Florida Insurance Licensing Practice Exam

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To turn partially damaged property over to the insurance company and ask them to pay for a total loss is called:

Surrender
Abandonment
Depreciation
Salvage

The correct answer is: Abandonment

Surrender is not necessarily asking the insurance company to pay for a total loss. It could also refer to giving up possession or control of the property. Depreciation is the decrease in value of the property over time, and is not related to turning over damaged property to the insurance company. Salvage is the act of saving damaged property, not turning it over to the insurance company for payment. Therefore, the correct answer is B Abandonment. It involves giving up damaged property and requesting the insurance company to cover it as a total loss.