Florida 3-20 Public Adjusters State Exam (Set 1)
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The insurer and insured agree to a specific value Agreed Value Policies
of insured item
Someone who has care, custody or control of Bailee
another's property
Claim filed by policy holder against his _ First Party Claim
When a person who entrusts another with an object Negligent Entrustment
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
Hazard that results from a conscious decision Moral Hazard
made by an insured to participate in a manner or
behavior more likely to result in a loss because
they have insurance
Used to provide temporary insurance coverage Binder
until an insurance policy can be written
Required by lenders to guarantee that Completion Bonds
outstanding loans against a job are paid upon
completion
The section of an insurance policy identifying the Declarations
insured, endorsements, coverages, limits, and
premiums
Policyholder cannot transfer the policy to Assignment
someone else without written permission from
their insurance company
, An instance, behavior or environment that increases Hazard
the likelihood of a loss on an insured item
Actual cause or source of an incidence of Peril
destruction, injury, or loss
An insurance company organized and domiciled Alien
outside the US
When there is an unbroken chain of events Proximate Cause
between an occurrence and a loss, then the loss
is part of the original occurrence
Is proximate cause of all subsequent damages Original Occurance
An individual who contracts with an adjusting firm as Independent Adjuster
an independent contractor and handles claims for
the insurance companies
Action or practice of the insured party is Estoppel
permitted to continue because any defense
against a continuation of said action or practice
has been waived by the insurer
Operate for profit, collect premiums, reserve a Commercial Insurers
portion of premiums to pay claims
Any person who investigates or adjusts losses Independent Adjuster
on behalf of either an insurer or a self-insured
The result of an insured's tort or wrongdoing. Damages
Consequences of a loss or amount or type of
losses suffered
Requires the insured to insure the named Agreed Value
property for a specific amount of insurance as
required by the insurance company
Physical harm to tangible property caused by Direct loss
peril (loss to property or person in which a
covered peril is the proximate cause of damage
or destruction)
The entity that is the "recipient" to the Principal Obligee
Insurance contracts are written on a take it or Adhesion
leave it basis to the policy owner.
Event or circumstance that causes damage Occurance
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The insurer and insured agree to a specific value Agreed Value Policies
of insured item
Someone who has care, custody or control of Bailee
another's property
Claim filed by policy holder against his _ First Party Claim
When a person who entrusts another with an object Negligent Entrustment
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
Hazard that results from a conscious decision Moral Hazard
made by an insured to participate in a manner or
behavior more likely to result in a loss because
they have insurance
Used to provide temporary insurance coverage Binder
until an insurance policy can be written
Required by lenders to guarantee that Completion Bonds
outstanding loans against a job are paid upon
completion
The section of an insurance policy identifying the Declarations
insured, endorsements, coverages, limits, and
premiums
Policyholder cannot transfer the policy to Assignment
someone else without written permission from
their insurance company
, An instance, behavior or environment that increases Hazard
the likelihood of a loss on an insured item
Actual cause or source of an incidence of Peril
destruction, injury, or loss
An insurance company organized and domiciled Alien
outside the US
When there is an unbroken chain of events Proximate Cause
between an occurrence and a loss, then the loss
is part of the original occurrence
Is proximate cause of all subsequent damages Original Occurance
An individual who contracts with an adjusting firm as Independent Adjuster
an independent contractor and handles claims for
the insurance companies
Action or practice of the insured party is Estoppel
permitted to continue because any defense
against a continuation of said action or practice
has been waived by the insurer
Operate for profit, collect premiums, reserve a Commercial Insurers
portion of premiums to pay claims
Any person who investigates or adjusts losses Independent Adjuster
on behalf of either an insurer or a self-insured
The result of an insured's tort or wrongdoing. Damages
Consequences of a loss or amount or type of
losses suffered
Requires the insured to insure the named Agreed Value
property for a specific amount of insurance as
required by the insurance company
Physical harm to tangible property caused by Direct loss
peril (loss to property or person in which a
covered peril is the proximate cause of damage
or destruction)
The entity that is the "recipient" to the Principal Obligee
Insurance contracts are written on a take it or Adhesion
leave it basis to the policy owner.
Event or circumstance that causes damage Occurance
