Florida 3-20 Public Adjusters State Exam (Set 1) Questions with Answers

Florida 3-20 Public Adjusters State Exam (Set 1) Questions with Answers 1 / 11 1. The insurer and insured agree to a specific value of insured item: Agreed Value Policies 2. Someone who has care, custody or control of another's property: Bailee 3. Claim filed by policy holder against his _: First Party Claim 4. 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 5. 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 6. Used to provide temporary insurance coverage until an insurance policy can be written: Binder 7. Required by lenders to guarantee that outstanding loans against a job are paid upon completion: Completion Bonds 8. The section of an insurance policy identifying the insured, endorsements, coverages, limits, and premiums: Declarations 9. Policyholder cannot transfer the policy to someone else without written permission from their insurance company: Assignment 10. An instance, behavior or environment that increases the likelihood of a loss on an insured item: Hazard 11. Actual cause or source of an incidence of destruction, injury, or loss: Peril 12. An insurance company organized and domiciled outside the US: Alien 13. 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 14. Is proximate cause of all subsequent damages: Original Occurance 15. An individual who contracts with an adjusting firm as an independent contractor and handles claims for the insurance companies: Independent Adjuster 16. 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 17. Operate for profit, collect premiums,reserve a portion of premiums to pay claims: Commercial Insurers