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