Florida 3-20 Public Adjusters State
Exam (Set 1) - Q&A
The insurer and insured agree to a specific value of insured item Correct
Answer - Agreed Value Policies
Someone who has care, custody or control of another's property Correct
Answer - Bailee
Claim filed by policy holder against his _ Correct Answer - 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 Correct Answer - 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 Correct Answer - Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can
be written Correct Answer - Binder
Required by lenders to guarantee that outstanding loans against a job are paid
upon completion Correct Answer - Completion Bonds
The section of an insurance policy identifying the insured, endorsements,
coverages, limits, and premiums Correct Answer - Declarations
Policyholder cannot transfer the policy to someone else without written
permission from their insurance company Correct Answer - Assignment
An instance, behavior or environment that increases the likelihood of a loss on
an insured item Correct Answer - Hazard
,Actual cause or source of an incidence of destruction, injury, or loss Correct
Answer - Peril
An insurance company organized and domiciled outside the US Correct
Answer - Alien
When there is an unbroken chain of events between an occurrence and a loss,
then the loss is part of the original occurrence Correct Answer -
Proximate Cause
Is proximate cause of all subsequent damages Correct Answer - Original
Occurance
An individual who contracts with an adjusting firm as an independent
contractor and handles claims for the insurance companies Correct Answer
- 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 Correct Answer - Estoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay
claims Correct Answer - Commercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or
a self-insured Correct Answer - Independent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or
amount or type of losses suffered Correct Answer - Damages
Requires the insured to insure the named property for a specific amount of
insurance as required by the insurance company Correct Answer -
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)
Correct Answer - Direct loss
, The entity that is the "recipient" to the Principal Correct Answer -
Obligee
Insurance contracts are written on a take it or leave it basis to the policy
owner. Correct Answer - Adhesion
Event or circumstance that causes damage Correct Answer - Occurance
Coverage provides for payment of losses if civil authority denies access to the
insured premises due to a covered peril Correct Answer - Civil
Authority
Voluntary relinquishment of a known legal right Correct Answer -
Waiver
An insurer domiciled outside the state where it writes insurance Correct
Answer - Foreign
A state officer who administers the state's insurance laws and regulations
Correct Answer - Commissioner
Used as a promise to accept a bid if awarded to a company Correct Answer
- Bid bond
Damaged property an insurer takes over to reduce their loss after paying a
claim Correct Answer - Salvage
Factual statements upon which an insurance policy is based Correct
Answer - Representations
A contract between two parties that offer the consumer little to no leeway to
negotiate the terms of the contract Correct Answer - Contract of
adhesion
Publication in any media by the insured about goods or services Correct
Answer - Advertisements
Exam (Set 1) - Q&A
The insurer and insured agree to a specific value of insured item Correct
Answer - Agreed Value Policies
Someone who has care, custody or control of another's property Correct
Answer - Bailee
Claim filed by policy holder against his _ Correct Answer - 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 Correct Answer - 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 Correct Answer - Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can
be written Correct Answer - Binder
Required by lenders to guarantee that outstanding loans against a job are paid
upon completion Correct Answer - Completion Bonds
The section of an insurance policy identifying the insured, endorsements,
coverages, limits, and premiums Correct Answer - Declarations
Policyholder cannot transfer the policy to someone else without written
permission from their insurance company Correct Answer - Assignment
An instance, behavior or environment that increases the likelihood of a loss on
an insured item Correct Answer - Hazard
,Actual cause or source of an incidence of destruction, injury, or loss Correct
Answer - Peril
An insurance company organized and domiciled outside the US Correct
Answer - Alien
When there is an unbroken chain of events between an occurrence and a loss,
then the loss is part of the original occurrence Correct Answer -
Proximate Cause
Is proximate cause of all subsequent damages Correct Answer - Original
Occurance
An individual who contracts with an adjusting firm as an independent
contractor and handles claims for the insurance companies Correct Answer
- 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 Correct Answer - Estoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay
claims Correct Answer - Commercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or
a self-insured Correct Answer - Independent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or
amount or type of losses suffered Correct Answer - Damages
Requires the insured to insure the named property for a specific amount of
insurance as required by the insurance company Correct Answer -
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)
Correct Answer - Direct loss
, The entity that is the "recipient" to the Principal Correct Answer -
Obligee
Insurance contracts are written on a take it or leave it basis to the policy
owner. Correct Answer - Adhesion
Event or circumstance that causes damage Correct Answer - Occurance
Coverage provides for payment of losses if civil authority denies access to the
insured premises due to a covered peril Correct Answer - Civil
Authority
Voluntary relinquishment of a known legal right Correct Answer -
Waiver
An insurer domiciled outside the state where it writes insurance Correct
Answer - Foreign
A state officer who administers the state's insurance laws and regulations
Correct Answer - Commissioner
Used as a promise to accept a bid if awarded to a company Correct Answer
- Bid bond
Damaged property an insurer takes over to reduce their loss after paying a
claim Correct Answer - Salvage
Factual statements upon which an insurance policy is based Correct
Answer - Representations
A contract between two parties that offer the consumer little to no leeway to
negotiate the terms of the contract Correct Answer - Contract of
adhesion
Publication in any media by the insured about goods or services Correct
Answer - Advertisements
