Florida 3-20 Public Adjusters State Exam (Set 1) Questions and Answers 2024 Graded A
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Course
Florida 3-20 Public Adjusters State
Institution
Florida 3-20 Public Adjusters State
The insurer and insured agree to a specific value of insured item -Correct Answer Agreed Value Policies
Someone who has care, custody or control of another's property -Correct Answer Bailee
Claim filed by policy holder against his _ -Correct Answer First Party Claim
When a person who entru...
Florida 3-20 Public Adjusters State Exam (Set 1)
Questions and Answers 2024 Graded A
The insurer and insured agree to a specific value of insured item -Correct Answer
✔Agreed Value Policies
Someone who has care, custody or control of another's property -Correct Answer
✔Bailee
Claim filed by policy holder against his _ -Correct Answer ✔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 -Correct Answer ✔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 -Correct
Answer ✔Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written -
Correct Answer ✔Binder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion -Correct Answer ✔Completion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages,
limits, and premiums -Correct Answer ✔Declarations
Policyholder cannot transfer the policy to someone else without written permission from
their insurance company -Correct Answer ✔Assignment
An instance, behavior or environment that increases the likelihood of a loss on an
insured item -Correct Answer ✔Hazard
Actual cause or source of an incidence of destruction, injury, or loss -Correct Answer
✔Peril
An insurance company organized and domiciled outside the US -Correct Answer ✔Alien
When there is an unbroken chain of events between an occurrence and a loss, then the
loss is part of the original occurrence -Correct Answer ✔Proximate Cause
Is proximate cause of all subsequent damages -Correct Answer ✔Original Occurance
Florida 3-20 Public Adjusters State Exam (Set 1)
, Florida 3-20 Public Adjusters State Exam (Set 1)
An individual who contracts with an adjusting firm as an independent contractor and
handles claims for the insurance companies -Correct Answer ✔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 -Correct
Answer ✔Estoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims -
Correct Answer ✔Commercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or a self-
insured -Correct Answer ✔Independent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type
of losses suffered -Correct Answer ✔Damages
Requires the insured to insure the named property for a specific amount of insurance as
required by the insurance company -Correct Answer ✔Agreed 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) -Correct Answer ✔Direct
loss
The entity that is the "recipient" to the Principal -Correct Answer ✔Obligee
Insurance contracts are written on a take it or leave it basis to the policy owner. -Correct
Answer ✔Adhesion
Event or circumstance that causes damage -Correct Answer ✔Occurance
Coverage provides for payment of losses if civil authority denies access to the insured
premises due to a covered peril -Correct Answer ✔Civil Authority
Voluntary relinquishment of a known legal right -Correct Answer ✔Waiver
An insurer domiciled outside the state where it writes insurance -Correct Answer
✔Foreign
A state officer who administers the state's insurance laws and regulations -Correct
Answer ✔Commissioner
Used as a promise to accept a bid if awarded to a company -Correct Answer ✔Bid bond
Florida 3-20 Public Adjusters State Exam (Set 1)
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