Florida Claims Adjuster Exam
g g g
1.g Peril:g Somethingg thatg causesg ag loss.
2. Hazard:gSomethinggthatgincreasesgthegprobabilitygthatgaglossgwillgoccur.
3. Warranty:gAgpolicygcondition,geithergbasedgonginformationgingtheginsuredsgappli-
cationg org insertedg bygtheg insurer.gItg isg ag guaranteeg ofg ag fact.
g
4. Misrepresentation:g Ang untrueg statementg byg theg insured,g madeg ing ang applicationgf
orginsurancegbutgwhichgdoesgnotgbecomegagpartgofgthegpolicy.
5. Concealment:gThegfailuregofgtheginsuredgtogrevealgrelevantgfactsgknowngtogthegi
nsuredgingapplyinggforginsurance.
6. Abandonment:g Propertyginsurancegpoliciesgusuallygcontaingangabandonmentg
clause,gstatinggtheginsuredgcannotgdumpgdamagedgpropertygongtheginsurergandgd
emandgitsgfullgvalue.
7. Severability:gTheginsurancegappliesgseparatelygtogeachginsuredgasgifgothergi
nsuredsgdidgnotgexist.
1g/g46
, Florida Claims Adjuster Exam
g g g
8. ProximategCause:gThegcauseghavinggthegmostgsignificantgimpactgingbringingg
aboutgtheglossgundergagfirst- ogorgmoregod
partygpropertyginsurancegpolicy,gwhengtwgindependentgperilsgoperategat uce gagloss.
gthe sam gop
egtimeg(i.e.,gconcurrently)gtogpr ertygpolicygisg
moregthanglic
Courtsgemploygagsetgofgrulesgtogresolvegcausationgdisputesgwhengagprgstat
esgthatgitgcoversgorgexcludesglossesg"causedgby"gagperilgandgtheregonegyperi
g provides
lgatgworkgingagfactgpattern.gUndergcommonglaw,gwhethergthegpogcoveragegd
ependsgongwhichgperilgisgchosengasgthegproximategcause.
9. DirectgLoss:gPhysicalgharmgtogtangiblegproperty.
10. IndirectgLoss:gEconomicglossgwhichgflowsgasgagresultgofgdirectgloss.
11. Actualg Cashg Value(ACV):g Replacementg Costg minusg Depreciation
12. Coinsurance:gThegamount,ggenerallygexpressedgasgagfixedgpercentage,gangin
suredgmustgpaygagainstgagclaimgaftergthegdeductiblegisgsatisfied.gIt'sgultimatelygagwa
yg forg theg insuredg andg insurerg tog shareg responsibilityg forg theg risk.gItg cang alsog helpgred
ucegthegcostgofgtheginsurancegpolicygpremium.gCoinsurancegcangbegwrittengongang8
0/20,g90/100,gorg100%grule.
13. PersonalgContract:gPoliciesgcovergpeoplegwhogowngandgoperateg things,g such
asgautomobiles.
14. Conditionalg Contract:g Alsog calledg ag hypotheticalg contract,g isg ag contractg agree-
mentg thatg onlyg requiresg performanceg onceg theg delineatedg conditionsg areg met.gThisgl
g
egalgagreementgrequiresgpriorgperformancegofganothergagreementgorgclausegingord
2g/g46
, Florida Claims Adjuster Exam
g g g
erg tog beg enforceable.gIfg theg otherg agreementg org conditiong isg performed,g theng the
3g/g46
, Florida Claims Adjuster Exam
g g g
conditionalg contractg isg enforceableg andg theg partiesg areg boundg tog carrygofout
g g theg terms
thegcontract.
15. ContractgofgIndemnity:gPrinciplegofginsurancegthatgprovidesgthatg whengaglossg
occurs,gtheginsuredgshouldgbegrestoredgtogthegapproximategfinancialgcg ondition
he/shegoccupiedgbeforegtheglossgoccurred,gnogbettergorgnogworse.
