Florida Insurance Claims Adjuster License Practice Exam

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What does hazard mean?

  1. A policy condition

  2. Something that increases the probability that a loss will occur

  3. The failure to reveal relevant facts

  4. Property left with the insurer

The correct answer is: Something that increases the probability that a loss will occur

A hazard is something that increases the probability of a loss occurring. Options A, C, and D are incorrect because they do not accurately define the term "hazard." A policy condition refers to terms and conditions outlined in an insurance policy, not something that increases the likelihood of a loss. The failure to reveal relevant facts is more closely related to the concept of material misrepresentation, not hazard. Property left with the insurer is not related to the concept of hazard, as it refers to property that has been entrusted to the insurance company for safekeeping.

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