Florida Claims Adjuster Exam With 100%
Passing RATE
Peril Somthing t√dhat causes a loss.
Hazard Something that increases the probability that a loss will occur.
Warranty A policy condition, either based on information in the insureds application or
inserted by the insurer. It is a guarantee of a fact.
Misrepresentation An untrue statement by the insured, made in an application for insurance
but which does not become a part of the policy.
Concealment The failure of the insured to reveal relevant facts known to the insured in applying
for insurance.
Abandonment Property insurance policies usually contain an abandonment clause, stating the
insured cannot dump damaged property on the insurer and demand its full value.
Severability The insurance applies separately to each insured as if other insureds did not exist.
Proximate Cause A fundamental doctrine in property insurance holds that when there is an
unbroken connection between an occurrence and damage that grows out of the occurrence, then
the resultant damage is all a part of the occurrence.
Direct Loss Physical harm to tangible property.
Indirect Loss Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) Replacement Cost minus Depreciation
Coinsurance 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 Policies cover people who own and operate things, such as automobiles.
Conditional Contract The parties are of unequal bargaining power, and the insured cannot
negotiate the terms, having to take the offer of the insurer as made.
Contract of Indemnity One should return to their same position as they were before the loss
occurred. This limits the number of people intentionally causing losses because it was to their
economic advantage.
Insurable Interest Any actual, lawful and substantial economic interest in the safety or
preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or
impairment.
Waiver Generally defined as the voluntary relinquishment or surrender of some rightor privilege.
Express Waiver Occurs when the insurer or its representative knowingly gives up a known
right under the insurance contract.
Implied Waiver May result from some act of neglect on the part of the adjuster.
Damages Money Amounts.
, Subrogation When an insured has a right to collect damages from another party, but instead
elects to claim the damages under his insurance policy, his rights against the other party are
transferred to the insurer.
Changes All policies provide that any changes to the policy be made by the insurer, in
writing.
Policy Period The condition states that coverage applies only to losses or occurrences that take
place during the policy period. (Prior to the stated date and time of termination).
Policy Territory Condition limiting coverage to occurrences or losses that take place only
within a stated geographical region.
Other Insurance The principle of indemnity dictates against duplicate recovery for the same
loss.
Cancellation The insured may cancel at any time, for any reason, without advance notice. If the
conpany wishes to cancel, it must provide some degree of advance notice so the insured will
have time to replace the coverage.
Appraisal A written contract of or written agreement for or effecting insurance, or the
certificate thereof, by whatever name called, and includes all clauses, riders, endorsements and
papers which are a part thereof.
Insurance Is a contract whereby one undertakes to indemnify another or pay or allow a
specified amount or a determinable benefit upon determinable contingencies.
Binder Acts as a temporary contract until the policy is issued.
How many days should a insurer give for a prior notice of concellation of a binder ? 5 days.
Property Insurance Any insurance wherein payment by the insurer will be paid directly to the
insured or other specifically named interests.
Liability Insurance Payment will be on behalf of the insured to another, based upon the
insureds liability to the recipient. Simply stated, Liability is "Negligence of the Insured".
Loss Payee Clause A Clause in a contract of insurance that provides, in the event of payment
being made under the policy in relation to the insured risk, that payment will be made to a 3rd
party rather than to the insured beneficiary of the policy.
Mortgage Clause A property insurance provision granting special protection for the interest
of a mortgagee named in the policy, in effect setting up a separate content between the insurer
and the mortgagee.
Other Structures Covers items that are not permanently attached to the main dwelling, such
as a shed, fence, etc.
Commercial Inland Marine Helps identify the kinds of risk which are eligible for either ocean
or inland Marine insurance.
Building Ordinance CoverageThis endorsement covers the insured for enforcement of laws
which require demolition of undamaged portions of buildings.
Umbrella Policy Covers a much higher limit and goes above and beyond claims directly
relating to your home and auto, it provides your assets from an unforeseen event, such as a tragic
accident in which you are held responsible for damages or bodily injuries.
Known Loss Prevents an insured from coverage if the insured knew the loss was probable at
the time of the insurance contract.
Value Reporting The limit of coverage is set at an amount somewhat higher than expected
peak values.
Commercial Property Insurance Covers direct and indirect losses related to properties other
than one to four family dwellings and farm properties.
