Florida Claims Adjuster Exam Questions and Answers 100% Correct
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Module
Florida Claims adjuster
Institution
Florida Claims Adjuster
Peril - ANSWER-Somthing t√dhat causes a loss.
Hazard - ANSWER-Something that increases the probability that a loss will occur.
Warranty - ANSWER-A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact.
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Florida Claims Adjuster Exam Questions
and Answers 100% Correct
Peril - ANSWER-Somthing t√dhat causes a loss.
Hazard - ANSWER-Something that increases the probability that a loss will occur.
Warranty - ANSWER-A policy condition, either based on information in the insureds
application or inserted by the insurer. It is a guarantee of a fact.
Misrepresentation - ANSWER-An untrue statement by the insured, made in an
application for insurance but which does not become a part of the policy.
Concealment - ANSWER-The failure of the insured to reveal relevant facts known to the
insured in applying for insurance.
Abandonment - ANSWER-Property insurance policies usually contain an abandonment
clause, stating the insured cannot dump damaged property on the insurer and demand
its full value.
Severability - ANSWER-The insurance applies separately to each insured as if other
insureds did not exist.
Proximate Cause - ANSWER-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 - ANSWER-Physical harm to tangible property.
Indirect Loss - ANSWER-Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) - ANSWER-Replacement Cost minus Depreciation
,Coinsurance - ANSWER-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 - ANSWER-Policies cover people who own and operate things, such
as automobiles.
Conditional Contract - ANSWER-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 - ANSWER-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 - ANSWER-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 - ANSWER-Generally defined as the voluntary relinquishment or surrender of
some rightor privilege.
Express Waiver - ANSWER-Occurs when the insurer or its representative knowingly
gives up a known right under the insurance contract.
Implied Waiver - ANSWER-May result from some act of neglect on the part of the
adjuster.
Damages - ANSWER-Money Amounts.
Subrogation - ANSWER-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 - ANSWER-All policies provide that any changes to the policy be made by the
insurer, in writing.
Policy Period - ANSWER-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 - ANSWER-Condition limiting coverage to occurrences or losses that
take place only within a stated geographical region.
Other Insurance - ANSWER-The principle of indemnity dictates against duplicate
recovery for the same loss.
Cancellation - ANSWER-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 - ANSWER-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 - ANSWER-Is a contract whereby one undertakes to indemnify another or
pay or allow a specified amount or a determinable benefit upon determinable
contingencies.
Binder - ANSWER-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 ? -
ANSWER-5 days.
Property Insurance - ANSWER-Any insurance wherein payment by the insurer will be
paid directly to the insured or other specifically named interests.
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