Exam (elaborations)
Florida 3-20 Public Adjusters State Exam (Set 1) 2024/2025 already graded A+
- Course
- Institution
Florida 3-20 Public Adjusters State Exam (Set 1) 2024/2025 already graded A+
[Show more]
Content preview
Florida 3-20 Public Adjusters State Exam(Set 1)
The insurer and insured agree to a specific value of insured item - ANSAgreed Value Policies
Someone who has care, custody or control of another's property - ANSBailee
Claim filed by policy holder against his _ - ANSFirst 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 -
ANSNegligent 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 - ANSMoral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written -
ANSBinder
Required by lenders to guarantee that outstanding loans against a job are paid upon completion
- ANSCompletion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages, limits, and
premiums - ANSDeclarations
Policyholder cannot transfer the policy to someone else without written permission from their
insurance company - ANSAssignment
An instance, behavior or environment that increases the likelihood of a loss on an insured item -
ANSHazard
Actual cause or source of an incidence of destruction, injury, or loss - ANSPeril
An insurance company organized and domiciled outside the US - ANSAlien
When there is an unbroken chain of events between an occurrence and a loss, then the loss is
part of the original occurrence - ANSProximate Cause
Is proximate cause of all subsequent damages - ANSOriginal Occurance
, An individual who contracts with an adjusting firm as an independent contractor and handles
claims for the insurance companies - ANSIndependent 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 - ANSEstoppel
Operate for profit, collect premiums, reserve a portion of premiums to pay claims -
ANSCommercial Insurers
Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured -
ANSIndependent Adjuster
The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of
losses suffered - ANSDamages
Requires the insured to insure the named property for a specific amount of insurance as
required by the insurance company - ANSAgreed 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) - ANSDirect loss
The entity that is the "recipient" to the Principal - ANSObligee
Insurance contracts are written on a take it or leave it basis to the policy owner. - ANSAdhesion
Event or circumstance that causes damage - ANSOccurance
Coverage provides for payment of losses if civil authority denies access to the insured premises
due to a covered peril - ANSCivil Authority
Voluntary relinquishment of a known legal right - ANSWaiver
An insurer domiciled outside the state where it writes insurance - ANSForeign
A state officer who administers the state's insurance laws and regulations - ANSCommissioner
Used as a promise to accept a bid if awarded to a company - ANSBid bond
Damaged property an insurer takes over to reduce their loss after paying a claim - ANSSalvage
Factual statements upon which an insurance policy is based - ANSRepresentations
A contract between two parties that offer the consumer little to no leeway to negotiate the terms
of the contract - ANSContract of adhesion
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now