Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES, Exams of Nursing

Download Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES and more Exams Nursing in PDF only on Docsity! Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES The insurer and insured agree to a specific value of insured item - Correct AnswerAgreed Value Policies Someone who has care, custody or control of another's property - Correct AnswerBailee Claim filed by policy holder against his _ - Correct AnswerFirst 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 AnswerNegligent 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 - Correct AnswerMoral Hazard Used to provide temporary insurance coverage until an insurance policy can be written - Correct AnswerBinder Required by lenders to guarantee that outstanding loans against a job are paid upon completion - Correct AnswerCompletion Bonds The section of an insurance policy identifying the insured, endorsements, coverages, limits, and premiums - Correct AnswerDeclarations Policyholder cannot transfer the policy to someone else without written permission from their insurance company - Correct AnswerAssignment An instance, behavior or environment that increases the likelihood of a loss on an insured item - Correct AnswerHazard Actual cause or source of an incidence of destruction, injury, or loss - Correct AnswerPeril An insurance company organized and domiciled outside the US - Correct AnswerAlien When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of the original occurrence - Correct AnswerProximate Cause Is proximate cause of all subsequent damages - Correct AnswerOriginal Occurance Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES An individual who contracts with an adjusting firm as an independent contractor and handles claims for the insurance companies - Correct AnswerIndependent 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 AnswerEstoppel Operate for profit, collect premiums, reserve a portion of premiums to pay claims - Correct AnswerCommercial Insurers Any person who investigates or adjusts losses on behalf of either an insurer or a self- insured - Correct AnswerIndependent Adjuster The result of an insured's tort or wrongdoing. Consequences of a loss or amount or type of losses suffered - Correct AnswerDamages Requires the insured to insure the named property for a specific amount of insurance as required by the insurance company - Correct AnswerAgreed 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 destruction) - Correct AnswerDirect loss The entity that is the "recipient" to the Principal - Correct AnswerObligee Insurance contracts are written on a take it or leave it basis to the policy owner. - Correct AnswerAdhesion Event or circumstance that causes damage - Correct AnswerOccurance Coverage provides for payment of losses if civil authority denies access to the insured premises due to a covered peril - Correct AnswerCivil Authority Voluntary relinquishment of a known legal right - Correct AnswerWaiver An insurer domiciled outside the state where it writes insurance - Correct AnswerForeign A state officer who administers the state's insurance laws and regulations - Correct AnswerCommissioner Used as a promise to accept a bid if awarded to a company - Correct AnswerBid bond Damaged property an insurer takes over to reduce their loss after paying a claim - Correct AnswerSalvage Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES Granting the privileges and licensing in a state based on having a license in another state that is deemed equivalent by the granting state - Correct AnswerReciprocity Specific protection in an insurance policy - Correct AnswerCoverage An individual holding a license under the authority of the State - Correct AnswerLicensee Means any solid, liquid, gaseous or thermal irritant or contaminant including smoke, vapor, soot, fumes, acids, alkalis and chemicals - Correct AnswerPollutants A package insurance policy that combines both property and casualty coverages into a single policy - Correct AnswerHomeowners policy Legal term applying the third party claims meaning " to pay back or to make whole" - Correct AnswerIndemnification An agreement by one party, the guarantor to answer to a 3rd person for the debt of default of a responsible party called the Principal - Correct AnswerSurety bonds The necessary increase in living expense resulting from a loss by a covered peril, and incurred by the insured - Correct AnswerAdditional Living Expense (ALE) The replacement cost of like kind and quality at the time of loss, less a reasonable amount of depreiciation - Correct AnswerActual cash value Physical condition that increases the change of loss - Correct AnswerPhysical Hazard Openness to loss or damage - Correct AnswerExposure Any changes that broaden coverage on the edition of the policy that the insured holds will automatically apply without premiums - Correct Answerliberalization cluse Bonds that protect an employer form losses by an employee - Correct Answerfidelity bonds A combination of property and liability coverages of two or more separate policies in one premium - Correct AnswerPackage policy Fire that is not contained in the vessel in which it was set. Example: - Correct AnswerHostile Fire Written agreement attached to a policy to add or subtract insurance coverage - Correct AnswerEndorsement Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES