FLORIDA CLAIMS ADJUSTER EXAM 6-29/ ALL LINES ADJUSTER
FLORIDA 332 QUESTIONS WITH VERIFIED AND CORRECT
ANSWERS/A+ GRADE/2023
Peril Correct Answer:
... [Show More] Something that causes a loss.
Hazard Correct Answer: Something that increases the probability that a loss will occur.
Warranty Correct Answer: 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 Answer: An untrue statement by the insured, made in an application
for insurance but which does not become a part of the policy.
Concealment Correct Answer: The failure of the insured to reveal relevant facts known to the
insured in applying for insurance.
Abandonment Correct Answer: 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 Answer: The insurance applies separately to each insured as if other
insureds did not exist.
Proximate Cause Correct Answer: 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 Answer: Physical harm to tangible property.
Indirect Loss Correct Answer: Economic loss which flows as a result of direct loss.
Actual Cash Value(ACV) Correct Answer: Replacement Cost minus Depreciation
Coinsurance Correct Answer: 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 Answer: Policies cover people who own and operate things, such as
automobiles.
FLORIDA CLAIMS ADJUSTER EXAM 6-29/ ALL LINES ADJUSTER
FLORIDA 332 QUESTIONS WITH VERIFIED AND CORRECT
ANSWERS/A+ GRADE/2023
Conditional Contract Correct Answer: 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 Answer: 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 Answer: the reasonable concern of a person to obtain insurance for
any individual or property against unforeseen events such as death, losses, etc.
Waiver Correct Answer: 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 Answer: Occurs when the insurer or its representative knowingly gives
up a known right under the insurance contract.
Implied Waiver Correct Answer: A [Show Less]