Which of the following are available as HO hurricane deductibles?
Select one:
A. All of the above
B. 2%
C. 5%
D. $500 - ANSWER All of the above
If flooding is confined to one area, the flood water must cover:
Select one:
A. The building
B. Over three acres of land
C. Over two acres of ...
Florida Claims Adjuster Exam,
6-20 All Lines Adjuster- Florida-
Review 100% CORRECT
Which of the following are available as HO hurricane deductibles?
Select one:
A. All of the above
B. 2%
C. 5%
D. $500 - ANSWER All of the above
If flooding is confined to one area, the flood water must cover:
Select one:
A. The building
B. Over three acres of land
C. Over two acres of land
D. Over an acre of land - ANSWER Over two acres of land
A house under construction is eligible for a Homeowner Policy if:
Select one:
A. None of these answers are correct
B. The builder doesn?t qualify for a Commercial Property Policy
C. The builder is licensed
D. The insured will be the owner-occupant - ANSWER D. The insured will be the owner-occupant
, If an Umbrella Policy serves as primary coverage, what part of the policy allows the insurer to apply a
deductible?
Select one:
A. The Stand Alone Form
B. The Follow Form
C. The Self-insured Retention
D. None of these answers are correct - ANSWER The Self-insured Retention
Peril - ANSWER Something that 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 The cause having the most significant impact in bringing about the loss
under a first-party property insurance policy, when two or more independent perils operate at the same
time (i.e., concurrently) to produce a loss. Courts employ a set of rules to resolve causation disputes
when a property policy states that it covers or excludes losses "caused by" a peril and there is more than
, one peril at work in a fact pattern. Under common law, whether the policy provides coverage depends
on which peril is chosen as the proximate cause.
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 The amount, generally expressed as a fixed percentage, an insured must pay
against a claim after the deductible is satisfied. It's ultimately a way for the insured and insurer to share
responsibility for the risk. It can also help reduce the cost of the insurance policy premium. Coinsurance
can be written on an 80/20, 90/100, or 100% rule.
Personal Contract - ANSWER Policies cover people who own and operate things, such as automobiles.
Conditional Contract - ANSWER Also called a hypothetical contract, is a contract agreement that only
requires performance once the delineated conditions are met. This legal agreement requires prior
performance of another agreement or clause in order to be enforceable. If the other agreement or
condition is performed, then the conditional contract is enforceable and the parties are bound to carry
out the terms of the contract.
Contract of Indemnity - ANSWER Principle of insurance that provides that when a loss occurs, the
insured should be restored to the approximate financial condition he/she occupied before the loss
occurred, no better or no worse.
Insurable Interest - ANSWER the reasonable concern of a person to obtain insurance for any individual or
property against unforeseen events such as death, losses, etc.
Waiver - ANSWER 1.) Implied voluntary relinquishment, abandoning a legal advantage, need, claim or
right.
2.) Agreement or added clause of a policy that excludes some losses or limits the sum of a claim, or
extends coverage to add items not in a normal policy.
, Express Waiver - ANSWER Occurs when the insurer or its representative knowingly gives up a known
right under the insurance contract.
Implied Waiver - ANSWER A waiver that is assumed to be in effect from a person's behavior and shows
he is waiving a right.
Damages - ANSWER Monetary compensation that is awarded by a court in a civil action to an individual
who has been injured through the wrongful conduct of another party.
Liability Insurance - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER Covers items that are not permanently attached to the main dwelling, such
as a shed, fence, etc.
Commercial Inland Marine - ANSWER Helps identify the kinds of risk which are eligible for either ocean
or inland Marine insurance.
Building Ordinance Coverage - ANSWER This endorsement covers the insured for enforcement of laws
which require demolition of undamaged portions of buildings.
Umbrella Policy - ANSWER 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.
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