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FLORIDA 6-20 ALL LINES ADJUSTER NEWEST EXAM
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS|ALREADY GRADED A+/100%
GUARANTEED TO PASS CONCEPTS
Peril - (answers)Something that causes a loss.
Hazard - (answers)Something that increases the probability that a loss will
occur.
Warranty - (answers)A policy condition, either based on information in the
insureds application or inserted by the insurer. It is a guarantee of a fact.
Misrepresentation - (answers)An untrue statement by the insured, made in an
application for insurance but which does not become a part of the policy.
Concealment - (answers)The failure of the insured to reveal relevant facts
known to the insured in applying for insurance.
Abandonment - (answers)Property insurance policies usually contain an
abandonment clause, stating the insured cannot dump damaged property on
the insurer and demand its full value.
Severability - (answers)The insurance applies separately to each insured as if
other insureds did not exist.
Proximate Cause - (answers)The cause having the most significant impact in
bringing about the loss under a first-party property insurance policy, when two
or more independent perils operate at the same time (i.e., concurrently) to
produce a loss. Courts employ a set of rules to resolve causation disputes when
a property policy states that it covers or excludes losses "caused by" a peril and
, 2
there is more than one peril at work in a fact pattern. Under common law,
whether the policy provides coverage depends on which peril is chosen as the
proximate cause.
Direct Loss - (answers)Physical harm to tangible property.
Indirect Loss - (answers)Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) - (answers)Replacement Cost minus Depreciation
Coinsurance - (answers)The amount, generally expressed as a fixed
percentage, an insured must pay against a claim after the deductible is
satisfied. It's ultimately a way for the insured and insurer to share responsibility
for the risk. It can also help reduce the cost of the insurance policy premium.
Coinsurance can be written on an 80/20, 90/100, or 100% rule.
Personal Contract - (answers)Policies cover people who own and operate
things, such as automobiles.
Conditional Contract - (answers)Also called a hypothetical contract, is a
contract agreement that only requires performance once the delineated
conditions are met. This legal agreement requires prior performance of
another agreement or clause in order to be enforceable. If the other
agreement or condition is performed, then the conditional contract is
enforceable and the parties are bound to carry out the terms of the contract.
Contract of Indemnity - (answers)Principle of insurance that provides that
when a loss occurs, the insured should be restored to the approximate financial
condition he/she occupied before the loss occurred, no better or no worse.
, 3
Insurable Interest - (answers)the reasonable concern of a person to obtain
insurance for any individual or property against unforeseen events such as
death, losses, etc.
Waiver - (answers)1.) Implied voluntary relinquishment, abandoning a legal
advantage, need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses or limits
the sum of a claim, or extends coverage to add items not in a normal policy.
Express Waiver - (answers)Occurs when the insurer or its representative
knowingly gives up a known right under the insurance contract.
Implied Waiver - (answers)A waiver that is assumed to be in effect from a
person's behavior and shows he is waiving a right.
Damages - (answers)Monetary compensation that is awarded by a court in a
civil action to an individual who has been injured through the wrongful conduct
of another party.
Subrogation - (answers)When an insured has a right to collect damages from
another party, but instead elects to claim the damages under his insurance
policy, his rights against the other party are transferred to the insurer.
Changes - (answers)All policies provide that any changes to the policy be made
by the insurer, in writing.
Policy Period - (answers)The condition states that coverage applies only to
losses or occurrences that take place during the policy period. (Prior to the
stated date and time of termination).
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Policy Territory - (answers)Condition limiting coverage to occurrences or losses
that take place only within a stated geographical region.
Other Insurance - (answers)The principle of indemnity dictates against
duplicate recovery for the same loss.
Cancellation - (answers)The insured may cancel at any time, for any reason,
without advance notice. If the conpany wishes to cancel, it must provide some
degree of advance notice so the insured will have time to replace the coverage.
Appraisal - (answers)A written contract of or written agreement for or effecting
insurance, or the certificate thereof, by whatever name called, and includes all
clauses, riders, endorsements and papers which are a part thereof.
Insurance - (answers)Is a contract whereby one undertakes to indemnify
another or pay or allow a specified amount or a determinable benefit upon
determinable contingencies.
Binder - (answers)Acts as a temporary contract until the policy is issued.
How many days should an insurer give for prior notice of cancellation of a
binder? - (answers)5 days.
Property Insurance - (answers)Any insurance wherein payment by the insurer
will be paid directly to the insured or other specifically named interests.
Liability Insurance - (answers)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".
