Florida Claims Adjuster (Adjuster)

Florida Claims Adjuster Exam| 203 QUESTIONS| WITH COMPLETE SOLUTIONS| 38 PAGES

Insurance applies separately to each insured as if other insureds did not exist. correct answer: Severability Property insurance policies usually contain a(n) __________ clause, *stating the insured cannot dump damaged property on the insurer and demand its full value.* correct answer: Abandonment One wherein economic loss would be suffered from an adverse happening to the subject. correct answer: Insurable Interest States that if the insurer adopts a revision which would broaden coverage withou...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - ANSWER D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests ...

Peril - CORRECT ANSWER 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 fai...

The insurer and insured agree to a specific value of insured item - CORRECT ANS Agreed Value Policies Someone who has care, custody or control of another's property - CORRECT ANS Bailee Claim filed by policy holder against his _ - CORRECT ANS First 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 - CORRECT ANS Negligent Entrustment Hazard t...

A claim in the property/casualty industry Is defined as: - ANS an assertion of an alleged legal right against a person, entity, company or insurer that carries with it a demand for money as compensation for injuries or damages when you purchase insurance, you are buying: - ANS peace of mind that if an insured event does occur, that the insurance company will keep its promise and provide the financial protection that you purchased in today's society, the most important factor in the ...

Peril - ANS Something that causes a loss. Hazard - ANS Something that increases the probability that a loss will occur. Warranty - ANS A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation - ANS An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment - ANS The failure of the insured to reveal rel...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - ANS D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional interests on wo...

Peril - CORRECT ANSWER 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 - CO...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests - CORRECT ANS D. All listed interests Remember that the insurer is not responsible to know the degrees of interest. In the event of a loss, one payment is made by the insurer and it is up to the additional intere...