Florida 3

Florida 3-20 Public Adjusters State
Exam With Correct Answer


The insurer and insured agree to a specific value of insured itemCORRECT ANSWERS✔✔Agreed Value
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Policies
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Someone who has care, custody or control of another's propertyCORRECT ANSWERS✔✔Bailee
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Claim filed by policy holder against his _CORRECT ANSWERS✔✔First Party Claim
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When a person who entrusts another with an object and it results in injury to someone can be held liable for
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the injury to someone. Can be held liable for the injury i.e. Firearm or DWICORRECT ANSWERS✔✔Negligent
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Entrustment
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Hazard that results from a conscious decision made by an insured to participate in a manner or behavior more
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likely to result in a loss because they have insuranceCORRECT ANSWERS✔✔Moral Hazard
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Used to provide temporary insurance coverage until an insurance policy can be writtenCORRECT ANSWERS
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✔✔Binder



Required by lenders to guarantee that outstanding loans against a job are paid upon completionCORRECT
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ANSWERS✔✔Completion Bonds
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,The section of an insurance policy identifying the insured, endorsements, coverages, limits, and
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premiumsCORRECT ANSWERS✔✔Declarations
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Policyholder cannot transfer the policy to someone else without written permission from their insurance
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companyCORRECT ANSWERS✔✔Assignment
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An instance, behavior or environment that increases the likelihood of a loss on an insured itemCORRECT
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ANSWERS✔✔Hazard
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Actual cause or source of an incidence of destruction, injury, or lossCORRECT ANSWERS✔✔Peril
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An insurance company organized and domiciled outside the USCORRECT ANSWERS✔✔Alien
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When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of the
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original occurrenceCORRECT ANSWERS✔✔Proximate Cause
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Is proximate cause of all subsequent damagesCORRECT ANSWERS✔✔Original Occurance
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An individual who contracts with an adjusting firm as an independent contractor and handles claims for the
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insurance companiesCORRECT ANSWERS✔✔Independent Adjuster
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Action or practice of the insured party is permitted to continue because any defense against a continuation of
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said action or practice has been waived by the insurerCORRECT ANSWERS✔✔Estoppel
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Operate for profit, collect premiums, reserve a portion of premiums to pay claimsCORRECT ANSWERS✔✔
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, Any person who investigates or adjusts losses on behalf of either an insurer or a self-insuredCORRECT
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ANSWERS✔✔Independent Adjuster
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The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses
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sufferedCORRECT ANSWERS✔✔Damages
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Requires the insured to insure the named property for a specific amount of insurance as required by the
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insurance companyCORRECT ANSWERS✔✔Agreed Value
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Physical harm to tangible property caused by peril (loss to property or person in which a covered peril is the
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proximate cause of damage or destruction)CORRECT ANSWERS✔✔Direct loss
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The entity that is the "recipient" to the PrincipalCORRECT ANSWERS✔✔Obligee
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Insurance contracts are written on a take it or leave it basis to the policy owner.CORRECT ANSWERS✔✔
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Adhesion



Event or circumstance that causes damageCORRECT ANSWERS✔✔Occurance
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Coverage provides for payment of losses if civil authority denies access to the insured premises due to a
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covered perilCORRECT ANSWERS✔✔Civil Authority
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Voluntary relinquishment of a known legal rightCORRECT ANSWERS✔✔Waiver
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An insurer domiciled outside the state where it writes insuranceCORRECT ANSWERS✔✔Foreign
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A state officer who administers the state's insurance laws and regulationsCORRECT ANSWERS✔✔
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Commissioner