Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review 2023/2024

Peril - ANSWER-Something that causes a loss. Hazard - ANSWER-Something that increases the probability that a loss will occur . Warranty - ANSWER-A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation - ANSWER-An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment - ANSWER-The failure of the insured to reveal relevant facts known to the insured in applying for insurance. Abandonment - ANSWER-Property insurance policies usually contain an abandonment clause, stating the insured cannot dump damaged property on the insurer and demand its full value. Severability - ANSWER-The insurance applies separately to each insured as if other insureds did not exist. Proximate Cause - ANSWER-The cause having the most significant impact in bringing about the loss under a first-party property insurance policy, when two or more independent perils operate at the same time (i.e., concurrently) to produce a loss. Courts employ a set of rules to resolve causation disputes when a property policy states that it covers or excludes losses "caused by" a peril and there is more than one peril at work in a fact pattern. Under common law, whether the policy provides coverage depends on which peril is chosen as the proximate cause. Direct Loss - ANSWER-Physical harm to tangible property.