Florida 3-20 Public Adjusters State Exam
(Set 1) 140 QUESTIONS| 11 PAGES
The insurer and insured agree to a specific value of insured item - AnswerAgreed
Value Policies
Someone who has care, custody or control of another's property - AnswerBailee
Claim filed by policy holder against his _ - AnswerFirst Party Claim
When a person who entrusts another with an object and it results in injury to someone
can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm
or DWI - AnswerNegligent Entrustment
Hazard that results from a conscious decision made by an insured to participate in a
manner or behavior more likely to result in a loss because they have insurance -
AnswerMoral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written -
AnswerBinder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion - AnswerCompletion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages,
limits, and premiums - AnswerDeclarations
Policyholder cannot transfer the policy to someone else without written permission from
their insurance company - AnswerAssignment
An instance, behavior or environment that increases the likelihood of a loss on an
insured item - AnswerHazard
Actual cause or source of an incidence of destruction, injury, or loss - AnswerPeril
, An insurance company organized and domiciled outside the US - AnswerAlien
When there is an unbroken chain of events between an occurrence and a loss, then the
loss is part of the original occurrence - AnswerProximate Cause
Is proximate cause of all subsequent damages - AnswerOriginal Occurance
An individual who contracts with an adjusting firm as an independent contractor and
handles claims for the insurance companies - AnswerIndependent Adjuster
Action or practice of the insured party is permitted to continue because any defense
against a continuation of said action or practice has been waived by the insurer -
AnswerEstoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims -
AnswerCommercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or a self-
insured - AnswerIndependent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type
of losses suffered - AnswerDamages
Requires the insured to insure the named property for a specific amount of insurance as
required by the insurance company - AnswerAgreed Value
Physical harm to tangible property caused by peril (loss to property or person in which a
covered peril is the proximate cause of damage or destruction) - AnswerDirect loss
The entity that is the "recipient" to the Principal - AnswerObligee
Insurance contracts are written on a take it or leave it basis to the policy owner. -
AnswerAdhesion
Event or circumstance that causes damage - AnswerOccurance
Coverage provides for payment of losses if civil authority denies access to the insured
premises due to a covered peril - AnswerCivil Authority
Voluntary relinquishment of a known legal right - AnswerWaiver
An insurer domiciled outside the state where it writes insurance - AnswerForeign
(Set 1) 140 QUESTIONS| 11 PAGES
The insurer and insured agree to a specific value of insured item - AnswerAgreed
Value Policies
Someone who has care, custody or control of another's property - AnswerBailee
Claim filed by policy holder against his _ - AnswerFirst Party Claim
When a person who entrusts another with an object and it results in injury to someone
can be held liable for the injury to someone. Can be held liable for the injury i.e. Firearm
or DWI - AnswerNegligent Entrustment
Hazard that results from a conscious decision made by an insured to participate in a
manner or behavior more likely to result in a loss because they have insurance -
AnswerMoral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written -
AnswerBinder
Required by lenders to guarantee that outstanding loans against a job are paid upon
completion - AnswerCompletion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages,
limits, and premiums - AnswerDeclarations
Policyholder cannot transfer the policy to someone else without written permission from
their insurance company - AnswerAssignment
An instance, behavior or environment that increases the likelihood of a loss on an
insured item - AnswerHazard
Actual cause or source of an incidence of destruction, injury, or loss - AnswerPeril
, An insurance company organized and domiciled outside the US - AnswerAlien
When there is an unbroken chain of events between an occurrence and a loss, then the
loss is part of the original occurrence - AnswerProximate Cause
Is proximate cause of all subsequent damages - AnswerOriginal Occurance
An individual who contracts with an adjusting firm as an independent contractor and
handles claims for the insurance companies - AnswerIndependent Adjuster
Action or practice of the insured party is permitted to continue because any defense
against a continuation of said action or practice has been waived by the insurer -
AnswerEstoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims -
AnswerCommercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or a self-
insured - AnswerIndependent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type
of losses suffered - AnswerDamages
Requires the insured to insure the named property for a specific amount of insurance as
required by the insurance company - AnswerAgreed Value
Physical harm to tangible property caused by peril (loss to property or person in which a
covered peril is the proximate cause of damage or destruction) - AnswerDirect loss
The entity that is the "recipient" to the Principal - AnswerObligee
Insurance contracts are written on a take it or leave it basis to the policy owner. -
AnswerAdhesion
Event or circumstance that causes damage - AnswerOccurance
Coverage provides for payment of losses if civil authority denies access to the insured
premises due to a covered peril - AnswerCivil Authority
Voluntary relinquishment of a known legal right - AnswerWaiver
An insurer domiciled outside the state where it writes insurance - AnswerForeign
