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

Can a policyholder transfer the policy to someone else without written permission from their insurance company?

What is an instance, behavior, or environment that increases the likelihood of a loss on an insured item?

What is the actual cause or source of an incidence of destruction, injury, or loss?

What is an insurance company organized and domiciled outside the US called?

When there is an unbroken chain of events between an occurrence and a loss, what is this called?

What is the proximate cause of all subsequent damages?

What do you call an individual who contracts with an adjusting firm as an independent contractor and handles claims for insurance companies?

What is the action or practice of the insured party that is permitted to continue because any defense against it has been waived by the insurer?

What type of insurers operate for profit, collect premiums, and reserve a portion of premiums to pay claims?

What is the result of an insureds tort or wrongdoing, referring to the consequences or amount of losses suffered?

What requires the insured to insure the named property for a specific amount of insurance as required by the insurance company?

What is the term for physical harm to tangible property caused by peril?

Who is the recipient to the principal in an insurance contract?

Insurance contracts are written on what kind of basis to the policy owner?

What is an event or circumstance that causes damage known as?

What coverage provides for payment of losses if civil authority denies access to the insured premises due to a covered peril?

What is the voluntary relinquishment of a known legal right called?

What is an insurer domiciled outside the state where it writes insurance called?

Who is a state officer that administers the states insurance laws and regulations?

What is used as a promise to accept a bid if awarded to a company?

What is damaged property an insurer takes over to reduce their loss after paying a claim called?

What are factual statements upon which an insurance policy is based called?

What is a contract between two parties that offers the consumer little to no leeway to negotiate the terms of the contract?

What is the publication in any media by the insured about goods or services called?

What is also known as Absolute Liability, based on the theory of the duty of making something safe that is inherently dangerous?

What is a house or structure also referred to as a primary risk?

What is the condition enforced by the courts to do something bound under law or in a contract?

What is the amount of loss paid by the policyholder called?

What is a violation of an agreement between a seller and buyer in reference to the condition, content, quality, or title of an item sold?

What is the term for compensation or reparation?

What provides property coverage on a contractors interest in equipment intended for permanent installation while it is being transported, unloaded, and installed?

Who is a beneficiary of a contract only as a result of the First Partys negligence?

What is a reinsurance agreement where the insurers involved will pay claims in direct relationship with the percentage of the risk they are insuring?

What is sharing the cost of replacement known as?

What is a legal action filed by one or more persons on behalf of themselves and others having an identical interest in the alleged wrongdoing?

What is a specific risk or cause of loss covered by an insurance policy, such as fire, windstorm, flood, theft, etc.?

What determines who is responsible for dangers in a store, warehouse, or office?

What is a loss or risk the policy doesnt cover called?

What is the technique used to transfer the risk of a person, business, or organization to another through the use of a two-party contract?

What is a legal two-party document describing the relationship between the insured and the insurance company?

What is a legal document that makes some person responsible for damages their actions or products cause regardless of any fault on their part?

What is the intention to withhold relative information about the risk from the insurance company called?

What is a subset of the claims function whereby suspicious losses are investigated separately from the normal claims adjusters activities?

What is it called when an insurer takes no action upon realizing material changes in a contract?

What are acts committed without negligence but result in damages called?

What is the willful and illegal sinking of a ship at sea or its cargo known as?

What covers physical damage as well as liability and tends to be very broad in coverage?

What is single insurance for only one kind of property at only one location of an insured called?

What are legislative acts or laws known as?

What is the insurance company to which the risk is transferred by the contract called?

What are hazards on private property that might attract trespassers such as swimming pools or trampolines called?

What is an approximate calculation of amount, extent, quality, magnitude, position, degree, or worth of something?

What is it called when an insurance company assesses, mitigates, and monitors the items of risk that potential customers want to insure?

What is granting the privileges and licensing in a state based on having a license in another state that is deemed equivalent by the granting state called?

What is specific protection in an insurance policy called?

What is an individual holding a license under the authority of the State known as?