Florida Claims Adjuster Exam
Peril correct answers Somthing t√dhat causes
a loss.
Hazard correct answers Something that increases the probability that a loss
will occur.
Warranty correct answers A policy condition, either based on
information
insureds in the or inserted by the insurer. It is a guarantee
application
of a fact.
Misrepresentation correct answers An untrue statement by the insured,
made in an for insurance but which does not become a part of
application
the policy.
Concealment correct answers The failure of the insured to reveal relevant
facts
to theknown
insured in applying for
insurance.
Abandonment correct answers 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 answers The insurance applies separately to each
insured
other as if did not
insureds
exist.
Proximate Cause correct answers A fundamental doctrine in property
insurance holds
that when there is an unbroken connection between an occurrence and
damage that
grows
Direct out
Lossofcorrect
the occurrence, then theharm
answers Physical resultant damage is all a part of the
to tangible
occurrence.
property.
Indirect Loss correct answers Economic loss which flows as a result of
direct loss.
Actual Cash Value(ACV) correct answers Replacement Cost minus
Depreciation
Coinsurance correct answers Is a method of providing equity in premiums
by granting
lower rates to those indureds who accept the responsibility of insuring
for amounts
which reflect a high percentage of the value of the subject
property.
Personal Contract correct answers Policies cover people who own and
operate
such as things,
automobiles.
Conditional Contract correct answers The parties are of unequal bargaining
power,
the insured
and cannot negotiate the terms, having to take the offer of the
insurer as made.
, Contract of Indemnity correct answers One should return to their same
position
were as they
before the loss occurred. This limits the number of people
intentionally
losses because causing
it was to their economic
advantage.
Insurable Interest correct answers Any actual, lawful and substantial
economic
in the safety interest
or preservation of the subject of the insurance free from loss,
destruction,
or pecuniary damage or
impairment.
Waiver correct answers Generally defined as the voluntary relinquishment or
surrender
of some rightor
privilege.
Express Waiver correct answers Occurs when the insurer or its
representative
knowingly gives up a known right under the insurance
contract.
Implied Waiver correct answers May result from some act of neglect on the
part of the
adjuste
r.
Damages correct answers Money
Amounts.
Subrogation correct answers When an insured has a right to collect
damagesparty,
another from but instead elects to claim the damages under his insurance
policy,against
rights his the other party are transferred to the
insurer.
Changes correct answers All policies provide that any changes to the
policy
by the be madein
insurer,
writing.
Policy Period correct answers The condition states that coverage applies only
to
or losses
occurrences that take place during the policy period. (Prior to the
stated
time ofdate and
termination).
Policy Territory correct answers Condition limiting coverage to occurrences
or losses
that take place only within a stated geographical
region.
Other Insurance correct answers The principle of indemnity dictates
against duplicate
recovery for the same
loss.
Cancellation correct answers The insured may cancel at any time, for
any reason,
without advance notice. If the conpany wishes to cancel, it must provide
some degree
advance notice of so the insured will have time to replace the
coverage.
Appraisal correct answers A written contract of or written agreement for
or effectingor the certificate thereof, by whatever name called, and includes
insurance,
all clauses,
riders, endorsements and papers which are a part
thereof.
Peril correct answers Somthing t√dhat causes
a loss.
Hazard correct answers Something that increases the probability that a loss
will occur.
Warranty correct answers A policy condition, either based on
information
insureds in the or inserted by the insurer. It is a guarantee
application
of a fact.
Misrepresentation correct answers An untrue statement by the insured,
made in an for insurance but which does not become a part of
application
the policy.
Concealment correct answers The failure of the insured to reveal relevant
facts
to theknown
insured in applying for
insurance.
Abandonment correct answers 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 answers The insurance applies separately to each
insured
other as if did not
insureds
exist.
Proximate Cause correct answers A fundamental doctrine in property
insurance holds
that when there is an unbroken connection between an occurrence and
damage that
grows
Direct out
Lossofcorrect
the occurrence, then theharm
answers Physical resultant damage is all a part of the
to tangible
occurrence.
property.
Indirect Loss correct answers Economic loss which flows as a result of
direct loss.
Actual Cash Value(ACV) correct answers Replacement Cost minus
Depreciation
Coinsurance correct answers Is a method of providing equity in premiums
by granting
lower rates to those indureds who accept the responsibility of insuring
for amounts
which reflect a high percentage of the value of the subject
property.
Personal Contract correct answers Policies cover people who own and
operate
such as things,
automobiles.
Conditional Contract correct answers The parties are of unequal bargaining
power,
the insured
and cannot negotiate the terms, having to take the offer of the
insurer as made.
, Contract of Indemnity correct answers One should return to their same
position
were as they
before the loss occurred. This limits the number of people
intentionally
losses because causing
it was to their economic
advantage.
Insurable Interest correct answers Any actual, lawful and substantial
economic
in the safety interest
or preservation of the subject of the insurance free from loss,
destruction,
or pecuniary damage or
impairment.
Waiver correct answers Generally defined as the voluntary relinquishment or
surrender
of some rightor
privilege.
Express Waiver correct answers Occurs when the insurer or its
representative
knowingly gives up a known right under the insurance
contract.
Implied Waiver correct answers May result from some act of neglect on the
part of the
adjuste
r.
Damages correct answers Money
Amounts.
Subrogation correct answers When an insured has a right to collect
damagesparty,
another from but instead elects to claim the damages under his insurance
policy,against
rights his the other party are transferred to the
insurer.
Changes correct answers All policies provide that any changes to the
policy
by the be madein
insurer,
writing.
Policy Period correct answers The condition states that coverage applies only
to
or losses
occurrences that take place during the policy period. (Prior to the
stated
time ofdate and
termination).
Policy Territory correct answers Condition limiting coverage to occurrences
or losses
that take place only within a stated geographical
region.
Other Insurance correct answers The principle of indemnity dictates
against duplicate
recovery for the same
loss.
Cancellation correct answers The insured may cancel at any time, for
any reason,
without advance notice. If the conpany wishes to cancel, it must provide
some degree
advance notice of so the insured will have time to replace the
coverage.
Appraisal correct answers A written contract of or written agreement for
or effectingor the certificate thereof, by whatever name called, and includes
insurance,
all clauses,
riders, endorsements and papers which are a part
thereof.
