FLORIDA 3-20 PUBLIC ADJUSTERS STATE EXAM
(SET 1) || 140 QUESTIONS AND ANSWERS
The insurer and insured agree to a specific value of insured item - (correct answer) -Agreed Value
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Policies
uj
Someone who has care, custody or control of another's property - (correct answer) -Bailee
uj uj uj uj uj uj uj uj uj uj uj uj uj
Claim filed by policy holder against his _ - (correct answer) -First Party Claim
uj uj uj uj uj uj uj uj uj uj uj uj uj
When a person who entrusts another with an object and it results in injury to someone can be held
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - (correct answer)
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
-Negligent Entrustment
uj uj
Hazard that results from a conscious decision made by an insured to participate in a manner or
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
behavior more likely to result in a loss because they have insurance - (correct answer) -Moral Hazard
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Used to provide temporary insurance coverage until an insurance policy can be written - (correct
uj uj uj uj uj uj uj uj uj uj uj uj uj uj
answer) -Binder
uj uj
Required by lenders to guarantee that outstanding loans against a job are paid upon completion -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
(correct answer) -Completion Bonds
uj uj uj uj
The section of an insurance policy identifying the insured, endorsements, coverages, limits, and
uj uj uj uj uj uj uj uj uj uj uj uj
premiums - (correct answer) -Declarations
uj uj uj uj uj
,Policyholder cannot transfer the policy to someone else without written permission from their
uj uj uj uj uj uj uj uj uj uj uj uj
insurance company - (correct answer) -Assignment
uj uj uj uj uj uj
An instance, behavior or environment that increases the likelihood of a loss on an insured item -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
(correct answer) -Hazard
uj uj uj
Actual cause or source of an incidence of destruction, injury, or loss - (correct answer) -Peril
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
An insurance company organized and domiciled outside the US - (correct answer) -Alien
uj uj uj uj uj uj uj uj uj uj uj uj
When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
the original occurrence - (correct answer) -Proximate Cause
uj uj uj uj uj uj uj uj
Is proximate cause of all subsequent damages - (correct answer) -Original Occurance
uj uj uj uj uj uj uj uj uj uj uj
An individual who contracts with an adjusting firm as an independent contractor and handles claims
uj uj uj uj uj uj uj uj uj uj uj uj uj uj
for the insurance companies - (correct answer) -Independent Adjuster
uj uj uj uj uj uj uj uj uj
Action or practice of the insured party is permitted to continue because any defense against a
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
continuation of said action or practice has been waived by the insurer - (correct answer) -Estoppel
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Operate for profit, collect premiums, reserve a portion of premiums to pay claims - (correct answer) -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Commercial Insurers uj
Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured - (correct
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
answer) -Independent Adjuster
uj uj uj
, The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
suffered - (correct answer) -Damages
uj uj uj uj uj
Requires the insured to insure the named property for a specific amount of insurance as required by
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
the insurance company - (correct answer) -Agreed Value
uj uj uj uj uj uj uj uj
Physical harm to tangible property caused by peril (loss to property or person in which a covered peril
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
is the proximate cause of damage or destruction) - (correct answer) -Direct loss
uj uj uj uj uj uj uj uj uj uj uj uj uj
The entity that is the "recipient" to the Principal - (correct answer) -Obligee
uj uj uj uj uj uj uj uj uj uj uj uj
Insurance contracts are written on a take it or leave it basis to the policy owner. - (correct answer) -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Adhesion
Event or circumstance that causes damage - (correct answer) -Occurance
uj uj uj uj uj uj uj uj uj
Coverage provides for payment of losses if civil authority denies access to the insured premises due to
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
a covered peril - (correct answer) -Civil Authority
uj uj uj uj uj uj uj uj
Voluntary relinquishment of a known legal right - (correct answer) -Waiver
uj uj uj uj uj uj uj uj uj uj
An insurer domiciled outside the state where it writes insurance - (correct answer) -Foreign
uj uj uj uj uj uj uj uj uj uj uj uj uj
A state officer who administers the state's insurance laws and regulations - (correct answer) -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Commissioner
Used as a promise to accept a bid if awarded to a company - (correct answer) -Bid bond
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
(SET 1) || 140 QUESTIONS AND ANSWERS
