Claims Adjuster Vocabulary (Florida) 100% Solved

Actual Cash Value correct answers Replacement cost minus depreciation Subrogation correct answers When an insured has a right to collect damages from another party but elects to claim damages under his/her insurance policy; rights transfer to the insurer Loss Payee Clause correct answers Provides, in event of payment being made under the policy in relation to insured risk, that payment will be made to a third party rather than the beneficiary Mortgagee Clause correct answers Protects a lender who has an insurable interest in a homeGrants special protection for the interest of a mortgage named in the policy; setting up a separate content between insurer and mortgagee Liability correct answers Negligence of the insured Commercial Inland Marine correct answers Identifies risks which are eligible for either ocean or inland marine insurance Developed as extension to Ocean Marine coverage to provide coverage for cargo traveling over land instead of by sea Umbrella Policy correct answers Covers much higher limit and goes above/beyond claims directly relating to home and auto; protects assets from unforeseen events Known Loss correct answers Prevents insured from coverage if insured knew the loss was probable at time of contract Commercial Property Insurance correct answers Sometimes referred to as Commercial Fire and Allied Lines; Covers direct and indirect losses related to properties other than 1-4 family dwelling and farm properties Value Reporting correct answers Limit of coverage set at an amount higher than expected peak values Employee Theft correct answers Provides coverage for loss or damage to money, securities, and other property resulting from theft committed by an employee PPO correct answers (Preferred Provider Organization)Selected group of hospitals and medical practitioners in given area who have joined together in an effort to reduce medical costs HMO (pre-paid fixed fee) correct answers (Health Maintenance Organization)Provides comprehensive health services to its members for a prepaid fixed fee equivalent to an insurance premium Foreign correct answers Insurer formed under laws of another state, district territory, or commonwealth of U.S.