Florida Public all lines adjuster questions
and answers 100% correct
1. When the insured collets damages from his or her own insurance compa-
ny and those damages were caused by negligent third-party, the insurance
company steps into the shoes of the insured and is entitled to recover the
damages actually paid to the insured from the negligent party
ANS: Subordination
2. Means that the payment by the insurance company will be made to a
third-party injured or damaged by the insured. An insured can we never
recover damages from their own liability policy.
ANS: liability insurance
3. For fundamental parts of all property and liability insurance contracts -
ANS :DICE: Declarations, insuring agreement , condition, and exclusions.
4. The evidence offered by the insured to support the claim for damages and,
assigned sworn statement by the insured verifying that the required according
to the policy or the insurance company. ANS: Proof of Loss
5. Insurance applies separately to each insured as if the other insured does
not exist. Example: A homeowner who intentionally set fire to the house will
not prevent the bank that holds the mortgage from recovering insurance for
the damage done to the home. ANS: Severability
, 6. Insurance policies transfer risk, or the chance of financial loss. ANS: risk
7. A basic, fundamental insurance policy which pays first with respect to other
outstanding policies followed by an Excess Policy. ANS: Primary Policy
8. Will pay the proportion that it's limit bears to all limits that applied to the
loss. ANS: Pro-rata policies
9. Policy A has a limit of 25,000; policy B has a limit of $50K; A loss is $6000. If
we add the policy limits, we have a total of $75,000. Policy A's limit is the 1/3 of
the total limit, therefore policy I will pay 1/3 of the loss, or $2000. Policy B limit
is 2/3 of the total limit therefore policy be will pay 2/3 of the loss or $4000.:
10. Fire, windstorm, earthquakes, and flood. Insurance companies only cover
perils ANS: peril
11. Increase the loss by a peril. There are three types of hazards.
A physical hazard is illustrated by a broken smoke alarm. The physical condi-
tion of the alarm increases the chance of lost by fire.
Moral hazard is the consensus attitude of the insured. And insured that
intends to commit arson increases the chance that there will be a loss by fire.
A morale hazard is an unconscious attitude of the insured, i.e. carelessness.
A driver that is text messaging while operating a motor vehicle increases the
chance of loss in an automobile accident.ANS: Hazards
and answers 100% correct
1. When the insured collets damages from his or her own insurance compa-
ny and those damages were caused by negligent third-party, the insurance
company steps into the shoes of the insured and is entitled to recover the
damages actually paid to the insured from the negligent party
ANS: Subordination
2. Means that the payment by the insurance company will be made to a
third-party injured or damaged by the insured. An insured can we never
recover damages from their own liability policy.
ANS: liability insurance
3. For fundamental parts of all property and liability insurance contracts -
ANS :DICE: Declarations, insuring agreement , condition, and exclusions.
4. The evidence offered by the insured to support the claim for damages and,
assigned sworn statement by the insured verifying that the required according
to the policy or the insurance company. ANS: Proof of Loss
5. Insurance applies separately to each insured as if the other insured does
not exist. Example: A homeowner who intentionally set fire to the house will
not prevent the bank that holds the mortgage from recovering insurance for
the damage done to the home. ANS: Severability
, 6. Insurance policies transfer risk, or the chance of financial loss. ANS: risk
7. A basic, fundamental insurance policy which pays first with respect to other
outstanding policies followed by an Excess Policy. ANS: Primary Policy
8. Will pay the proportion that it's limit bears to all limits that applied to the
loss. ANS: Pro-rata policies
9. Policy A has a limit of 25,000; policy B has a limit of $50K; A loss is $6000. If
we add the policy limits, we have a total of $75,000. Policy A's limit is the 1/3 of
the total limit, therefore policy I will pay 1/3 of the loss, or $2000. Policy B limit
is 2/3 of the total limit therefore policy be will pay 2/3 of the loss or $4000.:
10. Fire, windstorm, earthquakes, and flood. Insurance companies only cover
perils ANS: peril
11. Increase the loss by a peril. There are three types of hazards.
A physical hazard is illustrated by a broken smoke alarm. The physical condi-
tion of the alarm increases the chance of lost by fire.
Moral hazard is the consensus attitude of the insured. And insured that
intends to commit arson increases the chance that there will be a loss by fire.
A morale hazard is an unconscious attitude of the insured, i.e. carelessness.
A driver that is text messaging while operating a motor vehicle increases the
chance of loss in an automobile accident.ANS: Hazards
