6.20 All Lines Adjuster- Florida- Review
of Quizzes Exam With Complete
Solution
The deductible - ANSWER-The dollar amount that the insured pays before the insurer is
required to pay the remainder of the loss is known as?
Replacement cost - ANSWER-Which loss settlement provides new for old?
the claims adjuster's role in the insurance industry includes - ANSWER-Give
appropriate legal advice and write binding contracts
following are examples of a peril - ANSWER-Lighting, Explosion and Fire
The abandonment clause - ANSWER-The clause that prohibits the insured from
dumping damaged property on the insurance company and demanding to be paid in full
is?
Liberalization - ANSWER-When a policy change results in broadened coverage with no
additional premium, the insured automatically receives the benefit under the principle
of?
Risk - ANSWER-The chance of financial loss is known as?
Percentage - ANSWER-Hurricane insurance in coastal areas in Florida is written
subject to which of the following deductibles?
Severability - ANSWER-Insurance may apply separately to each insured, as if the other
insureds did not exist. This is known as the doctrine of?
The principle of proximate cause - ANSWER-When there is an unbroken connection
between an occurrence and the damage that arises from the occurrence, and all the
resulting damage happened on account of that occurrence, this is known as?
,characteristics of a contract - ANSWER-Consideration must be given to at least one
party
Primary - ANSWER-When two or more policies apply to the same loss, the one that
pays first is called?
Mortgagee Clause - ANSWER-The clause that protects the lender in a real property
policy is the?
Indemnity - ANSWER-The concept that one should not profit from the payment provided
by an insurance policy is known as?
Property or first-party insurance - ANSWER-Payment the insurance company makes
directly to the insured is?
Written - ANSWER-To be considered an insurance contract, a policy must be?
Subrogation - ANSWER-When the insured transfers his/her rights to collect for
damages to the insurer, it is known as?
The insured - ANSWER-If an insurance policy is unclear or ambiguous, in whose favor
does the policy respond?
Insurable interest - ANSWER-A partial owner of a building cannot receive full value for
the building in the event of a loss because of?
Comparative negligence - ANSWER-Reduces the insured's damages by the degree of
negligence
the following are part of an insurance policy - ANSWER-Exclusions, Declarations and
Endorsementd
,ACV - ANSWER-replacement cost minus depreciation
The insured's house is totally destroyed in a fire. The house is insured for $200,000.
The adjuster who investigates the claims determines the ACV of the home is $185,000.
- ANSWER-The Florida Valued Policy Law requires the insurer to pay $200,000
describe a franchise deductible - ANSWER-No payment is made until the loss equals or
exceeds the amount of the deductible and then the loss is paid in full
All of the following are characteristics of an insurance contract EXCEPT? Personal,
Private, Conditional, Adhesion? - ANSWER-Private
If a claimant is represented by an attorney, the adjuster should? - ANSWER-Only meet
with the client when the attorney is present
Adjusters should advise claimants on? - ANSWER-claims information
An adjuster is required to notify a claimant when a claim is denied. The notification must
be? - ANSWER-Written
The term ethics refers to? - ANSWER-service to others, personal respect and proper
mode of conduct
When an adjuster deals with a claimant who is not a policyholder, this claim is known as
an? - ANSWER-third party claim
The successful adjuster/negotiator should understand that communication includes all
of the following EXCEPT?
Select one:
A. Verbal and non-verbal messages
B. Questioning
C. Listening
, D. Decision-making - ANSWER-Decision-making
Which of the following is not a duty of the claims adjuster?
Select one:
A. Investigating
B. Evaluating
C. Negotiating
D. Counseling - ANSWER-Counseling
The adjuster's duty to the insurer is best described as?
Select one:
A. Friendly
B. Factual
C. Fun
D. Fiduciary - ANSWER-Fiduciary
Errors and Omissions claims are a result of?
Select one:
A. unethical behavior
B. lack of knowledge or information
C. Both unethical behavior and lack of knowledge or information are correct
D. Neither unethical behavior and lack of knowledge or information are correct -
ANSWER-Both unethical behavior and lack of knowledge or information are correct
Unethical behavior affects?
