FLORIDA CLAIMS ADJUSTER EXAM, 6-20 ALL LINES
ADJUSTER- FLORIDA- REVIEW QUESTIONS | TESTED
AND PROVEN ANSWERS | LATEST UPDATE
2024/2025 100% (GRADE A+)
Peril
Ans>> Something that causes a loss.
Hazard
Ans>> Something that increases the probability that a loss will occur.
Warranty
Ans>> A policy condition, either based on information in the insureds application or inserted by
the insurer. It is a guarantee of a fact.
Misrepresentation
Ans>> An untrue statement by the insured, made in an application for insurance but which does
not become a part of the policy.
1
,Concealment
Ans>> The failure of the insured to reveal relevant facts known to the insured in applying for
insurance.
Abandonment
Ans>> Property insurance policies usually contain an abandonment clause, stating the insured
cannot dump damaged property on the insurer and demand its full value.
Severability
Ans>> The insurance applies separately to each insured as if other insureds did not exist.
Proximate Cause
Ans>> 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.
2
,Direct Loss
Ans>> Physical harm to tangible property.
Indirect Loss
Ans>> Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV)
Ans>> Replacement Cost minus Depreciation
Coinsurance
Ans>> 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
Ans>> Policies cover people who own and operate things, such as automobiles.
3
, Conditional Contract
Ans>> 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 agreement or clause in order to be enforceable. If the other agreement
or condition is performed, then the conditional contract is enforceable and the parties are bound
to carry out the terms of the contract.
Contract of Indemnity
Ans>> Principle of insurance that provides that when a loss occurs, the insured should be
restored to the approximate financial condition he/she occupied before the loss occurred, no
better or no worse.
Insurable Interest
Ans>> the reasonable concern of a person to obtain insurance for any individual or property
against unforeseen events such as death, losses, etc.
Waiver
Ans>> 1.) Implied voluntary relinquishment, abandoning a legal advantage, need, claim or
right.
4
ADJUSTER- FLORIDA- REVIEW QUESTIONS | TESTED
AND PROVEN ANSWERS | LATEST UPDATE
2024/2025 100% (GRADE A+)
Peril
Ans>> Something that causes a loss.
Hazard
Ans>> Something that increases the probability that a loss will occur.
Warranty
Ans>> A policy condition, either based on information in the insureds application or inserted by
the insurer. It is a guarantee of a fact.
Misrepresentation
Ans>> An untrue statement by the insured, made in an application for insurance but which does
not become a part of the policy.
1
,Concealment
Ans>> The failure of the insured to reveal relevant facts known to the insured in applying for
insurance.
Abandonment
Ans>> Property insurance policies usually contain an abandonment clause, stating the insured
cannot dump damaged property on the insurer and demand its full value.
Severability
Ans>> The insurance applies separately to each insured as if other insureds did not exist.
Proximate Cause
Ans>> 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.
2
,Direct Loss
Ans>> Physical harm to tangible property.
Indirect Loss
Ans>> Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV)
Ans>> Replacement Cost minus Depreciation
Coinsurance
Ans>> 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
Ans>> Policies cover people who own and operate things, such as automobiles.
3
, Conditional Contract
Ans>> 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 agreement or clause in order to be enforceable. If the other agreement
or condition is performed, then the conditional contract is enforceable and the parties are bound
to carry out the terms of the contract.
Contract of Indemnity
Ans>> Principle of insurance that provides that when a loss occurs, the insured should be
restored to the approximate financial condition he/she occupied before the loss occurred, no
better or no worse.
Insurable Interest
Ans>> the reasonable concern of a person to obtain insurance for any individual or property
against unforeseen events such as death, losses, etc.
Waiver
Ans>> 1.) Implied voluntary relinquishment, abandoning a legal advantage, need, claim or
right.
4
