Florida 3-20 Public Adjusters State Exam (Set 1)
2026 update
The insurer and insured agree to a specific value of insured item
Agreed Value Policies
Someone who has care, custody or control of another's property
Bailee
Claim filed by policy holder against his _
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
Negligent Entrustment
Hazard that results from a conscious decision made by an insured to par,cipate in a manner
or behavior more likely to result in a loss because they have insurance
Moral Hazard
Used to provide temporary insurance coverage un,l an insurance policy can be wri0en
Binder
Required by lenders to guarantee that outstanding loans against a job are paid upon
comple,on
Comple,on Bonds
The sec,on of an insurance policy iden,fying the insured, endorsements, coverages, limits,
and premiums
Declara,ons
Policyholder cannot transfer the policy to someone else without wri0en permission from
their insurance company
Assignment
An instance, behavior or environment that increases the likelihood of a loss on an insured
item
Hazard
, Actual cause or source of an incidence of destruc,on, injury, or loss
Peril
An insurance company organized and domiciled outside the US
Alien
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
Is proximate cause of all subsequent damages
Original Occurance
An individual who contracts with an adjus,ng firm as an independent contractor and
handles claims for the insurance companies
Independent Adjuster
Ac,on or prac,ce of the insured party is permi0ed to con,nue because any defense against
a con,nua,on of said ac,on or prac,ce has been waived by the insurer
Estoppel
Operate for profit, collect premiums, reserve a por,on of premiums to pay claims
Commercial Insurers
Any person who inves,gates or adjusts losses on behalf of either an insurer or a self-insured
Independent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of
losses suffered
Damages
Requires the insured to insure the named property for a specific amount of insurance as
required by the insurance company
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 destruc,on)
Direct loss
The en,ty that is the "recipient" to the Principal
Obligee
2026 update
The insurer and insured agree to a specific value of insured item
Agreed Value Policies
Someone who has care, custody or control of another's property
Bailee
Claim filed by policy holder against his _
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
Negligent Entrustment
Hazard that results from a conscious decision made by an insured to par,cipate in a manner
or behavior more likely to result in a loss because they have insurance
Moral Hazard
Used to provide temporary insurance coverage un,l an insurance policy can be wri0en
Binder
Required by lenders to guarantee that outstanding loans against a job are paid upon
comple,on
Comple,on Bonds
The sec,on of an insurance policy iden,fying the insured, endorsements, coverages, limits,
and premiums
Declara,ons
Policyholder cannot transfer the policy to someone else without wri0en permission from
their insurance company
Assignment
An instance, behavior or environment that increases the likelihood of a loss on an insured
item
Hazard
, Actual cause or source of an incidence of destruc,on, injury, or loss
Peril
An insurance company organized and domiciled outside the US
Alien
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
Is proximate cause of all subsequent damages
Original Occurance
An individual who contracts with an adjus,ng firm as an independent contractor and
handles claims for the insurance companies
Independent Adjuster
Ac,on or prac,ce of the insured party is permi0ed to con,nue because any defense against
a con,nua,on of said ac,on or prac,ce has been waived by the insurer
Estoppel
Operate for profit, collect premiums, reserve a por,on of premiums to pay claims
Commercial Insurers
Any person who inves,gates or adjusts losses on behalf of either an insurer or a self-insured
Independent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of
losses suffered
Damages
Requires the insured to insure the named property for a specific amount of insurance as
required by the insurance company
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 destruc,on)
Direct loss
The en,ty that is the "recipient" to the Principal
Obligee
