FLORIDA PUBLIC ADJUSTER UPDATED TEST
PAPER QUESTIONS AND ANSWERS SURE A+
✔✔A package insurance policy that combines both property and casualty coverages
into a single policy - ✔✔Homeowners policy
✔✔Legal term applying the third party claims meaning " to pay back or to make whole" -
✔✔Indemnification
✔✔An agreement by one party, the guarantor to answer to a 3rd person for the debt of
default of a responsible party called the Principal - ✔✔Surety bonds
✔✔The necessary increase in living expense resulting from a loss by a covered peril,
and incurred by the insured - ✔✔Additional Living Expense (ALE)
✔✔The replacement cost of like kind and quality at the time of loss, less a reasonable
amount of depreiciation - ✔✔Actual cash value
✔✔Physical condition that increases the change of loss - ✔✔Physical Hazard
✔✔Openness to loss or damage - ✔✔Exposure
✔✔Any changes that broaden coverage on the edition of the policy that the insured
holds will automatically apply without premiums - ✔✔liberalization cluse
✔✔Bonds that protect an employer form losses by an employee - ✔✔fidelity bonds
✔✔A combination of property and liability coverages of two or more separate policies in
one premium - ✔✔Package policy
✔✔Fire that is not contained in the vessel in which it was set. Example: - ✔✔Hostile Fire
, ✔✔Written agreement attached to a policy to add or subtract insurance coverage -
✔✔Endorsement
✔✔Covers a variety of issues including lease of premiums, easements, sidetrack
agreements and elevator maintenance agreements. - ✔✔Insured contract
✔✔The act o taking responsibility through agreement for something that person may not
be legally liable - ✔✔Assumption of liability
✔✔Only applies to business income coverage and not to the extra expense coverage -
✔✔Actual cash value (bi)
✔✔The value of the property is decreased or reduced due to damage but the property
still remains some value and can be used - ✔✔Diminution of value
✔✔Depreciation that is initially held back, then disbursed after proof of repairs being
performed to bring property back to whole - ✔✔Recoverable depreciation
✔✔Economic loss that arises as a consequence of the direct or physical loss -
✔✔indirect loss
✔✔A statement made regarding the extent of the claim, it may be requested in
accordance with the conditions of the policy - ✔✔Proof of loss
✔✔Tangible property other than the products or work produced - ✔✔impaired property
✔✔Works upon the principal that the more times an event is repeated, the more
predictable the outcome of a specific event - ✔✔Law of Large Numbers
✔✔To access the eligibility of a customer to receive their products, decide how much
coverage the client should receive, and how much they should pay for it. -
✔✔Underwriting
✔✔Actual cost of replacing property due to a covered peril with property of like kind and
quality without depreciation - ✔✔replacement cost
✔✔Exaggerating an otherwise legitimate claim for profit - ✔✔Soft Fraud
✔✔Unincorporated association of members in which each member insures the other
members - ✔✔Reciprocal insurance exchange
PAPER QUESTIONS AND ANSWERS SURE A+
✔✔A package insurance policy that combines both property and casualty coverages
into a single policy - ✔✔Homeowners policy
✔✔Legal term applying the third party claims meaning " to pay back or to make whole" -
✔✔Indemnification
✔✔An agreement by one party, the guarantor to answer to a 3rd person for the debt of
default of a responsible party called the Principal - ✔✔Surety bonds
✔✔The necessary increase in living expense resulting from a loss by a covered peril,
and incurred by the insured - ✔✔Additional Living Expense (ALE)
✔✔The replacement cost of like kind and quality at the time of loss, less a reasonable
amount of depreiciation - ✔✔Actual cash value
✔✔Physical condition that increases the change of loss - ✔✔Physical Hazard
✔✔Openness to loss or damage - ✔✔Exposure
✔✔Any changes that broaden coverage on the edition of the policy that the insured
holds will automatically apply without premiums - ✔✔liberalization cluse
✔✔Bonds that protect an employer form losses by an employee - ✔✔fidelity bonds
✔✔A combination of property and liability coverages of two or more separate policies in
one premium - ✔✔Package policy
✔✔Fire that is not contained in the vessel in which it was set. Example: - ✔✔Hostile Fire
, ✔✔Written agreement attached to a policy to add or subtract insurance coverage -
✔✔Endorsement
✔✔Covers a variety of issues including lease of premiums, easements, sidetrack
agreements and elevator maintenance agreements. - ✔✔Insured contract
✔✔The act o taking responsibility through agreement for something that person may not
be legally liable - ✔✔Assumption of liability
✔✔Only applies to business income coverage and not to the extra expense coverage -
✔✔Actual cash value (bi)
✔✔The value of the property is decreased or reduced due to damage but the property
still remains some value and can be used - ✔✔Diminution of value
✔✔Depreciation that is initially held back, then disbursed after proof of repairs being
performed to bring property back to whole - ✔✔Recoverable depreciation
✔✔Economic loss that arises as a consequence of the direct or physical loss -
✔✔indirect loss
✔✔A statement made regarding the extent of the claim, it may be requested in
accordance with the conditions of the policy - ✔✔Proof of loss
✔✔Tangible property other than the products or work produced - ✔✔impaired property
✔✔Works upon the principal that the more times an event is repeated, the more
predictable the outcome of a specific event - ✔✔Law of Large Numbers
✔✔To access the eligibility of a customer to receive their products, decide how much
coverage the client should receive, and how much they should pay for it. -
✔✔Underwriting
✔✔Actual cost of replacing property due to a covered peril with property of like kind and
quality without depreciation - ✔✔replacement cost
✔✔Exaggerating an otherwise legitimate claim for profit - ✔✔Soft Fraud
✔✔Unincorporated association of members in which each member insures the other
members - ✔✔Reciprocal insurance exchange
