Exam (elaborations)
Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
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Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
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Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review6 6 6 6 6 6 6 6 6
Study6online6at6https://quizlet.com/_8ewcxd
1. Peril Something that causes a loss. 6 6 6 6
2. Hazard Something that increases the proba- 6 6 6 6
bility that a loss will occur.
6 6 6 6 6 6
3. Warranty
A policy condition, either based
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on information in the insureds appli
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ca-
tion or inserted by the insurer. It is a
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guarantee of a fact. 6 6 6
4. Misrepresentation
An untrue statement by the ins
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ured,made in an application for insur
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ancebut which does not become a p
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art ofthe policy.
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5. Concealment
The failure of the insured to re
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vealrelevant facts known to the insu
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redin applying for insurance.
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, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
6 6 6 6 6 6 6 6 6
Study6online6at6https://quizlet.com/_8ewcxd
6. Abandonment
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, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
6 6 6 6 6 6 6 6 6
Study6online6at6https://quizlet.com/_8ewcxd
Property insurance policies usual- 6 6 6
ly contain an abandonment clause,
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stating the insured cannot dump da 6 6 6 6 6
maged property on the insurer and 6 6 6 6 6 6
demand its full value. 6 6 6
7. Severability
The insurance applies separat 6 6 6
ely toeach insured as if other insured
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s didnot exist.
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8. Proximate Cause
6 The cause having the most signif-
6 6 6 6 6
6icant impact in bringing about the lo
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ss under a first-party property in-
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6surance policy, when two or more in 6 6 6 6 6 6
dependent perils operate at the sam 6 6 6 6 6
e time (i.e., concurrently) to pro-
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duce a loss. Courts employ a set ofr
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ules to resolve causation disputes w
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hen a property policy states that itco
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vers or excludes losses "caused by"
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a peril and there is more than one pe
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ril at work in a fact pattern. Under co
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mmon law, whether the pol- 6 6 6 6
icy provides coverage depends on
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which peril is chosen as the proxi-
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6mate cause. 6
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, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
6 6 6 6 6 6 6 6 6
Study6online6at6https://quizlet.com/_8ewcxd
9. Direct Loss
6 Physical harm to tangible property. 6 6 6 6
10. Indirect Loss6 Economic loss which flows as a re- 6 6 6 6 6 6
sult of direct loss.
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11. Actual Cash Value(ACV)
6 6 Replacement Cost minus Deprecia- 6 6 6
tion
12. Coinsurance
The amount, generally express 6 6 6
ed asa fixed percentage, an insured
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mustpay against a claim after the de
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-
6ductible is satisfied. It's ultimately a
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way for the insured and insurer to sh
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are responsibility for the risk. It can a
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lso help reduce the cost of theinsura
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nce policy premium. Coinsur-
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ance can be written on an 80/20, 90/
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100, or 100% rule.
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