FLORIDA 3-20 PUBLIC ADJUSTERS STATE
EXAM (SET 1) QUESTIONS WITH COMPLETE
SOLUTION.
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
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
Policyholder cannot transfer the policy to someone else without written
permission from their insurance company :~CORRECT
ANSWER~Assignment
An instance, behavior or environment that increases the likelihood of a loss
on an insured item :~CORRECT ANSWER~Hazard
Actual cause or source of an incidence of destruction, injury, or loss
:~CORRECT ANSWER~Peril
An insurance company organized and domiciled outside the US
:~CORRECT ANSWER~Alien
When there is an unbroken chain of events between an occurrence and a
loss, then the loss is part of the original occurrence :~CORRECT
ANSWER~Proximate Cause
Is proximate cause of all subsequent damages :~CORRECT
ANSWER~Original Occurance
, An individual who contracts with an adjusting firm as an independent
contractor and handles claims for the insurance companies :~CORRECT
ANSWER~Independent Adjuster
Action or practice of the insured party is permitted to continue because any
defense against a continuation of said action or practice has been waived
by the insurer :~CORRECT ANSWER~Estoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay
claims :~CORRECT ANSWER~Commercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer
or a self-insured :~CORRECT ANSWER~Independent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or
amount or type of losses suffered :~CORRECT ANSWER~Damages
Requires the insured to insure the named property for a specific amount of
insurance as required by the insurance company :~CORRECT
ANSWER~Agreed Value
Physical harm to tangible property caused by peril (loss to property or
person in which a covered peril is the proximate cause of damage or
destruction) :~CORRECT ANSWER~Direct loss
EXAM (SET 1) QUESTIONS WITH COMPLETE
SOLUTION.
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
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
Policyholder cannot transfer the policy to someone else without written
permission from their insurance company :~CORRECT
ANSWER~Assignment
An instance, behavior or environment that increases the likelihood of a loss
on an insured item :~CORRECT ANSWER~Hazard
Actual cause or source of an incidence of destruction, injury, or loss
:~CORRECT ANSWER~Peril
An insurance company organized and domiciled outside the US
:~CORRECT ANSWER~Alien
When there is an unbroken chain of events between an occurrence and a
loss, then the loss is part of the original occurrence :~CORRECT
ANSWER~Proximate Cause
Is proximate cause of all subsequent damages :~CORRECT
ANSWER~Original Occurance
, An individual who contracts with an adjusting firm as an independent
contractor and handles claims for the insurance companies :~CORRECT
ANSWER~Independent Adjuster
Action or practice of the insured party is permitted to continue because any
defense against a continuation of said action or practice has been waived
by the insurer :~CORRECT ANSWER~Estoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay
claims :~CORRECT ANSWER~Commercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer
or a self-insured :~CORRECT ANSWER~Independent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or
amount or type of losses suffered :~CORRECT ANSWER~Damages
Requires the insured to insure the named property for a specific amount of
insurance as required by the insurance company :~CORRECT
ANSWER~Agreed Value
Physical harm to tangible property caused by peril (loss to property or
person in which a covered peril is the proximate cause of damage or
destruction) :~CORRECT ANSWER~Direct loss
