Page 1 of 64
FLORIDA CLAIMS ADJUSTER EXAM 3 / FLORIDA
CLAIMS ADJUSTER TEST ALL QUESTIONS
ANSWERED CORRECTLY / BEST GRADED A+
This optional provision states that if the insured becomes totally disabled,
premiums are waived but the coverage remains in force:
A. Waiver of Subrogation
B. Waiver of Premium
C. Waiver of Value
D. None of the Above - ANSWER: B. Waiver of Premium
"premiums are waived"
Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ
Banks were listed as additional interests on his homeowner policy. The insurance
company will make a payment to:
A. The first mortgagee, ABC
B. The Insured
C. Jointly to ABC and XYZ
D. All listed interests - ANSWER: D. All listed interests
Remember that the insurer is not responsible to know the degrees of interest. In the
event of a loss, one payment is made by the insurer and it is up to the additional
interests on working out their share.
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Insurance applies *separately* to each insured as if other insureds did not exist.
This is defined as:
A. Severability
B. Conditional
C. Warranty
D. None of the above - ANSWER: A. Severability
Property insurance policies usually contain a(n) __________ clause, stating the
insured cannot *dump damaged property* on the insurer and demand its full value:
A. Pro Rata
B. Abandonment
C. Liberalization
D. All of the above - ANSWER: B. Abandonment
A(n) __________ is one wherein economic loss would be suffered from an adverse
happening to the subject:
A. Conditional Contract
B. Personal Contract
C. Economic Contract
D. Insurable Interest - ANSWER: D. Insurable Interest
States that if the insurer adopts a revision which would *broaden* coverage
without additional premium within some period of time prior to the policy period
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or during the policy period, the insured receives the benefit of such *broadened*
coverage.
A. Cancellation Clause
B. Policy Period
C. Pro Rata
D. Liberalization - ANSWER: D. Liberalization
The time frame is typically 60 days.
The __________ states 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.
A. Doctrine of Proximate Cause
B. Doctrine of Perils & Hazards
C. Insurance Policy Handbook
D. Doctrine of Property Insurance - ANSWER: A. Doctrine of Proximate Cause
For example, if a property insurance policy covers the peril of fire but further
damage is caused by smoke, water used to extinguish, and the process of moving
property away - fire is considered to be the *proximate cause* of all of the
damage.
The Loss Settlement Valuation that subtracts an allowance for depreciation is
defined as?
A. Actual Cash Value
B. Replacement Cost
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C. "Old for New"
D. None of the Above - ANSWER: A. Actual Cash Value
*A policy condition,* either based on information in the insured's application or
inserted by the insurer, is defined as:
A. Warranty
B. Misrepresentation
C. Concealment
D. None of the Above - ANSWER: A. Warranty
The following are basic characteristics of a property or liability insurance contract,
except:
A. Personal Contract
B. Conditional Contract
C. Loss of Settlement Contract
D. Contract of Adhesion - ANSWER: C. Loss of Settlement Contract
The Insurer's responsibility to pay for a property loss *may be conditioned* on the
insured having used reasonable means to avoid the loss, to protect the property
against further loss, and to give the insurer proof of the loss is defined as?
A. Conditional Contract
B. Adhesion Contract
C. Indemnity Contract
D. All of the Above - ANSWER: A. Conditional Contract
FLORIDA CLAIMS ADJUSTER EXAM 3 / FLORIDA
CLAIMS ADJUSTER TEST ALL QUESTIONS
ANSWERED CORRECTLY / BEST GRADED A+
This optional provision states that if the insured becomes totally disabled,
premiums are waived but the coverage remains in force:
A. Waiver of Subrogation
B. Waiver of Premium
C. Waiver of Value
D. None of the Above - ANSWER: B. Waiver of Premium
"premiums are waived"
Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ
Banks were listed as additional interests on his homeowner policy. The insurance
company will make a payment to:
A. The first mortgagee, ABC
B. The Insured
C. Jointly to ABC and XYZ
D. All listed interests - ANSWER: D. All listed interests
Remember that the insurer is not responsible to know the degrees of interest. In the
event of a loss, one payment is made by the insurer and it is up to the additional
interests on working out their share.
,Page 2 of 64
Insurance applies *separately* to each insured as if other insureds did not exist.
This is defined as:
A. Severability
B. Conditional
C. Warranty
D. None of the above - ANSWER: A. Severability
Property insurance policies usually contain a(n) __________ clause, stating the
insured cannot *dump damaged property* on the insurer and demand its full value:
A. Pro Rata
B. Abandonment
C. Liberalization
D. All of the above - ANSWER: B. Abandonment
A(n) __________ is one wherein economic loss would be suffered from an adverse
happening to the subject:
A. Conditional Contract
B. Personal Contract
C. Economic Contract
D. Insurable Interest - ANSWER: D. Insurable Interest
States that if the insurer adopts a revision which would *broaden* coverage
without additional premium within some period of time prior to the policy period
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or during the policy period, the insured receives the benefit of such *broadened*
coverage.
A. Cancellation Clause
B. Policy Period
C. Pro Rata
D. Liberalization - ANSWER: D. Liberalization
The time frame is typically 60 days.
The __________ states 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.
A. Doctrine of Proximate Cause
B. Doctrine of Perils & Hazards
C. Insurance Policy Handbook
D. Doctrine of Property Insurance - ANSWER: A. Doctrine of Proximate Cause
For example, if a property insurance policy covers the peril of fire but further
damage is caused by smoke, water used to extinguish, and the process of moving
property away - fire is considered to be the *proximate cause* of all of the
damage.
The Loss Settlement Valuation that subtracts an allowance for depreciation is
defined as?
A. Actual Cash Value
B. Replacement Cost
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C. "Old for New"
D. None of the Above - ANSWER: A. Actual Cash Value
*A policy condition,* either based on information in the insured's application or
inserted by the insurer, is defined as:
A. Warranty
B. Misrepresentation
C. Concealment
D. None of the Above - ANSWER: A. Warranty
The following are basic characteristics of a property or liability insurance contract,
except:
A. Personal Contract
B. Conditional Contract
C. Loss of Settlement Contract
D. Contract of Adhesion - ANSWER: C. Loss of Settlement Contract
The Insurer's responsibility to pay for a property loss *may be conditioned* on the
insured having used reasonable means to avoid the loss, to protect the property
against further loss, and to give the insurer proof of the loss is defined as?
A. Conditional Contract
B. Adhesion Contract
C. Indemnity Contract
D. All of the Above - ANSWER: A. Conditional Contract
