Florida Claims Adjuster Exam | 206 Questions
with 100% Correct Answers | 33 Pages
Peril
Something that causes a loss.
Hazard
Something that increases the probability that a loss will
occur.
Warranty
,A policy condition, either based on information in the
insureds application or inserted by the insurer. It is a
guarantee of a fact.
Misrepresentation
An untrue statement by the insured, made in an
application for insurance but which does not become a
part of the policy.
Concealment
The failure of the insured to reveal relevant facts
known to the insured in applying for insurance.
Abandonment
,Property insurance policies usually contain an
abandonment clause, stating the insured cannot dump
damaged property on the insurer and demand its full
value.
Severability
The insurance applies separately to each insured as if
other insureds did not exist.
Proximate Cause
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 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
Physical harm to tangible property.
Indirect Loss
Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV)
Replacement Cost minus Depreciation
with 100% Correct Answers | 33 Pages
Peril
Something that causes a loss.
Hazard
Something that increases the probability that a loss will
occur.
Warranty
,A policy condition, either based on information in the
insureds application or inserted by the insurer. It is a
guarantee of a fact.
Misrepresentation
An untrue statement by the insured, made in an
application for insurance but which does not become a
part of the policy.
Concealment
The failure of the insured to reveal relevant facts
known to the insured in applying for insurance.
Abandonment
,Property insurance policies usually contain an
abandonment clause, stating the insured cannot dump
damaged property on the insurer and demand its full
value.
Severability
The insurance applies separately to each insured as if
other insureds did not exist.
Proximate Cause
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 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
Physical harm to tangible property.
Indirect Loss
Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV)
Replacement Cost minus Depreciation
