Florida 3-20 Public Adjusters State Exam (Set 1)

Florida 3-20 Public Adjusters State Exam (Set 1)

The insurer and insured agree to a specific value of insured item - Agreed Value Policies

Someone who has care, custody or control of another's property - Bailee

Claim filed by policy holder against his _ - 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 -

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 - Moral Hazard

Used to provide temporary insurance coverage until an insurance policy can be written - Binder

Required by lenders to guarantee that outstanding loans against a job are paid upon completion -

Completion Bonds

The section of an insurance policy identifying the insured, endorsements, coverages, limits, and

premiums - Declarations

Policyholder cannot transfer the policy to someone else without written permission from their

insurance company - Assignment

An instance, behavior or environment that increases the likelihood of a loss on an insured item -

Hazard

Actual cause or source of an incidence of destruction, injury, or loss - Peril

An insurance company organized and domiciled outside the US - Alien

When there is an unbroken chain of events between an occurrence and a loss, then the loss is part

of the original occurrence - Proximate Cause