Florida Claims Adjuster Exam| Florida Claims Adjuster
Exam Review (6-20 All Lines Adjuster)
How many days should an insurer give for prior notice of cancellation of
a binder?
(Ans- 5 days.
Property Insurance
(Ans- Any insurance wherein payment by the insurer will be paid
directly to the insured or other specifically named interests.
Liability Insurance
(Ans- Payment will be on behalf of the insured to another, based upon
the insureds liability to the recipient. Simply stated, Liability is
"Negligence of the Insured".
Loss Payee Clause
(Ans- A Clause in a contract of insurance that provides, in the event of
payment being made under the policy in relation to the insured risk,
that payment will be made to a 3rd party rather than to the insured
beneficiary of the policy.
,Mortgage Clause
(Ans- A property insurance provision granting special protection for the
interest of a mortgagee named in the policy, in effect setting up a
separate content between the insurer and the mortgagee.
Other Structures
(Ans- Covers items that are not permanently attached to the main
dwelling, such as a shed, fence, etc.
Commercial Inland Marine
(Ans- Helps identify the kinds of risk which are eligible for either ocean
or inland Marine insurance.
Building Ordinance Coverage
(Ans- This endorsement covers the insured for enforcement of laws
which require demolition of undamaged portions of buildings.
Umbrella Policy
(Ans- Covers a much higher limit and goes above and beyond claims
directly relating to your home and auto, it provides your assets from an
unforeseen event, such as a tragic accident in which you are held
responsible for damages or bodily injuries.
,Known Loss
(Ans- Prevents an insured from coverage if the insured knew the loss
was probable at the time of the insurance contract.
Value Reporting
(Ans- The limit of coverage is set at an amount somewhat higher than
expected peak values.
Commercial Property Insurance
(Ans- Covers direct and indirect losses related to properties other than
one to four family dwellings and farm properties.
Employee Theft
(Ans- Provides coverage for loss of or damage to money, securities, and
other property resulting from theft committed by an employee. Theft is
defined as the unlawful taking of money, securities or other property to
the deprivation of the insured.
Bid
(Ans- Agreement to fulfill a contractual obligation used frequently in
construction and supplying goods.
, Health Maintenance Organization (HMO)
(Ans- Provides comprehensive health services to its members for a
prepaid fixed fee, equivalent to an insurance premium.
Preferred Provider Organization
(PPO)
(Ans- A selected group of hospital's and medical practitioners in a given
area who have joined together in an effort to reduce medical costs.
Estoppel
(Ans- Is an equitable principle to the effect that if one intentionally or
unintentionally creates the impression that a certain fact exists, and an
innocent party relies on that impression and is damaged as a result, the
guilty party may be legally prohibited(estopped) from asserting that the
fact does not exist.
Salvage
(Ans- Motor vehicle or mobile home is a total loss.
Junk
(Ans- Any material which is or may have been a motor vehicle or mobile
home, with or without all component parts, which is inoperable and
Exam Review (6-20 All Lines Adjuster)
How many days should an insurer give for prior notice of cancellation of
a binder?
(Ans- 5 days.
Property Insurance
(Ans- Any insurance wherein payment by the insurer will be paid
directly to the insured or other specifically named interests.
Liability Insurance
(Ans- Payment will be on behalf of the insured to another, based upon
the insureds liability to the recipient. Simply stated, Liability is
"Negligence of the Insured".
Loss Payee Clause
(Ans- A Clause in a contract of insurance that provides, in the event of
payment being made under the policy in relation to the insured risk,
that payment will be made to a 3rd party rather than to the insured
beneficiary of the policy.
,Mortgage Clause
(Ans- A property insurance provision granting special protection for the
interest of a mortgagee named in the policy, in effect setting up a
separate content between the insurer and the mortgagee.
Other Structures
(Ans- Covers items that are not permanently attached to the main
dwelling, such as a shed, fence, etc.
Commercial Inland Marine
(Ans- Helps identify the kinds of risk which are eligible for either ocean
or inland Marine insurance.
Building Ordinance Coverage
(Ans- This endorsement covers the insured for enforcement of laws
which require demolition of undamaged portions of buildings.
Umbrella Policy
(Ans- Covers a much higher limit and goes above and beyond claims
directly relating to your home and auto, it provides your assets from an
unforeseen event, such as a tragic accident in which you are held
responsible for damages or bodily injuries.
,Known Loss
(Ans- Prevents an insured from coverage if the insured knew the loss
was probable at the time of the insurance contract.
Value Reporting
(Ans- The limit of coverage is set at an amount somewhat higher than
expected peak values.
Commercial Property Insurance
(Ans- Covers direct and indirect losses related to properties other than
one to four family dwellings and farm properties.
Employee Theft
(Ans- Provides coverage for loss of or damage to money, securities, and
other property resulting from theft committed by an employee. Theft is
defined as the unlawful taking of money, securities or other property to
the deprivation of the insured.
Bid
(Ans- Agreement to fulfill a contractual obligation used frequently in
construction and supplying goods.
, Health Maintenance Organization (HMO)
(Ans- Provides comprehensive health services to its members for a
prepaid fixed fee, equivalent to an insurance premium.
Preferred Provider Organization
(PPO)
(Ans- A selected group of hospital's and medical practitioners in a given
area who have joined together in an effort to reduce medical costs.
Estoppel
(Ans- Is an equitable principle to the effect that if one intentionally or
unintentionally creates the impression that a certain fact exists, and an
innocent party relies on that impression and is damaged as a result, the
guilty party may be legally prohibited(estopped) from asserting that the
fact does not exist.
Salvage
(Ans- Motor vehicle or mobile home is a total loss.
Junk
(Ans- Any material which is or may have been a motor vehicle or mobile
home, with or without all component parts, which is inoperable and
