Florida Adjuster Tests Compilation bundle

Peril Correct Answer: Something that causes a loss. Hazard Correct Answer: Something that increases the probability that a loss will occur. Warranty Correct Answer: A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a...

A claim in the property/casualty industry Is defined as: Correct Answer: an assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damages when you purchase insurance, you are buying: Correct Answer...

Florida No-Fault Tort Exemption Correct Answer: Those who comply with the law are granted limited immunity from suits of others through PIP coverage. 4 Exceptions to Tort Exemption(Threshold of No-Fault) Correct Answer: 1. Significant and Permanent loss of bodily function. 2.Permanent injury o...

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 en...

Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. (B) Written evidence of the agreement and its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performan...

Accumulated Depreciation Correct Answer: The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) Correct Answer: A valuation method used by insurers to reflect an item's current market value right before being ...

What is an eligible building for flood insurance? Correct Answer: A structure with 2 or more outside rigid walls and a fully secure roof, built on a permanent site, with 50% or more of the value above ground level and located within an eligible community What is Builders Risk Coverage? Correct A...

A new, unused vehicle is not required to be inspected prior to obtaining physical damage insurance coverage if the insurer is provided with: Correct Answer: the insured can prove to the insurer with a bill of sale that the vehicle is a new/unused car. If an appointed agent says a certain claim i...

Severability Correct Answer: Insurance applies separately to each insured as if other insureds did not exist. Abandonment Correct Answer: Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full valu...

There are several important statutory requirements pertaining to contracts made by public adjusters: Correct Answer: Must state the type of claim, including an emergency claim, non-emergency claim or supplemental claim. Requires the signatures of all named insureds. If the signatures of all named...

The Florida Insurance Guaranty Association will pay claims of insolvent member companies up to a maximum of: Correct Answer: In excess of $100 up to $300,000 per claim . A common carrier is not held liable for the loss of a shipper's goods when the loss results from: Correct Answer: Acts of Go...

This optional provision states that if the insured becomes totally disabled, premiums are waived but the coverage remains in force: A. Waiver of Subrogation B. Waiver of Premium C. Waiver of Value D. None of the Above Correct Answer: B. Waiver of Premium "premiums are waived" Frank ow...

Subordination Correct Answer: When the insured collets damages from his or her own insurance company and those damages were caused by negligent third-party, the insurance company steps into the shoes of the insured and is entitled to recover the damages actually paid to the insured from the neglige...

A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public Correct Answer: B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Inte...