Select one:
A. The claimant
B. The adjuster
C. All of the above
of Quizzes Exam With Complete
Solution
The deductible - ANSWER-The dollar amount that the insured pays before the insurer is
required to pay the remainder of the loss is known as?
Replacement cost - ANSWER-Which loss settlement provides new for old?
the claims adjuster's role in the insurance industry includes - ANSWER-Give
appropriate legal advice and write binding contracts
following are examples of a peril - ANSWER-Lighting, Explosion and Fire
The abandonment clause - ANSWER-The clause that prohibits the insured from
dumping damaged property on the insurance company and demanding to be paid in full
is?
Liberalization - ANSWER-When a policy change results in broadened coverage with no
additional premium, the insured automatically receives the benefit under the principle
of?
Risk - ANSWER-The chance of financial loss is known as?
Percentage - ANSWER-Hurricane insurance in coastal areas in Florida is written
subject to which of the following deductibles?
Severability - ANSWER-Insurance may apply separately to each insured, as if the other
insureds did not exist. This is known as the doctrine of?
The principle of proximate cause - ANSWER-When there is an unbroken connection
between an occurrence and the damage that arises from the occurrence, and all the
resulting damage happened on account of that occurrence, this is known as?
,characteristics of a contract - ANSWER-Consideration must be given to at least one
party
Primary - ANSWER-When two or more policies apply to the same loss, the one that
pays first is called?
Mortgagee Clause - ANSWER-The clause that protects the lender in a real property
policy is the?
Indemnity - ANSWER-The concept that one should not profit from the payment provided
by an insurance policy is known as?
Property or first-party insurance - ANSWER-Payment the insurance company makes
directly to the insured is?
Written - ANSWER-To be considered an insurance contract, a policy must be?
Subrogation - ANSWER-When the insured transfers his/her rights to collect for
damages to the insurer, it is known as?
The insured - ANSWER-If an insurance policy is unclear or ambiguous, in whose favor
does the policy respond?
Insurable interest - ANSWER-A partial owner of a building cannot receive full value for
the building in the event of a loss because of?
Comparative negligence - ANSWER-Reduces the insured's damages by the degree of
negligence
the following are part of an insurance policy - ANSWER-Exclusions, Declarations and
Endorsementd
,ACV - ANSWER-replacement cost minus depreciation
The insured's house is totally destroyed in a fire. The house is insured for $200,000.
The adjuster who investigates the claims determines the ACV of the home is $185,000.
- ANSWER-The Florida Valued Policy Law requires the insurer to pay $200,000
describe a franchise deductible - ANSWER-No payment is made until the loss equals or
exceeds the amount of the deductible and then the loss is paid in full
All of the following are characteristics of an insurance contract EXCEPT? Personal,
Private, Conditional, Adhesion? - ANSWER-Private
If a claimant is represented by an attorney, the adjuster should? - ANSWER-Only meet
with the client when the attorney is present
Adjusters should advise claimants on? - ANSWER-claims information
An adjuster is required to notify a claimant when a claim is denied. The notification must
be? - ANSWER-Written
The term ethics refers to? - ANSWER-service to others, personal respect and proper
mode of conduct
When an adjuster deals with a claimant who is not a policyholder, this claim is known as
an? - ANSWER-third party claim
The successful adjuster/negotiator should understand that communication includes all
of the following EXCEPT?
Select one:
A. Verbal and non-verbal messages
B. Questioning
C. Listening
, D. Decision-making - ANSWER-Decision-making
Which of the following is not a duty of the claims adjuster?
Select one:
A. Investigating
B. Evaluating
C. Negotiating
D. Counseling - ANSWER-Counseling
The adjuster's duty to the insurer is best described as?
Select one:
A. Friendly
B. Factual
C. Fun
D. Fiduciary - ANSWER-Fiduciary
Errors and Omissions claims are a result of?
Select one:
A. unethical behavior
B. lack of knowledge or information
C. Both unethical behavior and lack of knowledge or information are correct
D. Neither unethical behavior and lack of knowledge or information are correct -
ANSWER-Both unethical behavior and lack of knowledge or information are correct
Unethical behavior affects?
Select one:
A. The claimant
B. The adjuster
C. All of the above
