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PERSONAL LINES LICENSE 20-44 STUDY GUIDE
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PERSONAL LINES LICENSE 20-44 STUDY GUIDE
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PERSONAL LINES LICENSE 20-44 STUDY GUIDEWarranty - Answers-policy condition, either based on information in the insured's
application or inserted by the insurer
Misrepresentation - Answers-an untrue statement by the insured, made in an application
but does not become a part of the policy
Broad Evidence Rule - Answers-a method of determing the true insurable worth of a
structure or vehicle according to any measure that will prvoide the most accurate
analysis of that property's value
State - Answers-a jurisdiction other than the state of Florida (any state, district, territory,
or commonwealth in the U.S.)
Severability - Answers-insurance applies separately to each insureds
Arbitration Clause - Answers-in the event the insured and the insurer cannot agree on
amount of claim settlement, each appoints an appraiser
Liberalization - Answers-if insurer broadens coverage w/out additional premium w/in
some period of time prior to the policy period (60 days) or during the policy period, the
insured receives the benefit
Pro Rata - Answers-pay the proportion (limit: all limits) (i.e.$25,000/$100,000 =1/4)
Primary - Answers-applies 1st up to its limit
Excess - Answers-all other insurances exhausted before the policy will apply
Equal Shares - Answers-contribution based on the amount of policies regardless of their
limits
Assignment - Answers-policy transfer from one insured to another
Subrogation - Answers-insured has the right to collect damages from another party but
elects to claim the damages from her own insurance policy
Indemnity - Answers-a principle of insurance which provides that when a loss occurs,
the insured should be restored to the approximate financial condition occupied before
the loss occured, no better, no worse
Loss Payee - Answers-the person designated on an insurance policy as the one to be
paid in case the property is damaged/destroyed
, Damages - Answers-money amount w/ which liability insurance is concerned
Special Damages - Answers-reimbursement for out of pocket expenses
General Damages - Answers-reimbursement for damages that do not readily have
quantitative measurement
Punitive Damages - Answers-due to negligence by defendent
Insurance - Answers-a contract whereby one undertakes to indemnify another or pay or
allow a specified amount or a determinable benefit upon determinable contingencies
Binder - Answers-an oral/written statement providing immediate insurance protection,
valid for a specified period. Designed to provide temporary coverage until a policy can
be issued or denied
Contracts of Adhesion - Answers-the parties are of unequal bargaining power, and the
insured cannot negotiate the terms having to take the offer of the insurer as made
Controlled Business - Answers-when the majority of insurance written is for family
members
authorized insurer - Answers-one authorized by a subsisting certificate of authority
issued by the department to transact insurance in this state
Office of Insurance Regulation - Answers-regulation, compliance, and enforcement of
statutes related to the business of insurance and the monitoring of industry markets
(regulatory oversight of company solvency, policy forms and rates, market conduct
performance, and new company entrants in the FL market
Causes of Loss Form - Answers-specifies what perils are insured against and lists
exclusions. Several different versions provide increasingly broad coverage from Basic to
Broad to special. An earthquake form is also available
Split Limits - Answers-policy limits that apply one limit to each person injured, another
for BI claims of all persons insured in a single accident, and a separate limit for all
property damage arising out of a single accident (i.e. 15/30/10)
Insurer - Answers-every person engaed as indemnitor, surety, or contractor in the
business of entering into contracts of insurance or of annuity
Comparative Negligence Rule - Answers-reduces a plaintiff's damages by the plaintiff's
degree of negligence
Contributory Negligence Rule - Answers-if one contributed to their own injuries in any
way, they could not recovera dime from others
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