ADJUSTER PRO - FLORIDA CERTIFIED ADJUSTER GLOSSARY
EXAM Q&A 100% GUARANTEED SUCCESS
HO Forms 4 - ----Answers---Contents broad form"; named-
peril renter's policy covering only personal property and
anystructural improvements made at tenant's own expense. "
HO Forms 5 - ----Answers---Comprehensive form" of
Homeowners Insurance; provides all-peril coverage to both
structuresand contents; the Cadillac of HO forms. "
HO Forms 6 - ----Answers---Condo" or "unit owner's form";
named-peril homeowners policy covering personal property
andthe surface structure of a condominium. "
HO Forms 8 - ----Answers---Modified coverage form" of
Homeowners Insurance; named-peril coverage for structures
andcontents fewer perils covered; form for buildings with low
value.
Homeowner's Policy - ----Answers---An insurance policy
that combines property coverage with liability coverage for a
person'shome.
,IIPPA - ----Answers---The Insurance Information and Privacy
Protection Act regulates how an insurance companycan use
consumers' private information.
Impaired Property - ----Answers---Property that is defective
because the insured's deficient or incomplete additions or
work.
Income Protection (CropInsurance) - ----Answers---A form
of Crop Revenue Insurance. One of the cheapest available;
provides a fixed revenueguarantee based on early commodity
prices for the crop type.
Indemnification - ----Answers---Reimbursement for a loss,
which leaves the claimant in the same financial position that
she wasin before the loss.
Indemnify - ----Answers---To restore by payment, repair, or
replacement
Indemnity Insurance - ----Answers---Insurance that
indemnify's loss as opposed to liability
Indirect Loss - ----Answers---An economic loss that results
from the direct, or physical, loss.
Inland Marine - ----Answers---Insurance that protects
property being transported over land
,Insurance - ----Answers---A financial device used by people
and organizations to protect themselves from
unexpected,extraordinary financial losses.
Insurance Company - ----Answers---Company which sells
insurance policies to individuals or to other companies.
Insurance Policy - ----Answers---A contract wherein an
insured pays premiums to an insurer in exchange for financial
protectionin the event of a covered loss.
Insurance Rating Systems - ----Answers---Methods of
evaluating the risk involved in insuring a person, property, or a
corporation. Insurersuse rating systems to calculate
premiums.
Insured - ----Answers---A person or entity who is covered
under an insurance policy.
Insurer - ----Answers---The person or entity providing
coverage to one or more insureds.
Insuring Agreement - ----Answers---A section of an
insurance policy that summarizes the insurer's promise to
pay. Includes list ofcovered property and perils.
, Interest - ----Answers---Direct financial interest in
protecting a unit.
Intervening Cause - ----Answers---A separate occurrence
that intervenes" between a defendant's actions and damage or
loss toanother person. An intervening cause may decrease the
defendant's liability if the defendantcan show that it was the
intervening cause (rather than the defendant himself) that
caused thedamage or loss.
Joint - ----Answers---Liability shared by two or more
persons.
Judgement - ----Answers---An official court ruling forming a
final decision resolving a dispute or forming a final decree.
Kickbacks - ----Answers---Any sort of reward or
remuneration for referrals or favors; for example, a body shop
givingmoney to an adjuster for referring customers.
Landlord - ----Answers---One who has leased property to a
tenant.
Leased worker - ----Answers---Worker hired through a labor
leasing firm.
EXAM Q&A 100% GUARANTEED SUCCESS
HO Forms 4 - ----Answers---Contents broad form"; named-
peril renter's policy covering only personal property and
anystructural improvements made at tenant's own expense. "
HO Forms 5 - ----Answers---Comprehensive form" of
Homeowners Insurance; provides all-peril coverage to both
structuresand contents; the Cadillac of HO forms. "
HO Forms 6 - ----Answers---Condo" or "unit owner's form";
named-peril homeowners policy covering personal property
andthe surface structure of a condominium. "
HO Forms 8 - ----Answers---Modified coverage form" of
Homeowners Insurance; named-peril coverage for structures
andcontents fewer perils covered; form for buildings with low
value.
Homeowner's Policy - ----Answers---An insurance policy
that combines property coverage with liability coverage for a
person'shome.
,IIPPA - ----Answers---The Insurance Information and Privacy
Protection Act regulates how an insurance companycan use
consumers' private information.
Impaired Property - ----Answers---Property that is defective
because the insured's deficient or incomplete additions or
work.
Income Protection (CropInsurance) - ----Answers---A form
of Crop Revenue Insurance. One of the cheapest available;
provides a fixed revenueguarantee based on early commodity
prices for the crop type.
Indemnification - ----Answers---Reimbursement for a loss,
which leaves the claimant in the same financial position that
she wasin before the loss.
Indemnify - ----Answers---To restore by payment, repair, or
replacement
Indemnity Insurance - ----Answers---Insurance that
indemnify's loss as opposed to liability
Indirect Loss - ----Answers---An economic loss that results
from the direct, or physical, loss.
Inland Marine - ----Answers---Insurance that protects
property being transported over land
,Insurance - ----Answers---A financial device used by people
and organizations to protect themselves from
unexpected,extraordinary financial losses.
Insurance Company - ----Answers---Company which sells
insurance policies to individuals or to other companies.
Insurance Policy - ----Answers---A contract wherein an
insured pays premiums to an insurer in exchange for financial
protectionin the event of a covered loss.
Insurance Rating Systems - ----Answers---Methods of
evaluating the risk involved in insuring a person, property, or a
corporation. Insurersuse rating systems to calculate
premiums.
Insured - ----Answers---A person or entity who is covered
under an insurance policy.
Insurer - ----Answers---The person or entity providing
coverage to one or more insureds.
Insuring Agreement - ----Answers---A section of an
insurance policy that summarizes the insurer's promise to
pay. Includes list ofcovered property and perils.
, Interest - ----Answers---Direct financial interest in
protecting a unit.
Intervening Cause - ----Answers---A separate occurrence
that intervenes" between a defendant's actions and damage or
loss toanother person. An intervening cause may decrease the
defendant's liability if the defendantcan show that it was the
intervening cause (rather than the defendant himself) that
caused thedamage or loss.
Joint - ----Answers---Liability shared by two or more
persons.
Judgement - ----Answers---An official court ruling forming a
final decision resolving a dispute or forming a final decree.
Kickbacks - ----Answers---Any sort of reward or
remuneration for referrals or favors; for example, a body shop
givingmoney to an adjuster for referring customers.
Landlord - ----Answers---One who has leased property to a
tenant.
Leased worker - ----Answers---Worker hired through a labor
leasing firm.
