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FLORIDA 2-20 LICENSE EXAM QUESTIONS AND DEFINITIONS.
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FLORIDA 2-20 LICENSE EXAM QUESTIONS AND DEFINITIONS.
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FLORIDA 2-20 LICENSE EXAM QUESTIONS ANDDEFINITIONS.
Admitted Aircraft Liability Coverage - Answers -A coverage sometimes written in
conjunction with Aircraft Passenger Liability which can provide reimbursement for death
or dismemberment without requiring legal action.
Appraisal Clause - Answers -Clause which provides an appraisal procedure when the
insured and the insurer are in disagreement regarding the amount of a loss. Insured and
insurer each choose an appraiser, who, failing to agree, select an umpire. Agreement of
any two of the three will be decisive.
waiver - Answers -the voluntary or intentional relinquishment of a known right. a waiver
may be expressed or implied
Mutual Insurance Company is owed by _________, while stock company is owned by
_________. - Answers -Policy Holders, Shareholdsers
the possibility that a loss might happen. - Answers -Risk
Only the possibility of a loss. - Answers -Pure Risk
Possibility of a loss or a gain. - Answers -Speculative Risk
Does insurance deal with speculative risk? - Answers -no
the more data you have, the more accurate your measurements and predictions will be
when using data. used to predict frequency of losses and accurately set rates. -
Answers -law of large numbers
lessening the possibility of a loss. - Answers -Risk mitigation
this is also known as risk reduction. - Answers -risk mitigation
choosing not to do something. - Answers -risk avoidance
collecting risk together. - Answers -risk pooling
when you buy an insurance policy and you transfer some of your risk of financial loss to
an insurance company. - Answers -risk transfer
the cause of a loss. - Answers -peril
something that increases the chance of a loss. - Answers -hazard
, The type of risk that provides a possibility of loss or gain is a:
-speculative risk
-risk pooling
-pure risk
-risk mitigation - Answers -speculative risk
the insurance concept that allows insurers to accurately measure and predict losses by
using data is:
-appraisal
-insurance data mapping
-risk determination
-law of large numbers - Answers -law of large numbers
Fire, lightning, windstorm and hail are all examples of:
-hazards
-risks
-perils
-conditions - Answers -perils
elements of a contract (4) - Answers --competent parties
-offer/acceptance
-consideration
-legal purpose
gives the name and address of the insured, tells which coverage forms and
endorsements are attached. locations or property covered, and what policy limits are
the effective date and expiration, and the policy premium. - Answers -Declarations
Describes what risk the insurance carrier is assuming, the promise to cover financial
losses. - Answers -Insuring agreement
places limitations or qualifying statements on the insurers promise to perform. includes
requiring the prompt payment of premium, providing notice and proof of loss. includes
number o days notice the company must give for cancellation or non-renewal. -
Answers -conditions
tells what the insured must do after a loss: give notice, do not prejudice insurers' rights,
submit proof of loss. Aka "duties in teh event of loss or damage" or similar wrongdoing. -
Answers -duties of the insured
tells what is not covered; takes away coverage form the insuring agreement. - Answers
-exclusions and limitations
on property policies, describes what perils are covered by the contract. - Answers -
cause of loss form
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