FLORIDA 3-20 PUBLIC ADJUSTERS STATE EXAM
2023-2024 ACTUAL EXAM 150 QUESTIONS AND
CORRECT DETAILED ANSWERS WITH
RATIONALES AGRADE
A beneficiary of a
... [Show More] contract only as a result of the First Party's negligence -
....ANSWER...Third Party
Reinsurance agreement where the insurers involved will pay claims in direct relationship
with the % of the risk that they are insuring - ....ANSWER...Quota Share
A legal action filed by one or more persons on behalf of themselves and others having
an identical interest in the alleged wrongdoing - ....ANSWER...Class-Action
A specific risk or cause of loss covered by an insurance policy, such as fire, windstorm,
flood, theft, etc. - ....ANSWER...Peril
Dangers in a store, warehouse, or office; circumstances of risks and perils determine
who is responsible for _____ - ....ANSWER...Premises Liability
A loss or risk the policy doesn't cover - ....ANSWER...Exclusions
Technique used to transfer the risk of a person, business, or organization in another
through the use of a two-party contract - ....ANSWER...Insurance
A legal two-party document describing the relationship between the insured and the
insurance company - ....ANSWER...Indemnity Contract
Legal document that makes some person responsible for damages their actions or
products cause regardless of any fault on their part - ....ANSWER...Strict Liabilty
The intention to withhold relative information about the risk from the insurance company
- ....ANSWER...Concealment
A subset of the claims function whereby suspicious losses are investigated separately
from the normal claims adjusters' activities - ....ANSWER...Special Investigations Unit
An insurer takes no action upon realizing material changes in a contract -
....ANSWER...Implied Waiver
Acts committed without negligence but result in damages - ....ANSWER...Intentional
Tort
Willful and illegal sinking of a ship at sea or its cargo - ....ANSWER...barratry
Covers physical damage as well as liability and tends to be very broad in coverage -
....ANSWER...Commercial Inland Marine
Single insurance for only one kind of property at only one location of an insured -
....ANSWER...Specific Coverage
Legislative Acts or Laws - ....ANSWER...Statutes
The insurance company to which the risk is transferred to by the contract -
....ANSWER...Second Party
Hazards on private property that might attract trespassing such as swimming pools or
trampolines - ....ANSWER...Attractive Nuisance
An approximate calculation of amount, extent, quality, magnitude, position, degree or
worth of something - ....ANSWER...Estimages
Insurance company assesses, mitigates, and monitors the items of risk that potential
customers want to insure - ....ANSWER...Risk management
Granting the privileges and licensing in a state based on having a license in another
state that is deemed equivalent by the granting state - ....ANSWER...Reciprocity [Show Less]