16. InsurablegInterest:gthegreasonablegconcerngofgagpersongtogobtainginsurancegforg
anygindividualgorgpropertygagainstgunforeseengeventsgsuchgasgdeath,glosses,getc.
17. Waiver:g1.)gImpliedgvoluntarygrelinquishment,gabandoninggaglegalgadvantage,g
need,gclaimgorgright.
2.)gAgreementgorgaddedgclausegofgagpolicygthatgexcludesgsomeglossesgorglimitsgthegsu
mgofgagclaim,gorgextendsgcoveragegtogaddgitemsgnotgingagnormalgpolicy.
18. Expressg Waiver:g Occursg wheng theg insurerg org itsg representativeg knowinglyg
givesgupgagknowngrightgundergtheginsurancegcontract.
19. ImpliedgWaiver:gAgwaivergthatgisgassumedgtogbegingeffectgfromgagperson'sg
behaviorgandgshowsghegisgwaivinggagright.
20. Damages:g Monetaryg compensationg thatg isg awardedg byg ag courtg ing ag civilg actiongt
ogangindividualgwhoghasgbeenginjuredgthroughgthegwrongfulgconductgofganothergpart
y.
21. Subrogation:gWhenganginsuredghasgagrightgtogcollectgdamagesgfromganothergp
arty,g butg insteadg electsg tog claimg theg damagesg underg hisg insuranceg policy,g hisg rightsgag
ainstgthegothergpartygaregtransferredgtogtheginsurer.
22. Changes:gAllgpoliciesgprovidegthatganygchangesgtogthegpolicygbegmadegbygthegi
nsurer,gingwriting.
23. PolicygPeriod:gThegconditiongstatesgthatgcoveragegappliesgonlygtoglossesgorgo
ccurrencesg thatg takeg placeg duringg theg policyg period.g (Priorg tog theg statedg dateg andgti
megofgtermination).
4g/g46
g g g
1.g Peril:g Somethingg thatg causesg ag loss.
2. Hazard:gSomethinggthatgincreasesgthegprobabilitygthatgaglossgwillgoccur.
3. Warranty:gAgpolicygcondition,geithergbasedgonginformationgingtheginsuredsgappli-
cationg org insertedg bygtheg insurer.gItg isg ag guaranteeg ofg ag fact.
g
4. Misrepresentation:g Ang untrueg statementg byg theg insured,g madeg ing ang applicationgf
orginsurancegbutgwhichgdoesgnotgbecomegagpartgofgthegpolicy.
5. Concealment:gThegfailuregofgtheginsuredgtogrevealgrelevantgfactsgknowngtogthegi
nsuredgingapplyinggforginsurance.
6. Abandonment:g Propertyginsurancegpoliciesgusuallygcontaingangabandonmentg
clause,gstatinggtheginsuredgcannotgdumpgdamagedgpropertygongtheginsurergandgd
emandgitsgfullgvalue.
7. Severability:gTheginsurancegappliesgseparatelygtogeachginsuredgasgifgothergi
nsuredsgdidgnotgexist.
1g/g46
, Florida Claims Adjuster Exam
g g g
8. ProximategCause:gThegcauseghavinggthegmostgsignificantgimpactgingbringingg
aboutgtheglossgundergagfirst- ogorgmoregod
partygpropertyginsurancegpolicy,gwhengtwgindependentgperilsgoperategat uce gagloss.
gthe sam gop
egtimeg(i.e.,gconcurrently)gtogpr ertygpolicygisg
moregthanglic
Courtsgemploygagsetgofgrulesgtogresolvegcausationgdisputesgwhengagprgstat
esgthatgitgcoversgorgexcludesglossesg"causedgby"gagperilgandgtheregonegyperi
g provides
lgatgworkgingagfactgpattern.gUndergcommonglaw,gwhethergthegpogcoveragegd
ependsgongwhichgperilgisgchosengasgthegproximategcause.
