Exam (elaborations)
Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
- Course
- Institution
Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
[Show more]
Content preview
Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review6 6 6 6 6 6 6 6 6
Study6online6at6https://quizlet.com/_8ewcxd
1. Peril Something that causes a loss. 6 6 6 6
2. Hazard Something that increases the proba- 6 6 6 6
bility that a loss will occur.
6 6 6 6 6 6
3. Warranty
A policy condition, either based
6 6 6 6
on information in the insureds appli
6 6 6 6 6 6
ca-
tion or inserted by the insurer. It is a
6 6 6 6 6 6 6 6 6 6
guarantee of a fact. 6 6 6
4. Misrepresentation
An untrue statement by the ins
6 6 6 6 6
ured,made in an application for insur
6 6 6 6 6 6
ancebut which does not become a p
6 6 6 6 6 6 6
art ofthe policy.
6 6 6
5. Concealment
The failure of the insured to re
6 6 6 6 6 6
vealrelevant facts known to the insu
6 6 6 6 6 6
redin applying for insurance.
6 6 6 6
16/669
, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
6 6 6 6 6 6 6 6 6
Study6online6at6https://quizlet.com/_8ewcxd
6. Abandonment
26/669
, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
6 6 6 6 6 6 6 6 6
Study6online6at6https://quizlet.com/_8ewcxd
Property insurance policies usual- 6 6 6
ly contain an abandonment clause,
6 6 6 6 6 6
stating the insured cannot dump da 6 6 6 6 6
maged property on the insurer and 6 6 6 6 6 6
demand its full value. 6 6 6
7. Severability
The insurance applies separat 6 6 6
ely toeach insured as if other insured
6 6 6 6 6 6 6
s didnot exist.
6 6 6
8. Proximate Cause
6 The cause having the most signif-
6 6 6 6 6
6icant impact in bringing about the lo
6 6 6 6 6 6
ss under a first-party property in-
6 6 6 6 6
6surance policy, when two or more in 6 6 6 6 6 6
dependent perils operate at the sam 6 6 6 6 6
e time (i.e., concurrently) to pro-
6 6 6 6 6
duce a loss. Courts employ a set ofr
6 6 6 6 6 6 6 6 6
ules to resolve causation disputes w
6 6 6 6 6
hen a property policy states that itco
6 6 6 6 6 6 6
vers or excludes losses "caused by"
6 6 6 6 6 6
a peril and there is more than one pe
6 6 6 6 6 6 6 6
ril at work in a fact pattern. Under co
6 6 6 6 6 6 6 6
mmon law, whether the pol- 6 6 6 6
icy provides coverage depends on
6 6 6 6 6 6
which peril is chosen as the proxi-
6 6 6 6 6 6
6mate cause. 6
36/669
, Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review
6 6 6 6 6 6 6 6 6
Study6online6at6https://quizlet.com/_8ewcxd
9. Direct Loss
6 Physical harm to tangible property. 6 6 6 6
10. Indirect Loss6 Economic loss which flows as a re- 6 6 6 6 6 6
sult of direct loss.
6 6 6 6
11. Actual Cash Value(ACV)
6 6 Replacement Cost minus Deprecia- 6 6 6
tion
12. Coinsurance
The amount, generally express 6 6 6
ed asa fixed percentage, an insured
6 6 6 6 6 6 6
mustpay against a claim after the de
6 6 6 6 6 6 6
-
6ductible is satisfied. It's ultimately a
6 6 6 6 6 6
way for the insured and insurer to sh
6 6 6 6 6 6 6
are responsibility for the risk. It can a
6 6 6 6 6 6 6
lso help reduce the cost of theinsura
6 6 6 6 6 6 6
nce policy premium. Coinsur-
6 6 6
ance can be written on an 80/20, 90/
6 6 6 6 6 6 6 6
100, or 100% rule.
6 6 6
46/669
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 AGRADEPROMASTER. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now