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FLORIDA 3-20 PUBLIC ADJUSTERS
STATE EXAM (SET 1)
ACTUAL EXAM WITH CORRECT
SOLUTIONS.
The insurer and insured agree to a specific value of insured item - correct answer- Agreed Value Policies
Someone who has care, 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 1 / 3
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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
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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
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 - correct answer- Estoppel
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