FLORIDA 3-20 PUBLIC ADJUSTERS STATE EXAM SET 1

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FLORIDA 3-20 PUBLIC ADJUSTERS STATE EXAM (SET 1)

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -100 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Only applies to business income coverage and not to the extra expense coverage

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Actual cash value (bi) Question 2: Required by lenders to guarantee that outstanding loans against a job are paid upon completion

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Completion Bonds

Question 3: Claim filed by policy holder against his _

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First Party Claim Question 4: Coverage provides for payment of losses if civil authority denies access to the insured premises due to a covered peril

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Civil Authority

Question 5: An individual holding a license under the authority of the State

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Licensee Question 6: Violation of an agreement between a seller and buyer in reference to the condition, content, quality, or title of an item sold

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Breach of Warranty

Question 7: Legislative Acts or Laws

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Statutes Question 8: Works upon the principal that the more times an event is repeated, the more predictable the outcome of a specific event

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Law of Large Numbers

Question 9: Acts committed without negligence but result in damages

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Intentional Tort Question 10: Method whereby the insurer pays the amount of each claim for each risk up to a limit determined in advance, and the re-insurer pays the amount of the claim above that specified limit

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Exxcess of loss Question 11: Written agreement attached to a policy to add or subtract insurance coverage

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Endorsement Question 12: Fire that is not contained in the vessel in which it was set. Example:

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Hostile Fire

Question 13: When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of the original occurrence

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Proximate Cause Question 14: A legal two-party document describing the relationship between the insured and the insurance company

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Indemnity Contract Question 15: A statement made regarding the extent of the claim, it may be requested in accordance with the conditions of the policy

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Proof of loss Question 16: A package insurance policy that combines both property and casualty coverages into a single policy

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Homeowners policy Question 17: A beneficiary of a contract only as a result of the First Party's negligence

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Third Party

Question 18: Specific protection in an insurance policy

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Coverage Question 19: 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

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Estoppel

Question 20: Also known as Absolute Liability, based on the theory of the duty of making something sage that is inherently dangerous

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Strict Torts

Question 21: Tangible property other than the products or work produced

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impaired property Question 22: 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

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Negligent Entrustment Question 23: Reinsurance agreement where the insurers involved will pay claims in direct relationship with the % of the risk that they are insuring

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Quota Share

Question 24: The insurer and insured agree to a specific value of insured item

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Agreed Value Policies Question 25: An insurer takes no action upon realizing material changes in a contract

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Implied Waiver

Question 26: An insurance company organized and domiciled outside the US

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Alien Question 27: The replacement cost of like kind and quality at the time of loss, less a reasonable amount of depreiciation

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Actual cash value