The insurer and insured agree to a specific value of insured item - (correct answer) -Agreed Value
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Policies
uj
Someone who has care, custody or control of another's property - (correct answer) -Bailee
uj uj uj uj uj uj uj uj uj uj uj uj uj
Claim filed by policy holder against his _ - (correct answer) -First Party Claim
uj uj uj uj uj uj uj uj uj uj uj uj uj
When a person who entrusts another with an object and it results in injury to someone can be held
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
liable for the injury to someone. Can be held liable for the injury i.e. Firearm or DWI - (correct answer)
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
-Negligent Entrustment
uj uj
Hazard that results from a conscious decision made by an insured to participate in a manner or
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
behavior more likely to result in a loss because they have insurance - (correct answer) -Moral Hazard
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Used to provide temporary insurance coverage until an insurance policy can be written - (correct
uj uj uj uj uj uj uj uj uj uj uj uj uj uj
answer) -Binder
uj uj
Required by lenders to guarantee that outstanding loans against a job are paid upon completion -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
(correct answer) -Completion Bonds
uj uj uj uj
The section of an insurance policy identifying the insured, endorsements, coverages, limits, and
uj uj uj uj uj uj uj uj uj uj uj uj
premiums - (correct answer) -Declarations
uj uj uj uj uj
,Policyholder cannot transfer the policy to someone else without written permission from their
uj uj uj uj uj uj uj uj uj uj uj uj
insurance company - (correct answer) -Assignment
uj uj uj uj uj uj
An instance, behavior or environment that increases the likelihood of a loss on an insured item -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
(correct answer) -Hazard
uj uj uj
Actual cause or source of an incidence of destruction, injury, or loss - (correct answer) -Peril
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
An insurance company organized and domiciled outside the US - (correct answer) -Alien
uj uj uj uj uj uj uj uj uj uj uj uj
When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
the original occurrence - (correct answer) -Proximate Cause
uj uj uj uj uj uj uj uj
Is proximate cause of all subsequent damages - (correct answer) -Original Occurance
uj uj uj uj uj uj uj uj uj uj uj
An individual who contracts with an adjusting firm as an independent contractor and handles claims
uj uj uj uj uj uj uj uj uj uj uj uj uj uj
for the insurance companies - (correct answer) -Independent Adjuster
uj uj uj uj uj uj uj uj uj
Action or practice of the insured party is permitted to continue because any defense against a
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
continuation of said action or practice has been waived by the insurer - (correct answer) -Estoppel
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Operate for profit, collect premiums, reserve a portion of premiums to pay claims - (correct answer) -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Commercial Insurers uj
Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured - (correct
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
answer) -Independent Adjuster
uj uj uj
, The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
suffered - (correct answer) -Damages
uj uj uj uj uj
Requires the insured to insure the named property for a specific amount of insurance as required by
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
the insurance company - (correct answer) -Agreed Value
uj uj uj uj uj uj uj uj
Physical harm to tangible property caused by peril (loss to property or person in which a covered peril
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
is the proximate cause of damage or destruction) - (correct answer) -Direct loss
uj uj uj uj uj uj uj uj uj uj uj uj uj
The entity that is the "recipient" to the Principal - (correct answer) -Obligee
uj uj uj uj uj uj uj uj uj uj uj uj
Insurance contracts are written on a take it or leave it basis to the policy owner. - (correct answer) -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Adhesion
Event or circumstance that causes damage - (correct answer) -Occurance
uj uj uj uj uj uj uj uj uj
Coverage provides for payment of losses if civil authority denies access to the insured premises due to
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
a covered peril - (correct answer) -Civil Authority
uj uj uj uj uj uj uj uj
Voluntary relinquishment of a known legal right - (correct answer) -Waiver
uj uj uj uj uj uj uj uj uj uj
An insurer domiciled outside the state where it writes insurance - (correct answer) -Foreign
uj uj uj uj uj uj uj uj uj uj uj uj uj
A state officer who administers the state's insurance laws and regulations - (correct answer) -
uj uj uj uj uj uj uj uj uj uj uj uj uj uj
Commissioner
Used as a promise to accept a bid if awarded to a company - (correct answer) -Bid bond
uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj uj
