Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Correctly Answered Latest 2023

Peril - CORRECT ANSWER Something that causes a loss. Hazard - CORRECT ANSWER Something that increases the probability that a loss will occur. Warranty - CORRECT 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 - CORRECT ANSWER An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment - CORRECT ANSWER The failure of the insured to reveal relevant facts known to the insured in applying for insurance. Abandonment - CORRECT 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 - CORRECT ANSWER The insurance applies separately to each insured as if other insureds did not exist. Proximate Cause - CORRECT 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 - CORRECT ANSWER Physical harm to tangible property. Indirect Loss - CORRECT ANSWER Economic loss which flows as a result of direct loss. Actual Cash Value(ACV) - CORRECT ANSWER Replacement Cost minus Depreciation Coinsurance - CORRECT ANSWER The amount, generally expressed as a fixed percentage, an insured must pay against a claim after the deductible is satisfied. It's ultimately a way for the insured and insurer to share responsibility for the risk. It can also help reduce the cost of the insurance policy premium. Coinsurance can be written on an 80/20, 90/100, or 100% rule. Personal Contract - CORRECT ANSWER Policies cover people who own and operate things, such as automobiles. Conditional Contract - CORRECT ANSWER Also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. This legal agreement requires prior performance of another agreement or clause in order to be enforceable. If the other agreement or condition is performed, then the conditional contract is enforceable and the parties are bound to carry out the terms of the contract. Contract of Indemnity - CORRECT ANSWER Principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he/she occupied before the loss occurred, no better or no worse. Insurable Interest - CORRECT ANSWER the reasonable concern of a person to obtain insurance for any individual or property against unforeseen events such as death, losses, etc. Florida Claims Adjust