWER-Negligent Entrustment Hazard that results from a conscious decision made by an insured to participate in a manner or behavior more likely to result in a loss because they have insurance - ANSWER-Moral Hazard Used to provide temporary insurance coverage until an insurance policy can be written - ANSWER-Binder Required by lenders to guarantee that outstanding loans against a job are paid upon completion - ANSWER-Completion Bonds The section of an insurance policy identifying the insured, endorsements, coverages, limits, and premiums - ANSWER-Declarations Policyholder cannot transfer the policy to someone else without written permission from their insurance company - ANSWER-Assignment An instance, behavior or environment that increases the likelihood of a loss on an insured item - ANSWER-Hazard Actual cause or source of an incidence of destruction, injury, or loss - ANSWER-Peril An insurance company organized and domiciled outside the US - ANSWER-Alien When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of the original occurrence - ANSWER-Proximate Cause Is proximate cause of all subsequent damages - ANSWER-Original Occurance An individual who contracts with an adjusting firm as an independent contractor and handles claims for the insurance companies - ANSWER-Independent Adjuster Action or practice of the insured party is permitted to continue because any defense against a continuation of said action or practice has been waived by the insurer - ANSWER-Estoppel Operate for profit, collect premiums, reserve a portion of premiums to pay claims - ANSWER-Commercial Insurers Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured - ANSWER-Independent Adjuster The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses suffered - ANSWER-Damages Requires the insured to insure the named property for a specific amount of insurance as required by the insurance company - ANSWER-Agreed Value Physical harm to tangible property caused by peril (loss to property or person in which a covered peril is the proximate cause of damage or destruction) - ANSWER-Direct loss The entity that is the "recipient" to the Principal - ANSWER-Obligee Insurance contracts are written on a take it or leave it basis to the policy owner. - ANSWER-Adhesion Event or circumstance that causes damage - ANSWER-Occurance Coverage provides for payment of losses if civil authority denies access to the insured premises due to a covered peril - ANSWER-Civil Authority Voluntary relinquishment of a known legal right - ANSWER-Waiver An insurer domiciled outside the state where it writes insurance - ANSWER-Foreign A state officer who administers the state's insurance laws and regulations - ANSWER-Commissioner Used as a promise to accept a bid if awarded to a company - ANSWER-Bid bond Damaged property an insurer takes over to reduce their loss after paying a claim - ANSWER-Salvage Factual statements upon which an insurance policy is based - ANSWER-Representations A contract between two parties that offer the consumer little to no leeway to negotiate the terms of the contract - ANSWER-Contract of adhesion Publication in any media by the insured about goods or services - ANSWER-Advertisements Also known as Absolute Liability, based on the theory of the duty of making something sage that is inherently dangerous - ANSWER-Strict Torts A house, structure, also referred to as a "primary risk" - ANSWER-Dwelling Condition enforced by the courts to do something bound under law or in a contract - ANSWER-Strict Torts Amount of loss paid by the policy holder - ANSWER-Deductible Violation of an agreement between a seller and buyer in reference to the condition, content, quality, or title of an item sold - ANSWER-Breach of Warranty Compensation, reparation - ANSWER-Indemnify Provides property coverage on a contractor's interest in equipment intended for permanent installation while it is being transported, unloaded, and installed - ANSWER-Installation Floater A beneficiary of a contract only as a result of the First Party's negligence - ANSWER-Third Party Reinsurance agreement where the insurers involved will pay claims in direct relationship with the % of the risk that they are insuring - ANSWER-Quota Share Sharing the cost of replacement - ANSWER-Risk Sharing A legal action filed by one or more persons on behalf of themselves and others having an identical interest in the alleged wrongdoing - ANSWER-Class-Action A specific risk or cause of loss covered by an insurance policy, such as fire, windstorm, flood, theft, etc. - ANSWER-Peril Dangers in a store, warehouse, or office; circumstances of risks and perils determine who is responsible for _____ - ANSWER-Premises Liability A loss or risk the policy doesn't cover - ANSWER-Exclusions Technique used to transfer the risk of a person, business, or organization in another through the use of a two-party contract - ANSWER-Insurance A legal two-party document describing the relationship between the insured and the insurance company - ANSWER-Indemnity Contract Legal document that makes some person responsible for damages their actions or products cause regardless of any fault on their part - ANSWER-Strict Liabilty The intention to withhold relative information about the risk from the insurance company - ANSWER-Concealment A subset of the claims function whereby suspicious losses are investigated separately from the normal claims adjusters' activities - ANSWER-Special Investigations Unit An insurer takes no action upon realizing material changes in a contract - ANSWER-Implied Waiver Acts committed without negligence but result in damages - ANSWER-Intentional Tort Willful and illegal sinking of a ship at sea or its cargo - ANSWER-barratry Covers physical damage as well as liability and tends to be very broad in coverage - ANSWER-Commercial Inland Marine Single insurance for only one kind of property at only one location of an insured - ANSWER-Specific Coverage Legislative Acts or Laws - ANSWER-Statutes The insurance company to which the risk is transferred to by the contract - ANSWER-Second Party Hazards on private property that might attract trespassing such as swimming pools or trampolines - ANSWER-Attractive Nuisance An approximate calculation of amount, extent, quality, magnitude, position, degree or worth of something - ANSWER-Estimages Insurance company assesses, mitigates, and monitors the items of risk that potential customers want to insure - ANSWER-Risk management Granting the privileges and licensing in a state based on having a license in another state that is deemed equivalent by the granting state - ANSWER-Reciprocity Specific protection in an insurance policy - ANSWER-Coverage An individual holding a license under the authority of the State - ANSWER-Licensee