Florida Claims Adjuster Exam, 6-20 All Lines
Adjuster- Florida- Review UPDATED 2024 EXAM
334 QUESTIONS AND DETAILED ANSWERS
Peril - ✔️CORRECT ANSWER✅-Something that causes a loss.
Hazard - ✔️CORRECT ANSWER✅-Something that increases
the probability that a loss will occur.
Warranty - ✔️CORRECT ANSWER✅-A policy condition, either
based on information in the insureds application or inserted by
the insurer. It is a guarantee of a fact.
(ACV) Actual Cash Value- ✔️CORRECT ANSWER✅-
Replacement Cost minus Depreciation
(HMO) Health Maintenance Organization - ✔️CORRECT
ANSWER✅-Provides comprehensive health services to its
members for a prepaid fixed fee, equivalent to an insurance
premium.
,(PPO) Preferred Provider Organization
- ✔️CORRECT ANSWER✅-A selected group of hospital's and
medical practitioners in a given area who have joined together
in an effort to reduce medical costs.
Commercial Property Insurance - ✔️CORRECT ANSWER✅-
Covers direct and indirect losses related to properties other
than one to four family dwellings and farm properties.
Employee Theft - ✔️CORRECT ANSWER✅-Provides coverage
for loss of or damage to money, securities, and other property
resulting from theft committed by an employee. Theft is
defined as the unlawful taking of money, securities or other
property to the deprivation of the insured.
Bid - ✔️CORRECT ANSWER✅-Aggreement to fulfill a
contractual obligation used frequently in construction and
supplying goods.
,Misrepresentation - ✔️CORRECT ANSWER✅-An untrue
statement by the insured, made in an application for insurance
but which does not become a part of the policy.
Concealment - ✔️CORRECT ANSWER✅-The failure of the
insured to reveal relevant facts known to the insured in
applying for insurance.
Abandonment - ✔️CORRECT ANSWER✅-Property insurance
policies usually contain an abandonment clause, stating the
insured cannot dump damaged property on the insurer and
demand its full value.
Severability - ✔️CORRECT ANSWER✅-The insurance applies
separately to each insured as if other insureds did not exist.
Proximate Cause - ✔️CORRECT ANSWER✅-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 - ✔️CORRECT ANSWER✅-Physical harm to
tangible property.
Indirect Loss - ✔️CORRECT ANSWER✅-Economic loss which
flows as a result of direct loss.
Coinsurance - ✔️CORRECT ANSWER✅-The amount, generally
expressed as a fixed percentage, an insured must pay against a
claim after the deductible is satisfied. It's ultimately a way for
the insured and insurer to share responsibility for the risk. It
can also help reduce the cost of the insurance policy premium.
Coinsurance can be written on an 80/20, 90/100, or 100% rule.
Personal Contract - ✔️CORRECT ANSWER✅-Policies cover
people who own and operate things, such as automobiles.
Conditional Contract - ✔️CORRECT ANSWER✅-Also called a
hypothetical contract, is a contract agreement that only
requires performance once the delineated conditions are met.
This legal agreement requires prior performance of another
Adjuster- Florida- Review UPDATED 2024 EXAM
334 QUESTIONS AND DETAILED ANSWERS
Peril - ✔️CORRECT ANSWER✅-Something that causes a loss.
Hazard - ✔️CORRECT ANSWER✅-Something that increases
the probability that a loss will occur.
Warranty - ✔️CORRECT ANSWER✅-A policy condition, either
based on information in the insureds application or inserted by
the insurer. It is a guarantee of a fact.
(ACV) Actual Cash Value- ✔️CORRECT ANSWER✅-
Replacement Cost minus Depreciation
(HMO) Health Maintenance Organization - ✔️CORRECT
ANSWER✅-Provides comprehensive health services to its
members for a prepaid fixed fee, equivalent to an insurance
premium.
,(PPO) Preferred Provider Organization
- ✔️CORRECT ANSWER✅-A selected group of hospital's and
medical practitioners in a given area who have joined together
in an effort to reduce medical costs.
Commercial Property Insurance - ✔️CORRECT ANSWER✅-
Covers direct and indirect losses related to properties other
than one to four family dwellings and farm properties.
Employee Theft - ✔️CORRECT ANSWER✅-Provides coverage
for loss of or damage to money, securities, and other property
resulting from theft committed by an employee. Theft is
defined as the unlawful taking of money, securities or other
property to the deprivation of the insured.
Bid - ✔️CORRECT ANSWER✅-Aggreement to fulfill a
contractual obligation used frequently in construction and
supplying goods.
,Misrepresentation - ✔️CORRECT ANSWER✅-An untrue
statement by the insured, made in an application for insurance
but which does not become a part of the policy.
Concealment - ✔️CORRECT ANSWER✅-The failure of the
insured to reveal relevant facts known to the insured in
applying for insurance.
Abandonment - ✔️CORRECT ANSWER✅-Property insurance
policies usually contain an abandonment clause, stating the
insured cannot dump damaged property on the insurer and
demand its full value.
Severability - ✔️CORRECT ANSWER✅-The insurance applies
separately to each insured as if other insureds did not exist.
Proximate Cause - ✔️CORRECT ANSWER✅-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 - ✔️CORRECT ANSWER✅-Physical harm to
tangible property.
Indirect Loss - ✔️CORRECT ANSWER✅-Economic loss which
flows as a result of direct loss.
Coinsurance - ✔️CORRECT ANSWER✅-The amount, generally
expressed as a fixed percentage, an insured must pay against a
claim after the deductible is satisfied. It's ultimately a way for
the insured and insurer to share responsibility for the risk. It
can also help reduce the cost of the insurance policy premium.
Coinsurance can be written on an 80/20, 90/100, or 100% rule.
Personal Contract - ✔️CORRECT ANSWER✅-Policies cover
people who own and operate things, such as automobiles.
Conditional Contract - ✔️CORRECT ANSWER✅-Also called a
hypothetical contract, is a contract agreement that only
requires performance once the delineated conditions are met.
This legal agreement requires prior performance of another
