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FLORIDA ALL CLAIMS ADJUSTER EXAM /
QUESTIONS AND VERIFIED SOLUTIONS/ RECENT
VERSION 2024 / BEST GRADE A+
Somthing t√dhat causes a loss. - ANSWER: Peril
Something that increases the probability that a loss will occur. - ANSWER:
Hazard
A policy condition, either based on information in the insureds application or
inserted by the insurer. It is a guarantee of a fact. - ANSWER: Warranty
An untrue statement by the insured, made in an application for insurance but which
does not become a part of the policy. - ANSWER: Misrepresentation
The failure of the insured to reveal relevant facts known to the insured in applying
for insurance. - ANSWER: Concealment
Property insurance policies usually contain an abandonment clause, stating the
insured cannot dump damaged property on the insurer and demand its full value. -
ANSWER: Abandonment
The insurance applies separately to each insured as if other insureds did not exist. -
ANSWER: Severability
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. - ANSWER: Proximate
Cause
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Physical harm to tangible property. - ANSWER: Direct Loss
Economic loss which flows as a result of direct loss. - ANSWER: Indirect Loss
Replacement Cost minus Depreciation - ANSWER: Actual Cash Value(ACV)
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. - ANSWER: Coinsurance
Policies cover people who own and operate things, such as automobiles. -
ANSWER: Personal Contract
The parties are of unequal bargaining power, and the insured cannot negotiate the
terms, having to take the offer of the insurer as made. - ANSWER: Conditional
Contract
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. - ANSWER: Contract of Indemnity
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. - ANSWER: Insurable Interest
Generally defined as the voluntary relinquishment or surrender of some rightor
privilege. - ANSWER: Waiver
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Occurs when the insurer or its representative knowingly gives up a known right
under the insurance contract. - ANSWER: Express Waiver
May result from some act of neglect on the part of the adjuster. - ANSWER:
Implied Waiver
Money Amounts. - ANSWER: Damages
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. - ANSWER: Subrogation
All policies provide that any changes to the policy be made by the insurer, in
writing. - ANSWER: Changes
The condition states that coverage applies only to losses or occurrences that take
place during the policy period. (Prior to the stated date and time of termination). -
ANSWER: Policy Period
Condition limiting coverage to occurrences or losses that take place only within a
stated geographical region. - ANSWER: Policy Territory
The principle of indemnity dictates against duplicate recovery for the same loss. -
ANSWER: Other Insurance
The insured may cancel at any time, for any reason, without advance notice. If the
conpany wishes to cancel, it must provide some degree of advance notice so the
insured will have time to replace the coverage. - ANSWER: Cancellation
FLORIDA ALL CLAIMS ADJUSTER EXAM /
QUESTIONS AND VERIFIED SOLUTIONS/ RECENT
VERSION 2024 / BEST GRADE A+
Somthing t√dhat causes a loss. - ANSWER: Peril
Something that increases the probability that a loss will occur. - ANSWER:
Hazard
A policy condition, either based on information in the insureds application or
inserted by the insurer. It is a guarantee of a fact. - ANSWER: Warranty
An untrue statement by the insured, made in an application for insurance but which
does not become a part of the policy. - ANSWER: Misrepresentation
The failure of the insured to reveal relevant facts known to the insured in applying
for insurance. - ANSWER: Concealment
Property insurance policies usually contain an abandonment clause, stating the
insured cannot dump damaged property on the insurer and demand its full value. -
ANSWER: Abandonment
The insurance applies separately to each insured as if other insureds did not exist. -
ANSWER: Severability
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. - ANSWER: Proximate
Cause
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Physical harm to tangible property. - ANSWER: Direct Loss
Economic loss which flows as a result of direct loss. - ANSWER: Indirect Loss
Replacement Cost minus Depreciation - ANSWER: Actual Cash Value(ACV)
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. - ANSWER: Coinsurance
Policies cover people who own and operate things, such as automobiles. -
ANSWER: Personal Contract
The parties are of unequal bargaining power, and the insured cannot negotiate the
terms, having to take the offer of the insurer as made. - ANSWER: Conditional
Contract
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. - ANSWER: Contract of Indemnity
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. - ANSWER: Insurable Interest
Generally defined as the voluntary relinquishment or surrender of some rightor
privilege. - ANSWER: Waiver
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Occurs when the insurer or its representative knowingly gives up a known right
under the insurance contract. - ANSWER: Express Waiver
May result from some act of neglect on the part of the adjuster. - ANSWER:
Implied Waiver
Money Amounts. - ANSWER: Damages
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. - ANSWER: Subrogation
All policies provide that any changes to the policy be made by the insurer, in
writing. - ANSWER: Changes
The condition states that coverage applies only to losses or occurrences that take
place during the policy period. (Prior to the stated date and time of termination). -
ANSWER: Policy Period
Condition limiting coverage to occurrences or losses that take place only within a
stated geographical region. - ANSWER: Policy Territory
The principle of indemnity dictates against duplicate recovery for the same loss. -
ANSWER: Other Insurance
The insured may cancel at any time, for any reason, without advance notice. If the
conpany wishes to cancel, it must provide some degree of advance notice so the
insured will have time to replace the coverage. - ANSWER: Cancellation
