FLORIDA 3-20 PUBLIC ADJUSTERS STATE EXAM
(SET 1)| FLORIDA 3-20 PUBLIC ADJUSTER EXAM
OUTLINES QUESTIONS WITH CORRECT ANSWERS
NEW UPDATE
The section of an insurance policy identifying the insured,
endorsements, coverages, limits, and premiums --CORRECT
ANSWER--Declarations
Policyholder cannot transfer the policy to someone else without
written permission from their insurance company --CORRECT
ANSWER--Assignment
An instance, behavior or environment that increases the likelihood of
a loss on an insured item --CORRECT ANSWER--Hazard
Actual cause or source of an incidence of destruction, injury, or loss --
CORRECT ANSWER--Peril
An insurance company organized and domiciled outside the US --
CORRECT ANSWER--Alien
Page 1 of 68
,When there is an unbroken chain of events between an occurrence and
a loss, then the loss is part of the original occurrence --CORRECT
ANSWER--Proximate Cause
Is proximate cause of all subsequent damages --CORRECT
ANSWER--Original Occurance
An individual who contracts with an adjusting firm as an independent
contractor and handles claims for the insurance companies --
CORRECT ANSWER--Independent 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 --CORRECT ANSWER--Estoppel
The insurer and insured agree to a specific value of insured item --
CORRECT ANSWER--Agreed Value Policies
Someone who has care, custody or control of another's property --
CORRECT ANSWER--Bailee
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,Claim filed by policy holder against his _ --CORRECT ANSWER--
First 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 --CORRECT
ANSWER--Negligent 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 --CORRECT ANSWER--Moral Hazard
Used to provide temporary insurance coverage until an insurance
policy can be written --CORRECT ANSWER--Binder
Required by lenders to guarantee that outstanding loans against a job
are paid upon completion --CORRECT ANSWER--Completion
Bonds
Operate for profit, collect premiums, reserve a portion of premiums to
pay claims --CORRECT ANSWER--Commercial Insurers
Page 3 of 68
, Any person who investigates or adjusts losses on behalf of either an
insurer or a self-insured --CORRECT ANSWER--Independent
Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss
or amount or type of losses suffered --CORRECT ANSWER--
Damages
Requires the insured to insure the named property for a specific
amount of insurance as required by the insurance company --
CORRECT ANSWER--Agreed 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) --CORRECT ANSWER--Direct loss
The entity that is the "recipient" to the Principal --CORRECT
ANSWER--Obligee
Insurance contracts are written on a take it or leave it basis to the
policy owner. --CORRECT ANSWER--Adhesion
Page 4 of 68
(SET 1)| FLORIDA 3-20 PUBLIC ADJUSTER EXAM
OUTLINES QUESTIONS WITH CORRECT ANSWERS
NEW UPDATE
The section of an insurance policy identifying the insured,
endorsements, coverages, limits, and premiums --CORRECT
ANSWER--Declarations
Policyholder cannot transfer the policy to someone else without
written permission from their insurance company --CORRECT
ANSWER--Assignment
An instance, behavior or environment that increases the likelihood of
a loss on an insured item --CORRECT ANSWER--Hazard
Actual cause or source of an incidence of destruction, injury, or loss --
CORRECT ANSWER--Peril
An insurance company organized and domiciled outside the US --
CORRECT ANSWER--Alien
Page 1 of 68
,When there is an unbroken chain of events between an occurrence and
a loss, then the loss is part of the original occurrence --CORRECT
ANSWER--Proximate Cause
Is proximate cause of all subsequent damages --CORRECT
ANSWER--Original Occurance
An individual who contracts with an adjusting firm as an independent
contractor and handles claims for the insurance companies --
CORRECT ANSWER--Independent 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 --CORRECT ANSWER--Estoppel
The insurer and insured agree to a specific value of insured item --
CORRECT ANSWER--Agreed Value Policies
Someone who has care, custody or control of another's property --
CORRECT ANSWER--Bailee
Page 2 of 68
,Claim filed by policy holder against his _ --CORRECT ANSWER--
First 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 --CORRECT
ANSWER--Negligent 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 --CORRECT ANSWER--Moral Hazard
Used to provide temporary insurance coverage until an insurance
policy can be written --CORRECT ANSWER--Binder
Required by lenders to guarantee that outstanding loans against a job
are paid upon completion --CORRECT ANSWER--Completion
Bonds
Operate for profit, collect premiums, reserve a portion of premiums to
pay claims --CORRECT ANSWER--Commercial Insurers
Page 3 of 68
, Any person who investigates or adjusts losses on behalf of either an
insurer or a self-insured --CORRECT ANSWER--Independent
Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss
or amount or type of losses suffered --CORRECT ANSWER--
Damages
Requires the insured to insure the named property for a specific
amount of insurance as required by the insurance company --
CORRECT ANSWER--Agreed 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) --CORRECT ANSWER--Direct loss
The entity that is the "recipient" to the Principal --CORRECT
ANSWER--Obligee
Insurance contracts are written on a take it or leave it basis to the
policy owner. --CORRECT ANSWER--Adhesion
Page 4 of 68
