Florida Claims Adjuster Exam Correctly Answered

Peril Correct answers Somthing t√dhat causes a loss. Hazard Correct answers Something that increases the probability that a loss will occur. Warranty Correct answers A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation Correct answers An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment Correct answers The failure of the insured to reveal relevant facts known to the insured in applying for insurance. Abandonment Correct answers Property insurance policies usually contain an abandonment clause, stating the insured cannot dump damaged property on the insurer and demand its full value. Severability Correct answers The insurance applies separately to each insured as if other insureds did not exist. Proximate Cause Correct answers A fundamental doctrine in property insurance holds that when there is an unbroken connection between an occurrence and damage that grows out of the occurrence, then the resultant damage is all a part of the occurrence. Direct Loss Correct answers Physical harm to tangible property. Indirect Loss Correct answers Economic loss which flows as a result of direct loss. Actual Cash Value(ACV) Correct answers Replacement Cost minus Depreciation Coinsurance Correct answers Is a method of providing equity in premiums by granting lower rates to those indureds who accept the responsibility of insuring for amounts which reflect a high percentage of the value of the subject property. Personal Contract Correct answers Policies cover people who own and operate things, such as automobiles. Conditional Contract Correct answers The parties are of unequal bargaining power, and the insured cannot negotiate the terms, having to take the offer of the insurer as made. Contract of Indemnity Correct answers One should return to their same position as they were before the loss occurred. This limits the number of people intentionally causing losses because it was to their economic advantage.