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

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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 prop... erty - 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 Is proximate cause of all subsequent damages - Original Occurance An individual who contracts with an adjusting firm as an independent contractor and handles claims for the insurance companies - 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 - Estoppel Operate for profit, collect premiums, reserve a portion of premiums to pay claims - Commercial Insurers Any person who investigates or adjusts losses on behalf of either an insurer or a self-insured - Independent Adjuster The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses suffered - Damages Requires the insured to insure the named property for a specific amount of insurance as required by the insurance company - Agreed Value Physical harm to tangible property caused by peril (loss to property or person in which a covered peril is the proximate cause of damage or destructi [Show More]

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