Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS| 11 PAGES

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Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS| 11 PAGES The insurer and insured agree to a specific value of insured item Correct Answer: Agreed Value Policies Someone who has ca... re, custody or control of another's property Correct Answer: Bailee Claim filed by policy holder against his _ Correct Answer: 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 Answer: Negligent 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 Correct Answer: Moral Hazard Used to provide temporary insurance coverage until an insurance policy can be written Correct Answer: Binder Required by lenders to guarantee that outstanding loans against a job are paid upon completion Correct Answer: Completion Bonds The section of an insurance policy identifying the insured, endorsements, coverages, limits, and premiums Correct Answer: Declarations Policyholder cannot transfer the policy to someone else without written permission from their insurance company Correct Answer: Assignment An instance, behavior or environment that increases the likelihood of a loss on an insured item Correct Answer: Hazard Actual cause or source of an incidence of destruction, injury, or loss Correct Answer: Peril An insurance company organized and domiciled outside the US Correct Answer: Alien When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of the original occurrence Correct Answer: Proximate Cause Is proximate cause of all subsequent damages Correct Answer: Original Occurance An individual who contracts with an adjusting firm as an independent contractor and handles claims for the insurance companies Correct Answer: Independent Adjuster [Show More]

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