Florida Public all lines adjuster questions and answers 100% correct

Subordination Correct Answer: When the insured collets damages from his or her own insurance company and those damages were caused by negligent third-party, the insurance company steps into the shoes of the insured and is entitled to recover the damages actually paid to the insured from the negligent party liability insurance Correct Answer: Means that the payment by the insurance company will be made to a third-party injured or damaged by the insured. An insured can we never recover damages from their own liability policy. DICE: Declarations, insuring agreement , condition, and exclusions. Correct Answer: For fundamental parts of all property and liability insurance contracts Proof of Loss Correct Answer: The evidence offered by the insured to support the claim for damages and, assigned sworn statement by the insured verifying that the required according to the policy or the insurance company. Severability Correct Answer: Insurance applies separately to each insured as if the other insured does not exist. Example: A homeowner who intentionally set fire to the house will not prevent the bank that holds the mortgage from recovering insurance for the damage done to the home. risk Correct Answer: Insurance policies transfer risk, or the chance of financial loss. Primary Policy Correct Answer: A basic, fundamental insurance policy which pays first with respect to other outstanding policies followed by an Excess Policy. Pro-rata policies Correct Answer: Will pay the proportion that it's limit bears to all limits that applied to the loss. Correct Answer: Policy A has a limit of 25,000; policy B has a limit of $50K; A loss is $6000. If we add the policy limits, we have a total of $75,000. Policy A's limit is the 1/3 of the total limit, therefore policy I will pay 1/3 of the loss, or $2000. Policy B limit is 2/3 of the total limit therefore policy be will pay 2/3 of the loss or $4000. peril Correct Answer: Fire, windstorm, earthquakes, and flood. Insurance companies only cover perils Hazards Correct Answer: Increase the loss by a peril. There are three types of hazards. A physical hazard is illustrated by a broken smoke alarm. The physical condition of the alarm increases the chance of lost by fir