Florida Claims
Adjuster Exam
QUESTIONS WITH
VERIFIED 100%
ANSWERS
Peril - ANSWER Somthing t√dhat causes a loss.
Hazard - ANSWER Something that increases the probability that a loss will occur.
Warranty - ANSWER A policy condition, either based on information in the insureds
application or inserted by the insurer. It is a guarantee of a fact.
Misrepresentation - ANSWER An untrue statement by the insured, made in an
application for insurance but which does not become a part of the policy.
Concealment - ANSWER The failure of the insured to reveal relevant facts known to
the insured in applying for insurance.
Abandonment - ANSWER Property insurance policies usually contain an abandonment
clause, stating the insured cannot dump damaged property on the insurer and demand
its full value.
Severability - ANSWER The insurance applies separately to each insured as if other
insureds did not exist.
, Proximate Cause - ANSWER A fundamental doctrine in property insurance holds that
when there is an unbroken connection between an occurrence and damage that grows
out of the occurrence, then the resultant damage is all a part of the occurrence.
Direct Loss - ANSWER Physical harm to tangible property.
Indirect Loss - ANSWER Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) - ANSWER Replacement Cost minus Depreciation
Coinsurance - ANSWER Is a method of providing equity in premiums by granting lower
rates to those indureds who accept the responsibility of insuring for amounts which
reflect a high percentage of the value of the subject property.
Personal Contract - ANSWER Policies cover people who own and operate things, such
as automobiles.
Conditional Contract - ANSWER The parties are of unequal bargaining power, and the
insured cannot negotiate the terms, having to take the offer of the insurer as made.
Contract of Indemnity - ANSWER One should return to their same position as they
were before the loss occurred. This limits the number of people intentionally causing
losses because it was to their economic advantage.
Insurable Interest - ANSWER Any actual, lawful and substantial economic interest in
the safety or preservation of the subject of the insurance free from loss, destruction, or
pecuniary damage or impairment.
Waiver - ANSWER Generally defined as the voluntary relinquishment or surrender of
some rightor privilege.
Express Waiver - ANSWER Occurs when the insurer or its representative knowingly
gives up a known right under the insurance contract.
Implied Waiver - ANSWER May result from some act of neglect on the part of the
adjuster.
Damages - ANSWER Money Amounts.
Subrogation - ANSWER When an insured has a right to collect damages from another
party, but instead elects to claim the damages under his insurance policy, his rights
against the other party are transferred to the insurer.
Changes - ANSWER All policies provide that any changes to the policy be made by the
insurer, in writing.
Adjuster Exam
QUESTIONS WITH
VERIFIED 100%
ANSWERS
Peril - ANSWER Somthing t√dhat causes a loss.
Hazard - ANSWER Something that increases the probability that a loss will occur.
Warranty - ANSWER A policy condition, either based on information in the insureds
application or inserted by the insurer. It is a guarantee of a fact.
Misrepresentation - ANSWER An untrue statement by the insured, made in an
application for insurance but which does not become a part of the policy.
Concealment - ANSWER The failure of the insured to reveal relevant facts known to
the insured in applying for insurance.
Abandonment - ANSWER Property insurance policies usually contain an abandonment
clause, stating the insured cannot dump damaged property on the insurer and demand
its full value.
Severability - ANSWER The insurance applies separately to each insured as if other
insureds did not exist.
, Proximate Cause - ANSWER A fundamental doctrine in property insurance holds that
when there is an unbroken connection between an occurrence and damage that grows
out of the occurrence, then the resultant damage is all a part of the occurrence.
Direct Loss - ANSWER Physical harm to tangible property.
Indirect Loss - ANSWER Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) - ANSWER Replacement Cost minus Depreciation
Coinsurance - ANSWER Is a method of providing equity in premiums by granting lower
rates to those indureds who accept the responsibility of insuring for amounts which
reflect a high percentage of the value of the subject property.
Personal Contract - ANSWER Policies cover people who own and operate things, such
as automobiles.
Conditional Contract - ANSWER The parties are of unequal bargaining power, and the
insured cannot negotiate the terms, having to take the offer of the insurer as made.
Contract of Indemnity - ANSWER One should return to their same position as they
were before the loss occurred. This limits the number of people intentionally causing
losses because it was to their economic advantage.
Insurable Interest - ANSWER Any actual, lawful and substantial economic interest in
the safety or preservation of the subject of the insurance free from loss, destruction, or
pecuniary damage or impairment.
Waiver - ANSWER Generally defined as the voluntary relinquishment or surrender of
some rightor privilege.
Express Waiver - ANSWER Occurs when the insurer or its representative knowingly
gives up a known right under the insurance contract.
Implied Waiver - ANSWER May result from some act of neglect on the part of the
adjuster.
Damages - ANSWER Money Amounts.
Subrogation - ANSWER When an insured has a right to collect damages from another
party, but instead elects to claim the damages under his insurance policy, his rights
against the other party are transferred to the insurer.
Changes - ANSWER All policies provide that any changes to the policy be made by the
insurer, in writing.
