Florida 3-20 Public Adjusters State Exam (Set 1) Questions
and Answers (Verified Answers)
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 participate in a
manner or behavior more likely to result in a loss because they have insurance
Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written
Binder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion
Completion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages,
limits, and premiums
Declarations
Policyholder cannot transfer the policy to someone else without written 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 destruction, 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 adjusting firm as an independent contractor and
handles claims for the insurance companies
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
Estoppel
, Operate for profit, collect premiums, reserve a portion of premiums to pay claims
Commercial Insurers
Any person who investigates 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 destruction)
Direct loss
The entity that is the "recipient" to the Principal
Obligee
Insurance contracts are written on a take it or leave it basis to the policy owner.
Adhesion
Event or circumstance that causes damage
Occurance
Coverage provides for payment of losses if civil authority denies access to the insured
premises due to a covered peril
Civil Authority
Voluntary relinquishment of a known legal right
Waiver
An insurer domiciled outside the state where it writes insurance
Foreign
A state officer who administers the state's insurance laws and regulations
Commissioner
Used as a promise to accept a bid if awarded to a company
Bid bond
Damaged property an insurer takes over to reduce their loss after paying a claim
Salvage
Factual statements upon which an insurance policy is based
Representations
A contract between two parties that offer the consumer little to no leeway to negotiate
the terms of the contract
Contract of adhesion
Publication in any media by the insured about goods or services
Advertisements
Also known as Absolute Liability, based on the theory of the duty of making something
sage that is inherently dangerous
Strict Torts
A house, structure, also referred to as a "primary risk"
Dwelling
Condition enforced by the courts to do something bound under law or in a contract
and Answers (Verified Answers)
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 participate in a
manner or behavior more likely to result in a loss because they have insurance
Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written
Binder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion
Completion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages,
limits, and premiums
Declarations
Policyholder cannot transfer the policy to someone else without written 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 destruction, 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 adjusting firm as an independent contractor and
handles claims for the insurance companies
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
Estoppel
, Operate for profit, collect premiums, reserve a portion of premiums to pay claims
Commercial Insurers
Any person who investigates 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 destruction)
Direct loss
The entity that is the "recipient" to the Principal
Obligee
Insurance contracts are written on a take it or leave it basis to the policy owner.
Adhesion
Event or circumstance that causes damage
Occurance
Coverage provides for payment of losses if civil authority denies access to the insured
premises due to a covered peril
Civil Authority
Voluntary relinquishment of a known legal right
Waiver
An insurer domiciled outside the state where it writes insurance
Foreign
A state officer who administers the state's insurance laws and regulations
Commissioner
Used as a promise to accept a bid if awarded to a company
Bid bond
Damaged property an insurer takes over to reduce their loss after paying a claim
Salvage
Factual statements upon which an insurance policy is based
Representations
A contract between two parties that offer the consumer little to no leeway to negotiate
the terms of the contract
Contract of adhesion
Publication in any media by the insured about goods or services
Advertisements
Also known as Absolute Liability, based on the theory of the duty of making something
sage that is inherently dangerous
Strict Torts
A house, structure, also referred to as a "primary risk"
Dwelling
Condition enforced by the courts to do something bound under law or in a contract
