Florida Claims Adjuster Exam, 6-20 All Lines
Adjuster- Florida- Review QUESTIONS &
ANSWERS SOLUTION 2026 COMPLETE EXAM |
100% CORRECT
Peril - CORRECT ANSWERS Something that causes a loss.
Hazard - CORRECT ANSWERS Something that increases the probability that a loss will occur.
Warranty - CORRECT ANSWERS A policy condition, either based on information in the
insureds application or inserted by the insurer. It is a guarantee of a fact.
Misrepresentation - CORRECT ANSWERS An untrue statement by the insured, made in an
application for insurance but which does not become a part of the policy.
Concealment - CORRECT ANSWERS The failure of the insured to reveal relevant facts known
to the insured in applying for insurance.
Abandonment - CORRECT ANSWERS Property insurance policies usually contain an
abandonment clause, stating the insured cannot dump damaged property on the insurer and demand its
full value.
Severability - CORRECT ANSWERS The insurance applies separately to each insured as if other
insureds did not exist.
Proximate Cause - CORRECT ANSWERS The cause having the most significant impact in
bringing about the loss under a first-party property insurance policy, when two or more independent
perils operate at the same time (i.e., concurrently) to produce a loss. Courts employ a set of rules to
resolve causation disputes when a property policy states that it covers or excludes losses "caused by" a
,peril and there is more than one peril at work in a fact pattern. Under common law, whether the policy
provides coverage depends on which peril is chosen as the proximate cause.
Direct Loss - CORRECT ANSWERS Physical harm to tangible property.
Indirect Loss - CORRECT ANSWERS Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) - CORRECT ANSWERS Replacement Cost minus Depreciation
Coinsurance - CORRECT ANSWERS The amount, generally expressed as a fixed percentage, an
insured must pay against a claim after the deductible is satisfied. It's ultimately a way for the insured
and insurer to share responsibility for the risk. It can also help reduce the cost of the insurance policy
premium. Coinsurance can be written on an 80/20, 90/100, or 100% rule.
Personal Contract - CORRECT ANSWERS Policies cover people who own and operate things,
such as automobiles.
Conditional Contract - CORRECT ANSWERS Also called a hypothetical contract, is a contract
agreement that only requires performance once the delineated conditions are met. This legal
agreement requires prior performance of another agreement or clause in order to be enforceable. If the
other agreement or condition is performed, then the conditional contract is enforceable and the parties
are bound to carry out the terms of the contract.
Contract of Indemnity - CORRECT ANSWERS Principle of insurance that provides that when a
loss occurs, the insured should be restored to the approximate financial condition he/she occupied
before the loss occurred, no better or no worse.
Insurable Interest - CORRECT ANSWERS the reasonable concern of a person to obtain
insurance for any individual or property against unforeseen events such as death, losses, etc.
,Waiver - CORRECT ANSWERS 1.) Implied voluntary relinquishment, abandoning a legal
advantage, need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses or limits the sum of a claim, or
extends coverage to add items not in a normal policy.
Express Waiver - CORRECT ANSWERS Occurs when the insurer or its representative knowingly
gives up a known right under the insurance contract.
Implied Waiver - CORRECT ANSWERS A waiver that is assumed to be in effect from a person's
behavior and shows he is waiving a right.
Damages - CORRECT ANSWERS Monetary compensation that is awarded by a court in a civil
action to an individual who has been injured through the wrongful conduct of another party.
Subrogation - CORRECT ANSWERS 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.
Changes - CORRECT ANSWERS All policies provide that any changes to the policy be made by
the insurer, in writing.
Policy Period - CORRECT ANSWERS 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).
Policy Territory - CORRECT ANSWERS Condition limiting coverage to occurrences or losses
that take place only within a stated geographical region.
Other Insurance - CORRECT ANSWERS The principle of indemnity dictates against duplicate
recovery for the same loss.
, Cancellation - CORRECT ANSWERS 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.
Appraisal - CORRECT ANSWERS A written contract of or written agreement for or effecting
insurance, or the certificate thereof, by whatever name called, and includes all clauses, riders,
endorsements and papers which are a part thereof.
Insurance - CORRECT ANSWERS Is a contract whereby one undertakes to indemnify another
or pay or allow a specified amount or a determinable benefit upon determinable contingencies.
Binder - CORRECT ANSWERS Acts as a temporary contract until the policy is issued.
How many days should an insurer give for prior notice of cancellation of a binder? - CORRECT ANSWERS
5 days.
Property Insurance - CORRECT ANSWERS Any insurance wherein payment by the insurer will
be paid directly to the insured or other specifically named interests.
Liability Insurance - CORRECT ANSWERS 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 - CORRECT ANSWERS 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 - CORRECT ANSWERS 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.
