Florida Claims (3, 6) -20, Public Adjusters State Exam
(Set 1&2) UPDATED 2024 EXAM 6 VERSIONS
QUESTIONS AND DETAILED ANSWERS
A subset of the claims function whereby suspicious losses are
investigated separately from the normal claims adjusters'
activities - ✔️CORRECT ANSWER✅-Special Investigations Unit
An insurer takes no action upon realizing material changes in a
contract - ✔️CORRECT ANSWER✅-Implied Waiver
Acts committed without negligence but result in damages -
✔️CORRECT ANSWER✅-Intentional Tort
Willful and illegal sinking of a ship at sea or its cargo -
✔️CORRECT ANSWER✅-barratry
Covers physical damage as well as liability and tends to be very
broad in coverage - ✔️CORRECT ANSWER✅-Commercial
Inland Marine
,Single insurance for only one kind of property at only one
location of an insured - ✔️CORRECT ANSWER✅-Specific
Coverage
When a person who entrusts another with an object and it
results in injury to someone can be held liable for the injury to
someone. Can be held liable for the injury i.e. Firearm or DWI -
✔️CORRECT ANSWER✅-Negligent Entrustment
Hazard that results from a conscious decision made by an
insured to participate in a manner or behavior more likely to
result in a loss because they have insurance - ✔️CORRECT
ANSWER✅-Moral Hazard
Used to provide temporary insurance coverage until an
insurance policy can be written - ✔️CORRECT ANSWER✅-
Binder
Required by lenders to guarantee that outstanding loans
against a job are paid upon completion - ✔️CORRECT
ANSWER✅-Completion Bonds
,The section of an insurance policy identifying the insured,
endorsements, coverages, limits, and premiums - ✔️CORRECT
ANSWER✅-Declarations
The insurer and insured agree to a specific value of insured
item - ✔️CORRECT ANSWER✅-Agreed Value Policies
Someone who has care, custody or control of another's
property - ✔️CORRECT ANSWER✅-Bailee
Claim filed by policy holder against his _ - ✔️CORRECT
ANSWER✅-First Party Claim
A legal action filed by one or more persons on behalf of
themselves and others having an identical interest in the
alleged wrongdoing - ✔️CORRECT ANSWER✅-Class-Action
A specific risk or cause of loss covered by an insurance policy,
such as fire, windstorm, flood, theft, etc. - ✔️CORRECT
ANSWER✅-Peril
, Dangers in a store, warehouse, or office; circumstances of risks
and perils determine who is responsible for _____ -
✔️CORRECT ANSWER✅-Premises Liability
A loss or risk the policy doesn't cover - ✔️CORRECT
ANSWER✅-Exclusions
Technique used to transfer the risk of a person, business, or
organization in another through the use of a two-party contract
- ✔️CORRECT ANSWER✅-Insurance
A legal two-party document describing the relationship
between the insured and the insurance company - ✔️CORRECT
ANSWER✅-Indemnity Contract
Legal document that makes some person responsible for
damages their actions or products cause regardless of any fault
on their part - ✔️CORRECT ANSWER✅-Strict Liabilty
The intention to withhold relative information about the risk
from the insurance company - ✔️CORRECT ANSWER✅-
Concealment
(Set 1&2) UPDATED 2024 EXAM 6 VERSIONS
QUESTIONS AND DETAILED ANSWERS
A subset of the claims function whereby suspicious losses are
investigated separately from the normal claims adjusters'
activities - ✔️CORRECT ANSWER✅-Special Investigations Unit
An insurer takes no action upon realizing material changes in a
contract - ✔️CORRECT ANSWER✅-Implied Waiver
Acts committed without negligence but result in damages -
✔️CORRECT ANSWER✅-Intentional Tort
Willful and illegal sinking of a ship at sea or its cargo -
✔️CORRECT ANSWER✅-barratry
Covers physical damage as well as liability and tends to be very
broad in coverage - ✔️CORRECT ANSWER✅-Commercial
Inland Marine
,Single insurance for only one kind of property at only one
location of an insured - ✔️CORRECT ANSWER✅-Specific
Coverage
When a person who entrusts another with an object and it
results in injury to someone can be held liable for the injury to
someone. Can be held liable for the injury i.e. Firearm or DWI -
✔️CORRECT ANSWER✅-Negligent Entrustment
Hazard that results from a conscious decision made by an
insured to participate in a manner or behavior more likely to
result in a loss because they have insurance - ✔️CORRECT
ANSWER✅-Moral Hazard
Used to provide temporary insurance coverage until an
insurance policy can be written - ✔️CORRECT ANSWER✅-
Binder
Required by lenders to guarantee that outstanding loans
against a job are paid upon completion - ✔️CORRECT
ANSWER✅-Completion Bonds
,The section of an insurance policy identifying the insured,
endorsements, coverages, limits, and premiums - ✔️CORRECT
ANSWER✅-Declarations
The insurer and insured agree to a specific value of insured
item - ✔️CORRECT ANSWER✅-Agreed Value Policies
Someone who has care, custody or control of another's
property - ✔️CORRECT ANSWER✅-Bailee
Claim filed by policy holder against his _ - ✔️CORRECT
ANSWER✅-First Party Claim
A legal action filed by one or more persons on behalf of
themselves and others having an identical interest in the
alleged wrongdoing - ✔️CORRECT ANSWER✅-Class-Action
A specific risk or cause of loss covered by an insurance policy,
such as fire, windstorm, flood, theft, etc. - ✔️CORRECT
ANSWER✅-Peril
, Dangers in a store, warehouse, or office; circumstances of risks
and perils determine who is responsible for _____ -
✔️CORRECT ANSWER✅-Premises Liability
A loss or risk the policy doesn't cover - ✔️CORRECT
ANSWER✅-Exclusions
Technique used to transfer the risk of a person, business, or
organization in another through the use of a two-party contract
- ✔️CORRECT ANSWER✅-Insurance
A legal two-party document describing the relationship
between the insured and the insurance company - ✔️CORRECT
ANSWER✅-Indemnity Contract
Legal document that makes some person responsible for
damages their actions or products cause regardless of any fault
on their part - ✔️CORRECT ANSWER✅-Strict Liabilty
The intention to withhold relative information about the risk
from the insurance company - ✔️CORRECT ANSWER✅-
Concealment
