Florida Claims Adjuster Exam questions with correct answers

Severability CORRECT ANSWER Insurance applies separately to each insured as if other insureds did not exist. Abandonment CORRECT ANSWER Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* Insurable Interest CORRECT ANSWER One wherein economic loss would be suffered from an adverse happening to the subject. Liberalization CORRECT ANSWER States that if the insurer adopts a revision which would broaden coverage without additional premium within some period of time prior to the policy period or during the policy period, the insured receives the benefit of such broadened coverage.. Doctrine of Proximate Cause CORRECT ANSWER States 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. Actual Cash Value CORRECT ANSWER The Loss Settlement Valuation that subtracts an allowance for depreciation Warranty CORRECT ANSWER A policy condition, either based on information in the insured's application or inserted by the insurer Conditional Contract CORRECT ANSWER The Insurer's responsibility to pay for a property loss may be conditioned on the insu