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Florida 3-20 Public Adjusters State Exam (Set 1) Study Guide Solutions €12,35   In winkelwagen

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Florida 3-20 Public Adjusters State Exam (Set 1) Study Guide Solutions

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Florida 3-20 Public Adjusters State Exam (Set 1) Study Guide Solutions The insurer and insured agree to a specific value of insured item - Ans:-Agreed Value Policies Someone who has care, custody or control of another's property - Ans:-Bailee Claim filed by policy holder against his _ - Ans:-Fi...

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©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Florida 3-20 Public Adjusters State Exam (Set 1)
Study Guide Solutions


The insurer and insured agree to a specific value of insured item - Ans:✔✔-Agreed Value Policies


Someone who has care, custody or control of another's property - Ans:✔✔-Bailee


Claim filed by policy holder against his _ - Ans:✔✔-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 - Ans:✔✔-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 - Ans:✔✔-Moral Hazard


Used to provide temporary insurance coverage until an insurance policy can be written - Ans:✔✔-Binder


Required by lenders to guarantee that outstanding loans against a job are paid upon completion -

Ans:✔✔-Completion Bonds


The section of an insurance policy identifying the insured, endorsements, coverages, limits, and

premiums - Ans:✔✔-Declarations

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, ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Policyholder cannot transfer the policy to someone else without written permission from their insurance

company - Ans:✔✔-Assignment


An instance, behavior or environment that increases the likelihood of a loss on an insured item -

Ans:✔✔-Hazard


Actual cause or source of an incidence of destruction, injury, or loss - Ans:✔✔-Peril


An insurance company organized and domiciled outside the US - Ans:✔✔-Alien


When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of the

original occurrence - Ans:✔✔-Proximate Cause


Is proximate cause of all subsequent damages - Ans:✔✔-Original Occurance


An individual who contracts with an adjusting firm as an independent contractor and handles claims for

the insurance companies - Ans:✔✔-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 - Ans:✔✔-Estoppel


Operate for profit, collect premiums, reserve a portion of premiums to pay claims - Ans:✔✔-Commercial

Insurers




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, ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured - Ans:✔✔-

Independent Adjuster


The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses

suffered - Ans:✔✔-Damages


Requires the insured to insure the named property for a specific amount of insurance as required by the

insurance company - Ans:✔✔-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) - Ans:✔✔-Direct loss


The entity that is the "recipient" to the Principal - Ans:✔✔-Obligee


Insurance contracts are written on a take it or leave it basis to the policy owner. - Ans:✔✔-Adhesion


Event or circumstance that causes damage - Ans:✔✔-Occurance


Coverage provides for payment of losses if civil authority denies access to the insured premises due to a

covered peril - Ans:✔✔-Civil Authority


Voluntary relinquishment of a known legal right - Ans:✔✔-Waiver


An insurer domiciled outside the state where it writes insurance - Ans:✔✔-Foreign


A state officer who administers the state's insurance laws and regulations - Ans:✔✔-Commissioner

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