Florida 3-20 Public Adjusters State Exam (Set 1) with
complete solution latest update
The insurer and insured agree to a specific value of insured item - correct answerAgreed Value
Policies
Someone who has care, custody or control of another's property - correct answerBailee
Claim filed by policy holder against his _ - correct answerFirst 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
answerNegligent 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 answerMoral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written - correct
answerBinder
Required by lenders to guarantee that outstanding loans against a job are paid upon completion -
correct answerCompletion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages, limits, and
premiums - correct answerDeclarations
Policyholder cannot transfer the policy to someone else without written permission from their
insurance company - correct answerAssignment
An instance, behavior or environment that increases the likelihood of a loss on an insured item -
correct answerHazard
Actual cause or source of an incidence of destruction, injury, or loss - correct answerPeril
An insurance company organized and domiciled outside the US - correct answerAlien
When there is an unbroken chain of events between an occurrence and a loss, then the loss is part
of the original occurrence - correct answerProximate Cause
Is proximate cause of all subsequent damages - correct answerOriginal Occurance
An individual who contracts with an adjusting firm as an independent contractor and handles claims
for the insurance companies - correct answerIndependent 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 answerEstoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims - correct
answerCommercial Insurers
, Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured -
correct answerIndependent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses
suffered - correct answerDamages
Requires the insured to insure the named property for a specific amount of insurance as required by
the insurance company - correct answerAgreed 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 answerDirect loss
The entity that is the "recipient" to the Principal - correct answerObligee
Insurance contracts are written on a take it or leave it basis to the policy owner. - correct
answerAdhesion
Event or circumstance that causes damage - correct answerOccurance
Coverage provides for payment of losses if civil authority denies access to the insured premises due
to a covered peril - correct answerCivil Authority
Voluntary relinquishment of a known legal right - correct answerWaiver
An insurer domiciled outside the state where it writes insurance - correct answerForeign
A state officer who administers the state's insurance laws and regulations - correct
answerCommissioner
Used as a promise to accept a bid if awarded to a company - correct answerBid bond
Damaged property an insurer takes over to reduce their loss after paying a claim - correct
answerSalvage
Factual statements upon which an insurance policy is based - correct answerRepresentations
A contract between two parties that offer the consumer little to no leeway to negotiate the terms of
the contract - correct answerContract of adhesion
Publication in any media by the insured about goods or services - correct answerAdvertisements
Also known as Absolute Liability, based on the theory of the duty of making something sage that is
inherently dangerous - correct answerStrict Torts
A house, structure, also referred to as a "primary risk" - correct answerDwelling
Condition enforced by the courts to do something bound under law or in a contract - correct
answerStrict Torts
Amount of loss paid by the policy holder - correct answerDeductible
Violation of an agreement between a seller and buyer in reference to the condition, content, quality,
or title of an item sold - correct answerBreach of Warranty
complete solution latest update
The insurer and insured agree to a specific value of insured item - correct answerAgreed Value
Policies
Someone who has care, custody or control of another's property - correct answerBailee
Claim filed by policy holder against his _ - correct answerFirst 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
answerNegligent 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 answerMoral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written - correct
answerBinder
Required by lenders to guarantee that outstanding loans against a job are paid upon completion -
correct answerCompletion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages, limits, and
premiums - correct answerDeclarations
Policyholder cannot transfer the policy to someone else without written permission from their
insurance company - correct answerAssignment
An instance, behavior or environment that increases the likelihood of a loss on an insured item -
correct answerHazard
Actual cause or source of an incidence of destruction, injury, or loss - correct answerPeril
An insurance company organized and domiciled outside the US - correct answerAlien
When there is an unbroken chain of events between an occurrence and a loss, then the loss is part
of the original occurrence - correct answerProximate Cause
Is proximate cause of all subsequent damages - correct answerOriginal Occurance
An individual who contracts with an adjusting firm as an independent contractor and handles claims
for the insurance companies - correct answerIndependent 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 answerEstoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims - correct
answerCommercial Insurers
, Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured -
correct answerIndependent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses
suffered - correct answerDamages
Requires the insured to insure the named property for a specific amount of insurance as required by
the insurance company - correct answerAgreed 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 answerDirect loss
The entity that is the "recipient" to the Principal - correct answerObligee
Insurance contracts are written on a take it or leave it basis to the policy owner. - correct
answerAdhesion
Event or circumstance that causes damage - correct answerOccurance
Coverage provides for payment of losses if civil authority denies access to the insured premises due
to a covered peril - correct answerCivil Authority
Voluntary relinquishment of a known legal right - correct answerWaiver
An insurer domiciled outside the state where it writes insurance - correct answerForeign
A state officer who administers the state's insurance laws and regulations - correct
answerCommissioner
Used as a promise to accept a bid if awarded to a company - correct answerBid bond
Damaged property an insurer takes over to reduce their loss after paying a claim - correct
answerSalvage
Factual statements upon which an insurance policy is based - correct answerRepresentations
A contract between two parties that offer the consumer little to no leeway to negotiate the terms of
the contract - correct answerContract of adhesion
Publication in any media by the insured about goods or services - correct answerAdvertisements
Also known as Absolute Liability, based on the theory of the duty of making something sage that is
inherently dangerous - correct answerStrict Torts
A house, structure, also referred to as a "primary risk" - correct answerDwelling
Condition enforced by the courts to do something bound under law or in a contract - correct
answerStrict Torts
Amount of loss paid by the policy holder - correct answerDeductible
Violation of an agreement between a seller and buyer in reference to the condition, content, quality,
or title of an item sold - correct answerBreach of Warranty
