Florida Claims Adjuster Exam Study Guide
Questions And Answers Verified 100% Correct
Liability Insurance - ANSWER Payment will be on behalf of the insured to another,
based upon the insureds liability to the recipient. Simply stated, Liability is "Negligence
of the Insured".
Loss Payee Clause - ANSWER A Clause in a contract of insurance that provides, in the
event of payment being made under the policy in relation to the insured risk, that
payment will be made to a 3rd party rather than to the insured beneficiary of the policy.
Mortgage Clause - ANSWER A property insurance provision granting special protection
for the interest of a mortgagee named in the policy, in effect setting up a separate
content between the insurer and the mortgagee.
Other Structures - ANSWER Covers items that are not permanently attached to the
main dwelling, such as a shed, fence, etc.
Commercial Inland Marine - ANSWER Helps identify the kinds of risk which are eligible
for either ocean or inland Marine insurance.
Building Ordinance Coverage - ANSWER This endorsement covers the insured for
enforcement of laws which require demolition of undamaged portions of buildings.
Umbrella Policy - ANSWER Covers a much higher limit and goes above and beyond
claims directly relating to your home and auto, it provides your assets from an
unforeseen event, such as a tragic accident in which you are held responsible for
damages or bodily injuries.
Known Loss - ANSWER Prevents an insured from coverage if the insured knew the
loss was probable at the time of the insurance contract.
Value Reporting - ANSWER The limit of coverage is set at an amount somewhat higher
than expected peak values.
Commercial Property Insurance - ANSWER Covers direct and indirect losses related to
properties other than one to four family dwellings and farm properties.
Employee Theft - ANSWER Provides coverage for loss of or damage to money,
securities, and other property resulting from theft committed by an employee. Theft is
, defined as the unlawful taking of money, securities or other property to the deprivation
of the insured.
Bid - ANSWER Aggreement to fulfill a contractual obligation used frequently in
construction and supplying goods.
Health Maintenance Organization (HMO) - ANSWER Provides comprehensive health
services to its members for a prepaid fixed fee, equivalent to an insurance premium.
Preferred Provider Organization
(PPO) - ANSWER A selected group of hospital's and medical practitioners in a given
area who have joined together in an effort to reduce medical costs.
Estoppel - ANSWER Is an equitable principle to the effect that if one intentionally or
unintentionally creates the impression that a certain fact exists, and an innocent party
relies on that impression and is damaged as a result, the guilty party may be legally
prohibited(estopped) from asserting that the fact does not exist.
Salvage - ANSWER Motor vehicle or mobile home is a total loss.
Junk - ANSWER Any material which is or may have been a motor vehicle or mobile
home, with or without all component parts, which is inoperable and which material is in
such condition that its highest or primary value is either in its sale or transfer as scrap
metal.
Fiduciary Agent - ANSWER Agent for a principal/Client. The legal or special
relationship of trust, confidence, or responsibility between 2 or more parties.
Domestic Insurer - ANSWER Insurer is one formed under the laws of its this state.
Foreign Insurer - ANSWER Insurer is one formed under the laws of any state, district
territory, or commonwealth of the United States other than this State.
Alien Insurer - ANSWER Insurer is an insurer other than a domestic or foreign insurer.
Appointment - ANSWER The authority given by an insurer or employer to a licensee to
transact insurance or adjust claims on behalf an insurer or employer.
Derelict - ANSWER Material which is or may have been a motor vehicle or mobile
home, with or without all component parts, which is inoperable and which material is in
such condition that its highest or primary value is either in its sale or transfer as scrap
metal or component parts or both.
Questions And Answers Verified 100% Correct
Liability Insurance - ANSWER Payment will be on behalf of the insured to another,
based upon the insureds liability to the recipient. Simply stated, Liability is "Negligence
of the Insured".
Loss Payee Clause - ANSWER A Clause in a contract of insurance that provides, in the
event of payment being made under the policy in relation to the insured risk, that
payment will be made to a 3rd party rather than to the insured beneficiary of the policy.
Mortgage Clause - ANSWER A property insurance provision granting special protection
for the interest of a mortgagee named in the policy, in effect setting up a separate
content between the insurer and the mortgagee.
Other Structures - ANSWER Covers items that are not permanently attached to the
main dwelling, such as a shed, fence, etc.
Commercial Inland Marine - ANSWER Helps identify the kinds of risk which are eligible
for either ocean or inland Marine insurance.
Building Ordinance Coverage - ANSWER This endorsement covers the insured for
enforcement of laws which require demolition of undamaged portions of buildings.
Umbrella Policy - ANSWER Covers a much higher limit and goes above and beyond
claims directly relating to your home and auto, it provides your assets from an
unforeseen event, such as a tragic accident in which you are held responsible for
damages or bodily injuries.
Known Loss - ANSWER Prevents an insured from coverage if the insured knew the
loss was probable at the time of the insurance contract.
Value Reporting - ANSWER The limit of coverage is set at an amount somewhat higher
than expected peak values.
Commercial Property Insurance - ANSWER Covers direct and indirect losses related to
properties other than one to four family dwellings and farm properties.
Employee Theft - ANSWER Provides coverage for loss of or damage to money,
securities, and other property resulting from theft committed by an employee. Theft is
, defined as the unlawful taking of money, securities or other property to the deprivation
of the insured.
Bid - ANSWER Aggreement to fulfill a contractual obligation used frequently in
construction and supplying goods.
Health Maintenance Organization (HMO) - ANSWER Provides comprehensive health
services to its members for a prepaid fixed fee, equivalent to an insurance premium.
Preferred Provider Organization
(PPO) - ANSWER A selected group of hospital's and medical practitioners in a given
area who have joined together in an effort to reduce medical costs.
Estoppel - ANSWER Is an equitable principle to the effect that if one intentionally or
unintentionally creates the impression that a certain fact exists, and an innocent party
relies on that impression and is damaged as a result, the guilty party may be legally
prohibited(estopped) from asserting that the fact does not exist.
Salvage - ANSWER Motor vehicle or mobile home is a total loss.
Junk - ANSWER Any material which is or may have been a motor vehicle or mobile
home, with or without all component parts, which is inoperable and which material is in
such condition that its highest or primary value is either in its sale or transfer as scrap
metal.
Fiduciary Agent - ANSWER Agent for a principal/Client. The legal or special
relationship of trust, confidence, or responsibility between 2 or more parties.
Domestic Insurer - ANSWER Insurer is one formed under the laws of its this state.
Foreign Insurer - ANSWER Insurer is one formed under the laws of any state, district
territory, or commonwealth of the United States other than this State.
Alien Insurer - ANSWER Insurer is an insurer other than a domestic or foreign insurer.
Appointment - ANSWER The authority given by an insurer or employer to a licensee to
transact insurance or adjust claims on behalf an insurer or employer.
Derelict - ANSWER Material which is or may have been a motor vehicle or mobile
home, with or without all component parts, which is inoperable and which material is in
such condition that its highest or primary value is either in its sale or transfer as scrap
metal or component parts or both.
