Florida 3-20 Public Adjusters State Exam (Set 1)|
140 QUESTIONS| 21 PAGES
1. The insurer and insured agree to a specific value of insured item
ANS: Agreed Value Policies
2. Someone who has care, custody or control of another's property
ANS: Bailee
3. Claim filed by policy holder against his _ ANS: First Party Claim
4. 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 ANS: Negligent Entrustment
5. 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 ANS: Moral Hazard
6. Used to provide temporary insurance coverage until an insurance policy
can be written ANS: Binder
7. Required by lenders to guarantee that outstanding loans against a job are
paid upon completion ANS: Completion Bonds
,8. The section of an insurance policy identifying the insured, endorsements,
coverages, limits, and premiums ANS: Declarations
9. Policyholder cannot transfer the policy to someone else without written
permission from their insurance company ANS: Assignment
10. An instance, behavior or environment that increases the likelihood of a
loss on an insured item ANS: Hazard
11. Actual cause or source of an incidence of destruction, injury, or loss
ANS: Peril
12. An insurance company organized and domiciled outside the US:
ANS Alien
13. When there is an unbroken chain of events between an occurrence and a
loss, then the loss is part of the original occurrence
ANS: Proximate Cause
14. Is proximate cause of all subsequent damages ANS: Original Occurance
15. An individual who contracts with an adjusting firm as an independent con-
tractor and handles claims for the insurance companies: ANS Independent
Adjuster
16. 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 ANS: Estoppel
17. Operate for profit, collect premiums, reserve a portion of premiums to pay
claims ANS: Commercial Insurers
, 18. Any person who investigates or adjusts losses on behalf of either an
insurer or a self-insured ANS: Independent Adjuster
19. The result of an insured's tort or wrongdoing. Consequences of a loss or
amount or type of losses suffered ANS: Damages
20. Requires the insured to insure the named property for a specific amount
of insurance as required by the insurance company ANS: Agreed Value
140 QUESTIONS| 21 PAGES
1. The insurer and insured agree to a specific value of insured item
ANS: Agreed Value Policies
2. Someone who has care, custody or control of another's property
ANS: Bailee
3. Claim filed by policy holder against his _ ANS: First Party Claim
4. 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 ANS: Negligent Entrustment
5. 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 ANS: Moral Hazard
6. Used to provide temporary insurance coverage until an insurance policy
can be written ANS: Binder
7. Required by lenders to guarantee that outstanding loans against a job are
paid upon completion ANS: Completion Bonds
,8. The section of an insurance policy identifying the insured, endorsements,
coverages, limits, and premiums ANS: Declarations
9. Policyholder cannot transfer the policy to someone else without written
permission from their insurance company ANS: Assignment
10. An instance, behavior or environment that increases the likelihood of a
loss on an insured item ANS: Hazard
11. Actual cause or source of an incidence of destruction, injury, or loss
ANS: Peril
12. An insurance company organized and domiciled outside the US:
ANS Alien
13. When there is an unbroken chain of events between an occurrence and a
loss, then the loss is part of the original occurrence
ANS: Proximate Cause
14. Is proximate cause of all subsequent damages ANS: Original Occurance
15. An individual who contracts with an adjusting firm as an independent con-
tractor and handles claims for the insurance companies: ANS Independent
Adjuster
16. 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 ANS: Estoppel
17. Operate for profit, collect premiums, reserve a portion of premiums to pay
claims ANS: Commercial Insurers
, 18. Any person who investigates or adjusts losses on behalf of either an
insurer or a self-insured ANS: Independent Adjuster
19. The result of an insured's tort or wrongdoing. Consequences of a loss or
amount or type of losses suffered ANS: Damages
20. Requires the insured to insure the named property for a specific amount
of insurance as required by the insurance company ANS: Agreed Value
