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FLORIDA 2-20 Insurance License Exam: Questions And Accurate Solutions
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FLORIDA 2-20 Insurance License Exam: Questions And Accurate Solutions
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FLORIDA 2-20 Insurance License Exam: QuestionsAnd Accurate Solutions
actual authority ✔️Ans - anything a principal authorizes the agent to do
aleatory contract ✔️Ans - contract in which the amounts exchanged are not
equal
conformity to statute ✔️Ans - a policy provision that says the policy follows
a state's law if the law and policy language are in conflict
contract of adhesion ✔️Ans - contract drawn by one party and offered to
another on a "take it or leave it" basis
direct writer agent ✔️Ans - an agent that is an employee of an insurer,
rather than as an independent holding contracts with an insurer
duty of accounting ✔️Ans - the agent must account for any money
entrusted to him by the principal
duty of loyalty ✔️Ans - owed by an agent to the principal- the agent must
not do anything to harm the principal
duty of obedience ✔️Ans - the agent must obey all lawful instructions from
the principal
duty of reasonable care ✔️Ans - the agent must exercise the same degree of
care as a reasonable and prudent person
duty to give information ✔️Ans - the agent must keep the principal
informed about any factors that affect the principal-agent relationship
exclusive agent ✔️Ans - an agent that has a contract with only one insurer.
may or may not be an employee of the insurance company he represents.
FAIR plan ✔️Ans - a government program that offers property and crime
insurance in the inner cities
,fraternal insurers ✔️Ans - offer coverage only to members of a particular
group
hazard ✔️Ans - increases the chance of loss from a peril
indemnify ✔️Ans - to make whole again financially
independent adjuster ✔️Ans - an adjuster who works for several
companies on a contract basis
independent agent ✔️Ans - an agent that has contracts with several
insurers. "Owns the expirations"
Inland Marine ✔️Ans - traditionally provides protection for property in
transit over land, and today, to collections, personal property, and other
coverage for movable property
insurable interest ✔️Ans - the potential for financial loss associated with
damage or destruction of property
insurance policy ✔️Ans - the indemnity contract between an insured and
insurer
marine insurance ✔️Ans - insurance that covers property that is in some
way related to transportation
moral hazard ✔️Ans - arises out of the dishonesty of an insured. Burning
down your own house
morale hazard ✔️Ans - arises out of the indifference to loss because of
insurance coverage
ocean marine ✔️Ans - provides protection for waterborne property
peril ✔️Ans - potential cause for loss
premium ✔️Ans - consideration paid by the insured in exchange for the
insurer's promise to indemnify
, reciprocal insurers ✔️Ans - a group of individuals or firms who combine to
pay each other's losses
social insurance ✔️Ans - a minimal level of protection provided by the
government. participation is mandatory
workers comp 3a ✔️Ans - known locations
workers comp 3c ✔️Ans - other locations
employers liability basic policy limits ✔️Ans - bodily injury by accident-
100k
bodily injury by disease- 500k policy limit
bodilty injury by disease- 100k per employee
USL&H ✔️Ans - provides workers comp benefits to employees, other than
seamen who work in maritime employment and on navigable waters
defense base act ✔️Ans - extends the USL&H to employees of American
contractors performing public works outside the US.
jones act ✔️Ans - entitles a seamen and his beneficiaries to sue his
employer for negligence.
Coverage A: General liability ✔️Ans - Bodily injury and property damage
coverage b: general liability ✔️Ans - personal and advertising injury
coverage c: general liability ✔️Ans - medical expenses (has to be reported
within one year of the accident)
Who is an insured under general liability? ✔️Ans - individual (you and your
spouse), partnership and joint venture (members, partners, and their
spouses), LLC (members and managers), corporations (exec officers,
directors, stockholders)
Claims made trigger ✔️Ans - a date the claim is made determines the policy
period to respond
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