9. DirectgLoss:gPhysicalgharmgtogtangiblegproperty.
10. IndirectgLoss:gEconomicglossgwhichgflowsgasgagresultgofgdirectgloss.
11. Actualg Cashg Value(ACV):g Replacementg Costg minusg Depreciation
12. Coinsurance:gThegamount,ggenerallygexpressedgasgagfixedgpercentage,gangin
suredgmustgpaygagainstgagclaimgaftergthegdeductiblegisgsatisfied.gIt'sgultimatelygagwa
yg forg theg insuredg andg insurerg tog shareg responsibilityg forg theg risk.gItg cang alsog helpgred
ucegthegcostgofgtheginsurancegpolicygpremium.gCoinsurancegcangbegwrittengongang8
0/20,g90/100,gorg100%grule.
13. PersonalgContract:gPoliciesgcovergpeoplegwhogowngandgoperateg things,g such
asgautomobiles.
14. Conditionalg Contract:g Alsog calledg ag hypotheticalg contract,g isg ag contractg agree-
mentg thatg onlyg requiresg performanceg onceg theg delineatedg conditionsg areg met.gThisgl
g
egalgagreementgrequiresgpriorgperformancegofganothergagreementgorgclausegingord
2g/g46
, Florida Claims Adjuster Exam
g g g
erg tog beg enforceable.gIfg theg otherg agreementg org conditiong isg performed,g theng the
3g/g46
, Florida Claims Adjuster Exam
g g g
conditionalg contractg isg enforceableg andg theg partiesg areg boundg tog carrygofout
g g theg terms
thegcontract.
15. ContractgofgIndemnity:gPrinciplegofginsurancegthatgprovidesgthatg whengaglossg
occurs,gtheginsuredgshouldgbegrestoredgtogthegapproximategfinancialgcg ondition
he/shegoccupiedgbeforegtheglossgoccurred,gnogbettergorgnogworse.
16. InsurablegInterest:gthegreasonablegconcerngofgagpersongtogobtainginsurancegforg
anygindividualgorgpropertygagainstgunforeseengeventsgsuchgasgdeath,glosses,getc.
17. Waiver:g1.)gImpliedgvoluntarygrelinquishment,gabandoninggaglegalgadvantage,g
need,gclaimgorgright.
2.)gAgreementgorgaddedgclausegofgagpolicygthatgexcludesgsomeglossesgorglimitsgthegsu
mgofgagclaim,gorgextendsgcoveragegtogaddgitemsgnotgingagnormalgpolicy.
18. Expressg Waiver:g Occursg wheng theg insurerg org itsg representativeg knowinglyg
givesgupgagknowngrightgundergtheginsurancegcontract.
19. ImpliedgWaiver:gAgwaivergthatgisgassumedgtogbegingeffectgfromgagperson'sg
behaviorgandgshowsghegisgwaivinggagright.
20. Damages:g Monetaryg compensationg thatg isg awardedg byg ag courtg ing ag civilg actiongt
ogangindividualgwhoghasgbeenginjuredgthroughgthegwrongfulgconductgofganothergpart
y.
21. Subrogation:gWhenganginsuredghasgagrightgtogcollectgdamagesgfromganothergp
arty,g butg insteadg electsg tog claimg theg damagesg underg hisg insuranceg policy,g hisg rightsgag
ainstgthegothergpartygaregtransferredgtogtheginsurer.
22. Changes:gAllgpoliciesgprovidegthatganygchangesgtogthegpolicygbegmadegbygthegi
nsurer,gingwriting.
23. PolicygPeriod:gThegconditiongstatesgthatgcoveragegappliesgonlygtoglossesgorgo
ccurrencesg thatg takeg placeg duringg theg policyg period.g (Priorg tog theg statedg dateg andgti
megofgtermination).
4g/g46
