Florida 3-20 Public Adjusters State
Exam (Set 1)
The insurer and insured agree to a specific value of insured item - ANSAgreed Value
Policies
Someone who has care, custody or control of another's property - ANSBailee
Claim filed by policy holder against his _ - ANSFirst Party Claim
When a person who entrusts another with an object and it results in injury to someone can
be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI -
ANSNegligent Entrustment
Hazard that results from a conscious decision made by an insured to participate in a manner
or behavior more likely to result in a loss because they have insurance - ANSMoral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written -
ANSBinder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion - ANSCompletion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages, limits,
and premiums - ANSDeclarations
Policyholder cannot transfer the policy to someone else without written permission from their
insurance company - ANSAssignment
An instance, behavior or environment that increases the likelihood of a loss on an insured
item - ANSHazard
Actual cause or source of an incidence of destruction, injury, or loss - ANSPeril
An insurance company organized and domiciled outside the US - ANSAlien
When there is an unbroken chain of events between an occurrence and a loss, then the loss
is part of the original occurrence - ANSProximate Cause
Is proximate cause of all subsequent damages - ANSOriginal Occurance
An individual who contracts with an adjusting firm as an independent contractor and handles
claims for the insurance companies - ANSIndependent Adjuster
, Action or practice of the insured party is permitted to continue because any defense against
a continuation of said action or practice has been waived by the insurer - ANSEstoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims -
ANSCommercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured
- ANSIndependent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of
losses suffered - ANSDamages
Requires the insured to insure the named property for a specific amount of insurance as
required by the insurance company - ANSAgreed Value
Physical harm to tangible property caused by peril (loss to property or person in which a
covered peril is the proximate cause of damage or destruction) - ANSDirect loss
The entity that is the "recipient" to the Principal - ANSObligee
Insurance contracts are written on a take it or leave it basis to the policy owner. -
ANSAdhesion
Event or circumstance that causes damage - ANSOccurance
Coverage provides for payment of losses if civil authority denies access to the insured
premises due to a covered peril - ANSCivil Authority
Voluntary relinquishment of a known legal right - ANSWaiver
An insurer domiciled outside the state where it writes insurance - ANSForeign
A state officer who administers the state's insurance laws and regulations -
ANSCommissioner
Used as a promise to accept a bid if awarded to a company - ANSBid bond
Damaged property an insurer takes over to reduce their loss after paying a claim -
ANSSalvage
Factual statements upon which an insurance policy is based - ANSRepresentations
A contract between two parties that offer the consumer little to no leeway to negotiate the
terms of the contract - ANSContract of adhesion
Publication in any media by the insured about goods or services - ANSAdvertisements
Exam (Set 1)
The insurer and insured agree to a specific value of insured item - ANSAgreed Value
Policies
Someone who has care, custody or control of another's property - ANSBailee
Claim filed by policy holder against his _ - ANSFirst Party Claim
When a person who entrusts another with an object and it results in injury to someone can
be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI -
ANSNegligent Entrustment
Hazard that results from a conscious decision made by an insured to participate in a manner
or behavior more likely to result in a loss because they have insurance - ANSMoral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written -
ANSBinder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion - ANSCompletion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages, limits,
and premiums - ANSDeclarations
Policyholder cannot transfer the policy to someone else without written permission from their
insurance company - ANSAssignment
An instance, behavior or environment that increases the likelihood of a loss on an insured
item - ANSHazard
Actual cause or source of an incidence of destruction, injury, or loss - ANSPeril
An insurance company organized and domiciled outside the US - ANSAlien
When there is an unbroken chain of events between an occurrence and a loss, then the loss
is part of the original occurrence - ANSProximate Cause
Is proximate cause of all subsequent damages - ANSOriginal Occurance
An individual who contracts with an adjusting firm as an independent contractor and handles
claims for the insurance companies - ANSIndependent Adjuster
, Action or practice of the insured party is permitted to continue because any defense against
a continuation of said action or practice has been waived by the insurer - ANSEstoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims -
ANSCommercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured
- ANSIndependent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of
losses suffered - ANSDamages
Requires the insured to insure the named property for a specific amount of insurance as
required by the insurance company - ANSAgreed Value
Physical harm to tangible property caused by peril (loss to property or person in which a
covered peril is the proximate cause of damage or destruction) - ANSDirect loss
The entity that is the "recipient" to the Principal - ANSObligee
Insurance contracts are written on a take it or leave it basis to the policy owner. -
ANSAdhesion
Event or circumstance that causes damage - ANSOccurance
Coverage provides for payment of losses if civil authority denies access to the insured
premises due to a covered peril - ANSCivil Authority
Voluntary relinquishment of a known legal right - ANSWaiver
An insurer domiciled outside the state where it writes insurance - ANSForeign
A state officer who administers the state's insurance laws and regulations -
ANSCommissioner
Used as a promise to accept a bid if awarded to a company - ANSBid bond
Damaged property an insurer takes over to reduce their loss after paying a claim -
ANSSalvage
Factual statements upon which an insurance policy is based - ANSRepresentations
A contract between two parties that offer the consumer little to no leeway to negotiate the
terms of the contract - ANSContract of adhesion
Publication in any media by the insured about goods or services - ANSAdvertisements
