Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
1. Peril: Something that causes a
loss.
2. Hazard: Something that increases the probability that a ccur
loss will o .
3. Warranty: A policy condition, either based on sureds
information in the in cation or inserted by the insurer. It is a appli-
guarantee of a fact.
4.Misrepresentation: An untrue statement by the insured, made in an
application for insurance but which does not become a part of the
policy.
5.Concealment: The failure of the insured to reveal relevant facts
known to the insured in applying for insurance. andonme
nt surer
6.Abandonment: Property insurance policies usually containand
an ab clause, stating the insured cannot dump damaged
property on the in demand its full value.
7.Severability: The insurance applies separately to each if other
in-
insured as sureds did not exist.
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, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
8.Proximate Cause: The cause having the most significant impact in
e
bringing about the loss under a first-party property insuranceindependen
policy,
t ourts
when two or mor employ ates
that it one
perils operate at the same time (i.e., concurrently) to
produce a loss. C a set of rules to resolve causation disputes
when a property policy st covers or excludes losses "caused
by" a peril and there is more than work in a fact pattern.
Under common law, whether the policy provid depends on
which peril is chosen as the proximate cause.
9.Direct Loss: Physical harm to tangible property.
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, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
10. Indirect Loss: Economic loss which flows as a result oss
of direct l .
11. Actual Cash Value(ACV): Replacement Cost minus io
Depreciat n
12.Coinsurance: The amount, generally expressed as a fixed
an also is
percentage, an insured must pay against a claim after the deductible
help
satisfied. It's ultimately a way for the insured and insurer to share
hings, such
as
responsibility for the risk. It c reduce the cost of the insurance policy
premium. Coinsurance can be written on an 80/20, 90/100, or 100%
rule.
13.Personal Contract: Policies cover people who own and
operate t automobiles.
14.Conditional Contract: Also called a hypothetical contract, is a
re met.
contract agree- ment that only requires performance once the This
clause in
delineated conditions a ed, then
legal agreement requires prior performance of another
agreement or order to be enforceable. If the other agreement
or condition is perform conditional contract is enforceable hen a loss
ndition
and the parties are bound to carry of the contract. he/she
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, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
15.Contract of Indemnity: Principle of insurance that provides
that w occurs, the insured should be restored to the
approximate financial co occupied before the loss occurred,
no better or no worse.
16.Insurable Interest: the reasonable concern of a person to urance
for ses,
obtain ins any individual or property against unforeseen eventsetc.
such as death, los
17.Waiver: 1.) Implied voluntary relinquishment, abandoning a legal
advantage, need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses or
limits the sum of a claim, or extends coverage to add items not in a
normal policy.
18.Express Waiver: Occurs when the insurer or its representative
knowingly gives up a known right under the insurance contract.
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1. Peril: Something that causes a
loss.
2. Hazard: Something that increases the probability that a ccur
loss will o .
3. Warranty: A policy condition, either based on sureds
information in the in cation or inserted by the insurer. It is a appli-
guarantee of a fact.
4.Misrepresentation: An untrue statement by the insured, made in an
application for insurance but which does not become a part of the
policy.
5.Concealment: The failure of the insured to reveal relevant facts
known to the insured in applying for insurance. andonme
nt surer
6.Abandonment: Property insurance policies usually containand
an ab clause, stating the insured cannot dump damaged
property on the in demand its full value.
7.Severability: The insurance applies separately to each if other
in-
insured as sureds did not exist.
1/
123
, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
8.Proximate Cause: The cause having the most significant impact in
e
bringing about the loss under a first-party property insuranceindependen
policy,
t ourts
when two or mor employ ates
that it one
perils operate at the same time (i.e., concurrently) to
produce a loss. C a set of rules to resolve causation disputes
when a property policy st covers or excludes losses "caused
by" a peril and there is more than work in a fact pattern.
Under common law, whether the policy provid depends on
which peril is chosen as the proximate cause.
9.Direct Loss: Physical harm to tangible property.
2/
123
, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
10. Indirect Loss: Economic loss which flows as a result oss
of direct l .
11. Actual Cash Value(ACV): Replacement Cost minus io
Depreciat n
12.Coinsurance: The amount, generally expressed as a fixed
an also is
percentage, an insured must pay against a claim after the deductible
help
satisfied. It's ultimately a way for the insured and insurer to share
hings, such
as
responsibility for the risk. It c reduce the cost of the insurance policy
premium. Coinsurance can be written on an 80/20, 90/100, or 100%
rule.
13.Personal Contract: Policies cover people who own and
operate t automobiles.
14.Conditional Contract: Also called a hypothetical contract, is a
re met.
contract agree- ment that only requires performance once the This
clause in
delineated conditions a ed, then
legal agreement requires prior performance of another
agreement or order to be enforceable. If the other agreement
or condition is perform conditional contract is enforceable hen a loss
ndition
and the parties are bound to carry of the contract. he/she
3/
123
, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
15.Contract of Indemnity: Principle of insurance that provides
that w occurs, the insured should be restored to the
approximate financial co occupied before the loss occurred,
no better or no worse.
16.Insurable Interest: the reasonable concern of a person to urance
for ses,
obtain ins any individual or property against unforeseen eventsetc.
such as death, los
17.Waiver: 1.) Implied voluntary relinquishment, abandoning a legal
advantage, need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses or
limits the sum of a claim, or extends coverage to add items not in a
normal policy.
18.Express Waiver: Occurs when the insurer or its representative
knowingly gives up a known right under the insurance contract.
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123