Passing RATE
Peril Somthing t√dhat causes a loss.
Hazard Something that increases the probability that a loss will occur.
Warranty A policy condition, either based on information in the insureds application or
inserted by the insurer. It is a guarantee of a fact.
Misrepresentation An untrue statement by the insured, made in an application for insurance
but which does not become a part of the policy.
Concealment The failure of the insured to reveal relevant facts known to the insured in applying
for insurance.
Abandonment Property insurance policies usually contain an abandonment clause, stating the
insured cannot dump damaged property on the insurer and demand its full value.
Severability The insurance applies separately to each insured as if other insureds did not exist.
Proximate Cause A fundamental doctrine in property insurance holds that when there is an
unbroken connection between an occurrence and damage that grows out of the occurrence, then
the resultant damage is all a part of the occurrence.
Direct Loss Physical harm to tangible property.
Indirect Loss Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) Replacement Cost minus Depreciation
Coinsurance 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 Policies cover people who own and operate things, such as automobiles.
Conditional Contract The parties are of unequal bargaining power, and the insured cannot
negotiate the terms, having to take the offer of the insurer as made.
Contract of Indemnity One should return to their same position as they were before the loss
occurred. This limits the number of people intentionally causing losses because it was to their
economic advantage.
Insurable Interest Any actual, lawful and substantial economic interest in the safety or
preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or
impairment.
Waiver Generally defined as the voluntary relinquishment or surrender of some rightor privilege.
Express Waiver Occurs when the insurer or its representative knowingly gives up a known
right under the insurance contract.
Implied Waiver May result from some act of neglect on the part of the adjuster.
Damages Money Amounts.
, Subrogation When an insured has a right to collect damages from another party, but instead
elects to claim the damages under his insurance policy, his rights against the other party are
transferred to the insurer.
Changes All policies provide that any changes to the policy be made by the insurer, in
writing.
Policy Period The condition states that coverage applies only to losses or occurrences that take
place during the policy period. (Prior to the stated date and time of termination).
Policy Territory Condition limiting coverage to occurrences or losses that take place only
within a stated geographical region.
Other Insurance The principle of indemnity dictates against duplicate recovery for the same
loss.
Cancellation The insured may cancel at any time, for any reason, without advance notice. If the
conpany wishes to cancel, it must provide some degree of advance notice so the insured will
have time to replace the coverage.
Appraisal A written contract of or written agreement for or effecting insurance, or the
certificate thereof, by whatever name called, and includes all clauses, riders, endorsements and
papers which are a part thereof.
Insurance Is a contract whereby one undertakes to indemnify another or pay or allow a
specified amount or a determinable benefit upon determinable contingencies.
Binder Acts as a temporary contract until the policy is issued.
How many days should a insurer give for a prior notice of concellation of a binder ? 5 days.
Property Insurance Any insurance wherein payment by the insurer will be paid directly to the
insured or other specifically named interests.
Liability Insurance Payment will be on behalf of the insured to another, based upon the
insureds liability to the recipient. Simply stated, Liability is "Negligence of the Insured".
Loss Payee Clause A Clause in a contract of insurance that provides, in the event of payment
being made under the policy in relation to the insured risk, that payment will be made to a 3rd
party rather than to the insured beneficiary of the policy.
Mortgage Clause A property insurance provision granting special protection for the interest
of a mortgagee named in the policy, in effect setting up a separate content between the insurer
and the mortgagee.
Other Structures Covers items that are not permanently attached to the main dwelling, such
as a shed, fence, etc.
Commercial Inland Marine Helps identify the kinds of risk which are eligible for either ocean
or inland Marine insurance.
Building Ordinance CoverageThis endorsement covers the insured for enforcement of laws
which require demolition of undamaged portions of buildings.
Umbrella Policy Covers a much higher limit and goes above and beyond claims directly
relating to your home and auto, it provides your assets from an unforeseen event, such as a tragic
accident in which you are held responsible for damages or bodily injuries.
Known Loss Prevents an insured from coverage if the insured knew the loss was probable at
the time of the insurance contract.
Value Reporting The limit of coverage is set at an amount somewhat higher than expected
peak values.
Commercial Property Insurance Covers direct and indirect losses related to properties other
than one to four family dwellings and farm properties.