Covers a variety of issues including lease of premiums, easements, sidetrack agreements and elevator maintenance agreements. - Correct AnswerInsured contract The act o taking responsibility through agreement for something that person may not be legally liable - Correct AnswerAssumption of liability Only applies to business income coverage and not to the extra expense coverage - Correct AnswerActual cash value (bi) The value of the property is decreased or reduced due to damage but the property still remains some value and can be used - Correct AnswerDiminution of value Depreciation that is initially held back, then disbursed after proof of repairs being performed to bring property back to whole - Correct AnswerRecoverable depreciation Economic loss that arises as a consequence of the direct or physical loss - Correct Answerindirect loss A statement made regarding the extent of the claim, it may be requested in accordance with the conditions of the policy - Correct AnswerProof of loss Tangible property other than the products or work produced - Correct Answerimpaired property Works upon the principal that the more times an event is repeated, the more predictable the outcome of a specific event - Correct AnswerLaw of Large Numbers To access the eligibility of a customer to receive their products, decide how much coverage the client should receive, and how much they should pay for it. - Correct AnswerUnderwriting Actual cost of replacing property due to a covered peril with property of like kind and quality without depreciation - Correct Answerreplacement cost Exaggerating an otherwise legitimate claim for profit - Correct AnswerSoft Fraud Unincorporated association of members in which each member insures the other members - Correct AnswerReciprocal insurance exchange An Agreement and - Correct AnswerPolicy An ongoing assurance made by one party to another that certain facts : - Correct AnswerWarranty Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES 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 - Correct AnswerExxcess of loss A person who voluntarily gives up possession of the property - Correct Answerbailor One of the earliest forms of insurance - Correct AnswerOcean Marine An insurance adjuster who works primarily outside of an office and often meets personally with the public - Correct AnswerField Adjuster Purposefully setting fire to property. Not covered under the policy if the act is committed by the insured - Correct AnswerArson The attempt, by an applicant to deceive an insurance company - Correct AnswerMisrespresentation Personal property that is not part of the dwelling or structure - Correct AnswerContents An individual that is used when a claim has been questioned by either the insured or the insurer, an unbiased part is required to resolve the dispute - Correct AnswerUmpire Amount an insurer will have to pay an insured to meet the promises outlined in the insurance contract, reduction in value of insured item - Correct Answerloss An addition, deletion or change to a legal document or policy - Correct AnswerAmendment The section of an insurance policy identifying the insured, endorsements, coverages, limits and premiums - Correct AnswerThe Declarations page Reinsureance agreement where the insurers involved will pay claims in direct relationship with the % of the risk they are insuring - Correct AnswerCo-insurance Financial investment or financial dependency that an individual or business has in a person or property - Correct AnswerInsurable interest Failure to use the care that a reasonable and prudent person would have used under that same or similar circumstance - Correct AnswerNegligence "Insurer" has an obligation to pay covered loss, "insured" has no obligation - Correct AnswerUnilateral insurance contract Uninsurable because of the possibility of either loss or gain in the risk - Correct AnswerSpeculative Risk Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES 626.854 (10) (c) - Correct AnswerInsurance claim payments made by the insurer do not include policy deductibles, and public adjuster compensation may not be based on the deductible portion of a claim. 626.854 (10) (d) - Correct AnswerAny maneuver, shift, or device through which the limits on compensation set forth in this subsection are exceeded is a violation of this chapter punishable as provided under s. 626.8698. 626.854 (11) - Correct AnswerEach public adjuster must provide to the claimant or insured a written estimate of the loss to assist in the submission of a proof of loss or any other claim for payment of insurance proceeds. The public adjuster shall retain such written estimate for at least 5 years and shall make the estimate available to the claimant or insured, the insurer, and the department upon request. 626.854(12) - Correct AnswerA public adjuster, public adjuster apprentice, or any person acting on behalf of a public adjuster or apprentice may not accept referrals of business from any person with whom the public adjuster conducts business if there is any form or manner of agreement to compensate the person, directly or indirectly, for referring business to the public adjuster. A public adjuster may not compensate any person, except for another public adjuster, directly or indirectly, for the principal purpose of referring business to the public adjuster. 