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Florida 3-20 Public Adjusters State Exam (Set 1)| 140
QUESTIONS
The insurer and insured agree to a specific value of insured item
Question 1: What is the term for when the insurer and insured
agree to a specific value of an insured item?
CORRECT ANSWER : Agreed Value Policies
Someone who has care, custody or control of another's property
Question 2: What is the term for someone who has care,
custody, or control of another's property?
CORRECT ANSWER : Bailee
Claim filed by policy holder against his _
Question 3: What is the term for a claim filed by a policyholder
against their own insurance?
CORRECT ANSWER : 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
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Question 4: What is the term for when a person entrusts another
with an object, resulting in injury, and can be held liable (e.g., firearm or DWI)?
CORRECT ANSWER : 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
Question 5: What is the term for a hazard resulting from an
insured’s conscious decision to engage in behavior more likely to cause a loss because they have insurance?
CORRECT ANSWER : Moral Hazard
Used to provide temporary insurance coverage until an insurance policy can be written
Question 6: What is used to provide temporary insurance
coverage until a policy can be written?
CORRECT ANSWER : Binder
Required by lenders to guarantee that outstanding loans against a job are paid upon completion
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Question 7: What is required by lenders to ensure outstanding
loans against a job are paid upon completion?
CORRECT ANSWER : Completion Bonds
The section of an insurance policy identifying the insured, endorsements, coverages, limits, and premiums
Question 8: What is the section of an insurance policy that
identifies the insured, endorsements, coverages, limits, and premiums?
CORRECT ANSWER : Declarations
Policyholder cannot transfer the policy to someone else without written permission from their insurance company
Question 9: What is the term for when a policyholder cannot
transfer the policy to someone else without written permission from the insurance company?
CORRECT ANSWER : Assignment
An instance, behavior or environment that increases the likelihood of a loss on an insured item
Question 10: What is an instance, behavior, or environment that
increases the likelihood of a loss on an insured item?
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CORRECT ANSWER : Hazard
Actual cause or source of an incidence of destruction, injury, or loss
Question 11: What is the actual cause or source of an incidence
of destruction, injury, or loss?
CORRECT ANSWER : Peril
An insurance company organized and domiciled outside the US
Question 12: What is an insurance company organized and
domiciled outside the US called?
CORRECT ANSWER : Alien
When there is an unbroken chain of events between an occurrence and a loss, then the loss is part of the original occurrence
Question 13: What is the term for when an unbroken chain of
events between an occurrence and a loss makes the loss part of the original occurrence?
