Exam (elaborations)
Florida 3-20 Public Adjusters State Exam (Set 1) rated A
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Florida 3-20 Public Adjusters State Exam (Set 1) rated A
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Florida 3-20 Public Adjusters State Exam(Set 1) rated A
The insurer and insured agree to a specific value of insured item - Agreed Value
Policies
Someone who has care, custody or control of another's property - Bailee
Claim filed by policy holder against his _ - First 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 - Negligent 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 -
Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can be
written - Binder
Required by lenders to guarantee that outstanding loans against a job are paid
upon completion - Completion Bonds
,Florida 3-20 Public Adjusters State Exam
(Set 1) rated A
The section of an insurance policy identifying the insured, endorsements,
coverages, limits, and premiums - Declarations
Policyholder cannot transfer the policy to someone else without written
permission from their insurance company - Assignment
An instance, behavior or environment that increases the likelihood of a loss on an
insured item - Hazard
Actual cause or source of an incidence of destruction, injury, or loss - Peril
An insurance company organized and domiciled outside the US - Alien
When there is an unbroken chain of events between an occurrence and a loss,
then the loss is part of the original occurrence - Proximate Cause
Is proximate cause of all subsequent damages - Original Occurance
, Florida 3-20 Public Adjusters State Exam
(Set 1) rated A
An individual who contracts with an adjusting firm as an independent contractor
and handles claims for the insurance companies - Independent 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 - Estoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims
- Commercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or a
self-insured - Independent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount
or type of losses suffered - Damages
Requires the insured to insure the named property for a specific amount of
insurance as required by the insurance company - Agreed Value
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