626.854 (13) - Correct AnswerA company employee adjuster, independent adjuster, attorney, investigator, or other persons acting on behalf of an insurer that needs access to an insured or claimant or to the insured property that is the subject of a claim must provide at least 48 hours' notice to the insured or claimant, public adjuster, or legal representative before scheduling a meeting with the claimant or an onsite inspection of the insured property. The insured or claimant may deny access to the property if the notice has not been provided. The insured or claimant may waive the 48-hour notice. 626.854 (14) - Correct AnswerThe public adjuster must ensure that prompt notice is given of the claim to the insurer, the public adjuster's contract is provided to the insurer, the property is available for inspection of the loss or damage by the insurer, and the insurer is given an opportunity to interview the insured directly about the loss and claim. The insurer must be allowed to obtain necessary information to investigate and respond to the claim. 626.854 (14) (a) - Correct AnswerThe insurer may not exclude the public adjuster from its in-person meetings with the insured. The insurer shall meet or communicate with the public adjuster in an effort to reach agreement as to the scope of the covered loss under the insurance policy. The public adjuster shall meet or communicate with the insurer in an effort to reach agreement as to the scope of the covered loss under the insurance policy. This section does not impair the terms and conditions of the insurance policy in effect at the time the claim is filed. Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES 626.854 (14) (b) - Correct AnswerA public adjuster may not restrict or prevent an insurer, company employee adjuster, independent adjuster, attorney, investigator, or other person acting on behalf of the insurer from having reasonable access at reasonable times to any insured or claimant or to the insured property that is the subject of a claim. 626.854 (14) (c) - Correct AnswerA public adjuster may not act or fail to reasonably act in any manner that obstructs or prevents an insurer or insurer's adjuster from timely conducting an inspection of any part of the insured property for which there is a claim for loss or damage. The public adjuster representing the insureds may be present for the insurer's inspection, but if the unavailability of the public adjuster otherwise delays the insurer's timely inspection of the property, the public adjuster or the insureds must allow the insurer to have access to the property without the participation or presence of the public adjuster or insureds in order to facilitate the insurer's prompt inspection of the loss or damage. 626.854 (15) - Correct AnswerA licensed contractor under part I of chapter 489, or a subcontractor, may not adjust a claim on behalf of an insured unless licensed and compliant as a public adjuster under this chapter. However, the contractor may discuss or explain a bid for construction or repair of covered property with the residential property owner who has suffered loss or damage covered by a property insurance policy, or the insurer of such property, if the contractor is doing so for the usual and customary fees applicable to the work to be performed as stated in the contract between the contractor and the insured. 626.854 (16) - Correct AnswerA public adjuster shall not acquire any interest in salvaged property, except with the written consent and permission of the insured through a signed affidavit. 626.854 (17) - Correct AnswerA public adjuster, a public adjuster apprentice, or a person acting on behalf of an adjuster or apprentice may not enter into a contract or accept a power of attorney that vests in the public adjuster, the public adjuster apprentice, or the person acting on behalf of the adjuster or apprentice the effective authority to choose the persons or entities that will perform repair work in a property insurance claim or provide goods or services that will require the insured or third-party claimant to expend funds in excess of those payable to the public adjuster under the terms of the contract for adjusting services. 626.854 (18) - Correct AnswerSubsections (5)-(17) apply only to residential property insurance policies and condominium unit owner policies as described in s. 718.111(11). 626.854 (19) - Correct AnswerExcept as otherwise provided in this chapter, no person, except an attorney at law or a public adjuster, may for money, commission, or any other thing of value, directly or indirectly: Florida 3-20 Public Adjusters State Exam (Set 1)| 140 QUESTIONS & CORRECT ANSWERS 12 PAGES 626.854 (19) (a) - Correct AnswerPrepare, complete, or file an insurance claim for an insured or a third-party claimant; 626.854 (19) (b) - Correct AnswerAct on behalf of or aid an insured or a third-party claimant in negotiating for or effecting the settlement of a claim for loss or damage covered by an insurance contract; 626.854 (19) (c) - Correct AnswerAdvertise for employment as a public adjuster; or 626.854 (19) (d) - Correct AnswerSolicit, investigate, or adjust a claim on behalf of a public adjuster, an insured, or a third-party claimant. Under a dwelling broad or special form, what is the maximum that would be paid for "loss of use"? - Correct Answer20% of the Dwelling Coverage Under a dwelling (DP-2 or DP-3) policy, what is the maximum % that would be paid for ALE? - Correct Answer20%