Economics > EXAM > Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review| 332 Questions| 41 Pages (All)

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review| 332 Questions| 41 Pages

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Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review| 332 Questions| 41 Pages Peril Correct Answer: Something that causes a loss. Hazard Correct Answer: Something that increases t... he 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 failure of the insured to reveal relevant facts known to the insured in applying for insurance. Abandonment Correct Answer: Property insurance policies usually contain an abandonment clause, stating the insured cannot dump damaged property on the insurer and demand its full value. Severability Correct Answer: The insurance applies separately to each insured as if other insureds did not exist. Proximate Cause Correct Answer: The cause having the most significant impact in bringing about the loss under a first-party property insurance policy, when two or more independent perils operate at the same time (i.e., concurrently) to produce a loss. Courts employ a set of rules to resolve causation disputes when a property policy states that it covers or excludes losses "caused by" a peril and there is more than one peril at work in a fact pattern. Under common law, whether the policy provides coverage depends on which peril is chosen as the proximate cause. Direct Loss Correct Answer: Physical harm to tangible property. Indirect Loss Correct Answer: Economic loss which flows as a result of direct loss. Actual Cash Value(ACV) Correct Answer: Replacement Cost minus Depreciation Coinsurance Correct Answer: The amount, generally expressed as a fixed percentage, an insured must pay against a claim after the deductible is satisfied. It's ultimately a way for the insured and insurer to share responsibility for the risk. It can also help reduce the cost of the insurance policy premium. Coinsurance can be written on an 80/20, 90/100, or 100% rule. Personal Contract Correct Answer: Policies cover people who own and operate things, such as automobiles [Show More]

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