Exam (elaborations)
FLORIDA 4-40 LICENSE DESIGNATION 1 TEST
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FLORIDA 4-40 LICENSE DESIGNATION 1 TEST
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FLORIDA 4-40LICENSE
DESIGNATION 1
TEST
Risk - Answers -the chance of financial loss
what is the only way that a person can transfer the risk of exposure to the insurance
company? - Answers -Is if the insurance company can measure the risk
What is an insurance policy soley designed to do? - Answers -to recompose the insured
for a financial loss
Insurance - Answers -a contract which one party indemnifies another party a specific
amount
Insured - Answers -any person or organization specifically designated by name for
whom coverage is afforded in an insurance company.
Is the customer, the insured or the insurer - Answers -insured
Insurer - Answers -insurance companies
What must the insurer do before they are permitted to operate in a state - Answers -
admitted or authorized
What is the process for the insurer to be approved by that state - Answers -1. Reviewing
insurers financial status
2. policy terms
3. rates
4. underwriting guidelines
5. claims procedures
, Nonadmitted or Unauthorized - Answers -insurers have not elected to do business in a
state and have not filed for admittance
Policy - Answers -written contract or agreement effecting insurance, including clauses,
and endorsements
Elements of a Contract - Answers -Declarations Page: information page
Insuring Agreement: promise to pay
Conditions: rules of the policy
Exclusions: situations which are not covered
Insuring Agreement - Answers -Named Insured and Address, Policy Period, Premium,
Limits, Loss Payee, Mortgage period
Declaration Page - Answers --Basic information about an insurance policy
-First Page
- Quick guide to (what is covered, limits of coverage, the effective date, the end date)
- information the policyholder needs to know
- information about the issuing agent
- what is insured, how much, under what circumstances, and for how long
Insuring Agreement - Answers -portion of the policy the insurer promises to make
payment for covered perils.
Coverage Form - Answers -from which a policy is constructed
Exclusions and Definitions - Answers -insuring agreements outline a broad scope of
types of coverage
Conditions - Answers -rules of the policy that the insured and insurance company must
abide by or the policy could be terminated by the the party.
Exclusions - Answers -section of the policy which lists property, perils, personal, or
situations which are not covered
Endorsement - Answers -a written form attached to an insurance policy that alters the
policy's coverage, terms, or conditions
Property & Casuality policies refer to what? - Answers -refer to their change forms as
Endorsement
What are Life & Health policy change forms referred to as ? - Answers -Riders
Premium - Answers -the amount of money an insurer charges to provide the coverage
described in the policy or bond
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