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 property - 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
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