Adjuster- Florida- Review QUESTIONS &
ANSWERS SOLUTION 2026 COMPLETE EXAM |
100% CORRECT
Peril - CORRECT ANSWERS Something that causes a loss.
Hazard - CORRECT ANSWERS Something that increases the probability that a loss will occur.
Warranty - CORRECT ANSWERS A policy condition, either based on information in the
insureds application or inserted by the insurer. It is a guarantee of a fact.
Misrepresentation - CORRECT ANSWERS An untrue statement by the insured, made in an
application for insurance but which does not become a part of the policy.
Concealment - CORRECT ANSWERS The failure of the insured to reveal relevant facts known
to the insured in applying for insurance.
Abandonment - CORRECT ANSWERS Property insurance policies usually contain an
abandonment clause, stating the insured cannot dump damaged property on the insurer and demand its
full value.
Severability - CORRECT ANSWERS The insurance applies separately to each insured as if other
insureds did not exist.
Proximate Cause - CORRECT ANSWERS The cause having the most significant impact in
bringing about the loss under a first-party property insurance policy, when two or more independent
perils operate at the same time (i.e., concurrently) to produce a loss. Courts employ a set of rules to
resolve causation disputes when a property policy states that it covers or excludes losses "caused by" a
,peril and there is more than one peril at work in a fact pattern. Under common law, whether the policy
provides coverage depends on which peril is chosen as the proximate cause.
Direct Loss - CORRECT ANSWERS Physical harm to tangible property.
Indirect Loss - CORRECT ANSWERS Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) - CORRECT ANSWERS Replacement Cost minus Depreciation
Coinsurance - CORRECT ANSWERS The amount, generally expressed as a fixed percentage, an
insured must pay against a claim after the deductible is satisfied. It's ultimately a way for the insured
and insurer to share responsibility for the risk. It can also help reduce the cost of the insurance policy
premium. Coinsurance can be written on an 80/20, 90/100, or 100% rule.
Personal Contract - CORRECT ANSWERS Policies cover people who own and operate things,
such as automobiles.
Conditional Contract - CORRECT ANSWERS Also called a hypothetical contract, is a contract
agreement that only requires performance once the delineated conditions are met. This legal
agreement requires prior performance of another agreement or clause in order to be enforceable. If the
other agreement or condition is performed, then the conditional contract is enforceable and the parties
are bound to carry out the terms of the contract.
Contract of Indemnity - CORRECT ANSWERS Principle of insurance that provides that when a
loss occurs, the insured should be restored to the approximate financial condition he/she occupied
before the loss occurred, no better or no worse.
Insurable Interest - CORRECT ANSWERS the reasonable concern of a person to obtain
insurance for any individual or property against unforeseen events such as death, losses, etc.
,Waiver - CORRECT ANSWERS 1.) Implied voluntary relinquishment, abandoning a legal
advantage, need, claim or right.
2.) Agreement or added clause of a policy that excludes some losses or limits the sum of a claim, or
extends coverage to add items not in a normal policy.
Express Waiver - CORRECT ANSWERS Occurs when the insurer or its representative knowingly
gives up a known right under the insurance contract.
Implied Waiver - CORRECT ANSWERS A waiver that is assumed to be in effect from a person's
behavior and shows he is waiving a right.
Damages - CORRECT ANSWERS Monetary compensation that is awarded by a court in a civil
action to an individual who has been injured through the wrongful conduct of another party.
Subrogation - CORRECT ANSWERS 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.
Changes - CORRECT ANSWERS All policies provide that any changes to the policy be made by
the insurer, in writing.
Policy Period - CORRECT ANSWERS 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).
Policy Territory - CORRECT ANSWERS Condition limiting coverage to occurrences or losses
that take place only within a stated geographical region.
Other Insurance - CORRECT ANSWERS The principle of indemnity dictates against duplicate
recovery for the same loss.
, Cancellation - CORRECT ANSWERS 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.
Appraisal - CORRECT ANSWERS A written contract of or written agreement for or effecting
insurance, or the certificate thereof, by whatever name called, and includes all clauses, riders,
endorsements and papers which are a part thereof.
Insurance - CORRECT ANSWERS Is a contract whereby one undertakes to indemnify another
or pay or allow a specified amount or a determinable benefit upon determinable contingencies.
Binder - CORRECT ANSWERS Acts as a temporary contract until the policy is issued.
How many days should an insurer give for prior notice of cancellation of a binder? - CORRECT ANSWERS
5 days.
Property Insurance - CORRECT ANSWERS Any insurance wherein payment by the insurer will
be paid directly to the insured or other specifically named interests.
Liability Insurance - CORRECT ANSWERS 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 - CORRECT ANSWERS 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 - CORRECT ANSWERS 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.
