Florida Claims Adjuster Exam, 6-20 All Lines Adjuster-

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Conditional Contract - 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 - 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 - Answer : the reasonable concern of a person to obtain insurance for any individual or property against unforeseen events such as death, losses, etc. Waiver - Answer : 1.) Implied voluntary relinquishment, abandoning a legal advantage, need, claim or right. 2.) Agreement or added clause of a policy that excludes some losses or limits the sum of a claim, or extends coverage to add items not in a normal policy. Express Waiver - Answer : Occurs when the insurer or its representative knowingly gives up a known right under the insurance contract. Implied Waiver s- Answer : A waiver that is assumed to be in effect from a person's behavior and shows he is waiving a right. Damages - Answer : Monetary compensation that is awarded by a court in a civil action to an individual who has been injured through the wrongful conduct of another party. Subrogation - Answer : When an insured has a right to collect damages from another party, but instead elects to claim the damages under his insurance policy, his rights against the other party are transferred to the insurer. Changes - Answer : All policies provide that any changes to the policy be made by the insurer, in writing. Policy Period - Answer : The condition states that coverage applies only to losses or occurrences that take place during the policy period. (Prior to the stated date and time of termination). Policy Territory - Answer : Condition limiting coverage to occurrences or losses that take place only within a stated geographical region. Other Insurance - Answer : The principle of indemnity dictates against duplicate recovery for the same loss. Cancellation - Answer : The insured may cancel at any time, for any rea