FLORIDA 6-20 ALL LINES ADJUSTER NEWEST EXAM
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS|ALREADY GRADED A+/100%
GUARANTEED TO PASS CONCEPTS
Peril - (answers)Something that causes a loss.
Hazard - (answers)Something that increases the probability that a loss will
occur.
Warranty - (answers)A policy condition, either based on information in the
insureds application or inserted by the insurer. It is a guarantee of a fact.
Misrepresentation - (answers)An untrue statement by the insured, made in an
application for insurance but which does not become a part of the policy.
Concealment - (answers)The failure of the insured to reveal relevant facts
known to the insured in applying for insurance.
Abandonment - (answers)Property insurance policies usually contain an
abandonment clause, stating the insured cannot dump damaged property on
the insurer and demand its full value.
Severability - (answers)The insurance applies separately to each insured as if
other insureds did not exist.
Proximate Cause - (answers)The cause having the most significant impact in
bringing about the loss under a first-party property insurance policy, when two
or more independent perils operate at the same time (i.e., concurrently) to
produce a loss. Courts employ a set of rules to resolve causation disputes when
a property policy states that it covers or excludes losses "caused by" a peril and
, 2
there is more than one peril at work in a fact pattern. Under common law,
whether the policy provides coverage depends on which peril is chosen as the
proximate cause.
Direct Loss - (answers)Physical harm to tangible property.
Indirect Loss - (answers)Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) - (answers)Replacement Cost minus Depreciation
Coinsurance - (answers)The amount, generally expressed as a fixed
percentage, an insured must pay against a claim after the deductible is
satisfied. It's ultimately a way for the insured and insurer to share responsibility
for the risk. It can also help reduce the cost of the insurance policy premium.
Coinsurance can be written on an 80/20, 90/100, or 100% rule.
Personal Contract - (answers)Policies cover people who own and operate
things, such as automobiles.
Conditional Contract - (answers)Also called a hypothetical contract, is a
contract agreement that only requires performance once the delineated
conditions are met. This legal agreement requires prior performance of
another agreement or clause in order to be enforceable. If the other
agreement or condition is performed, then the conditional contract is
enforceable and the parties are bound to carry out the terms of the contract.
Contract of Indemnity - (answers)Principle of insurance that provides that
when a loss occurs, the insured should be restored to the approximate financial
condition he/she occupied before the loss occurred, no better or no worse.
, 3
Insurable Interest - (answers)the reasonable concern of a person to obtain
insurance for any individual or property against unforeseen events such as
death, losses, etc.
Waiver - (answers)1.) Implied voluntary relinquishment, abandoning a legal
advantage, need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses or limits
the sum of a claim, or extends coverage to add items not in a normal policy.
Express Waiver - (answers)Occurs when the insurer or its representative
knowingly gives up a known right under the insurance contract.
Implied Waiver - (answers)A waiver that is assumed to be in effect from a
person's behavior and shows he is waiving a right.
Damages - (answers)Monetary compensation that is awarded by a court in a
civil action to an individual who has been injured through the wrongful conduct
of another party.
Subrogation - (answers)When an insured has a right to collect damages from
another party, but instead elects to claim the damages under his insurance
policy, his rights against the other party are transferred to the insurer.
Changes - (answers)All policies provide that any changes to the policy be made
by the insurer, in writing.
Policy Period - (answers)The condition states that coverage applies only to
losses or occurrences that take place during the policy period. (Prior to the
stated date and time of termination).
, 4
Policy Territory - (answers)Condition limiting coverage to occurrences or losses
that take place only within a stated geographical region.
Other Insurance - (answers)The principle of indemnity dictates against
duplicate recovery for the same loss.
Cancellation - (answers)The insured may cancel at any time, for any reason,
without advance notice. If the conpany wishes to cancel, it must provide some
degree of advance notice so the insured will have time to replace the coverage.
Appraisal - (answers)A written contract of or written agreement for or effecting
insurance, or the certificate thereof, by whatever name called, and includes all
clauses, riders, endorsements and papers which are a part thereof.
Insurance - (answers)Is a contract whereby one undertakes to indemnify
another or pay or allow a specified amount or a determinable benefit upon
determinable contingencies.
Binder - (answers)Acts as a temporary contract until the policy is issued.
How many days should an insurer give for prior notice of cancellation of a
binder? - (answers)5 days.
Property Insurance - (answers)Any insurance wherein payment by the insurer
will be paid directly to the insured or other specifically named interests.
Liability Insurance - (answers)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".
