FLORIDA 3-20 PUBLIC ADJUSTERS STATE EXAM (SET 1) 140
QUESTIONS WITH VERIFIED CORRECT ANSWERS/2023/A+
GRADE SOLUTIONS
Action or practice of the
... [Show More] 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
Operate for profit, collect premiums, reserve a portion of premiums to pay claims Correct
Answer: Commercial Insurers
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
Event or circumstance that causes damage Correct Answer: Occurance
Coverage provides for payment of losses if civil authority denies access to the insured premises
due to a covered peril Correct Answer: Civil Authority
Voluntary relinquishment of a known legal right Correct Answer: Waiver
An insurer domiciled outside the state where it writes insurance Correct Answer: Foreign
A state officer who administers the state's insurance laws and regulations Correct Answer:
Commissioner
Used as a promise to accept a bid if awarded to a company Correct Answer: Bid bond
Damaged property an insurer takes over to reduce their loss after paying a claim Correct Answer:
Salvage
Factual statements upon which an insurance policy is based Correct Answer: Representations
FLORIDA 3-20 PUBLIC ADJUSTERS STATE EXAM (SET 1) 140
QUESTIONS WITH VERIFIED CORRECT ANSWERS/2023/A+
GRADE SOLUTIONS
A contract between two parties that offer the consumer little to no leeway to negotiate the terms
of the contract Correct Answer: Contract of adhesion
Publication in any media by the insured about goods or services Correct Answer:
Advertisements
Also known as Absolute Liability, based on the theory of the duty of making something sage that
is inherently dangerous Correct Answer: Strict Torts
A house, structure, also referred to as a "primary risk" Correct Answer: Dwelling
Condition enforced by the courts to do something bound under law or in a contract Correct
Answer: Strict Torts
Amount of loss paid by the policy holder Correct Answer: Deductible
Violation of an agreement between a seller and buyer in reference to the condition, content,
quality, or title of an item sold Correct Answer: Breach of Warranty
Compensation, reparation Correct Answer: Indemnify
Provides property coverage on a contractor' [Show Less]