Florida 3-20 Public Adjusters State Exam (Set 1) UPDATED
2024 EXAM 140 QUESTIONS AND DETAILED ANSWERS
The insurer and insured agree to a specific value of insured
item - ✔️CORRECT ANSWER✅-Agreed Value Policies
Someone who has care, custody or control of another's
property - ✔️CORRECT ANSWER✅-Bailee
Claim filed by policy holder against his _ - ✔️CORRECT
ANSWER✅-First Party Claim
A legal action filed by one or more persons on behalf of
themselves and others having an identical interest in the
alleged wrongdoing - ✔️CORRECT ANSWER✅-Class-Action
A specific risk or cause of loss covered by an insurance policy,
such as fire, windstorm, flood, theft, etc. - ✔️CORRECT
ANSWER✅-Peril
,Dangers in a store, warehouse, or office; circumstances of risks
and perils determine who is responsible for _____ -
✔️CORRECT ANSWER✅-Premises Liability
A loss or risk the policy doesn't cover - ✔️CORRECT
ANSWER✅-Exclusions
Technique used to transfer the risk of a person, business, or
organization in another through the use of a two-party contract
- ✔️CORRECT ANSWER✅-Insurance
A legal two-party document describing the relationship
between the insured and the insurance company - ✔️CORRECT
ANSWER✅-Indemnity Contract
Legal document that makes some person responsible for
damages their actions or products cause regardless of any fault
on their part - ✔️CORRECT ANSWER✅-Strict Liabilty
The intention to withhold relative information about the risk
from the insurance company - ✔️CORRECT ANSWER✅-
Concealment
, A subset of the claims function whereby suspicious losses are
investigated separately from the normal claims adjusters'
activities - ✔️CORRECT ANSWER✅-Special Investigations Unit
An insurer takes no action upon realizing material changes in a
contract - ✔️CORRECT ANSWER✅-Implied Waiver
Acts committed without negligence but result in damages -
✔️CORRECT ANSWER✅-Intentional Tort
Willful and illegal sinking of a ship at sea or its cargo -
✔️CORRECT ANSWER✅-barratry
Covers physical damage as well as liability and tends to be very
broad in coverage - ✔️CORRECT ANSWER✅-Commercial
Inland Marine
Single insurance for only one kind of property at only one
location of an insured - ✔️CORRECT ANSWER✅-Specific
Coverage
2024 EXAM 140 QUESTIONS AND DETAILED ANSWERS
The insurer and insured agree to a specific value of insured
item - ✔️CORRECT ANSWER✅-Agreed Value Policies
Someone who has care, custody or control of another's
property - ✔️CORRECT ANSWER✅-Bailee
Claim filed by policy holder against his _ - ✔️CORRECT
ANSWER✅-First Party Claim
A legal action filed by one or more persons on behalf of
themselves and others having an identical interest in the
alleged wrongdoing - ✔️CORRECT ANSWER✅-Class-Action
A specific risk or cause of loss covered by an insurance policy,
such as fire, windstorm, flood, theft, etc. - ✔️CORRECT
ANSWER✅-Peril
,Dangers in a store, warehouse, or office; circumstances of risks
and perils determine who is responsible for _____ -
✔️CORRECT ANSWER✅-Premises Liability
A loss or risk the policy doesn't cover - ✔️CORRECT
ANSWER✅-Exclusions
Technique used to transfer the risk of a person, business, or
organization in another through the use of a two-party contract
- ✔️CORRECT ANSWER✅-Insurance
A legal two-party document describing the relationship
between the insured and the insurance company - ✔️CORRECT
ANSWER✅-Indemnity Contract
Legal document that makes some person responsible for
damages their actions or products cause regardless of any fault
on their part - ✔️CORRECT ANSWER✅-Strict Liabilty
The intention to withhold relative information about the risk
from the insurance company - ✔️CORRECT ANSWER✅-
Concealment
, A subset of the claims function whereby suspicious losses are
investigated separately from the normal claims adjusters'
activities - ✔️CORRECT ANSWER✅-Special Investigations Unit
An insurer takes no action upon realizing material changes in a
contract - ✔️CORRECT ANSWER✅-Implied Waiver
Acts committed without negligence but result in damages -
✔️CORRECT ANSWER✅-Intentional Tort
Willful and illegal sinking of a ship at sea or its cargo -
✔️CORRECT ANSWER✅-barratry
Covers physical damage as well as liability and tends to be very
broad in coverage - ✔️CORRECT ANSWER✅-Commercial
Inland Marine
Single insurance for only one kind of property at only one
location of an insured - ✔️CORRECT ANSWER✅-Specific
Coverage
