5 qualifications to become a General Lines agent - ANS-1. At least 18 years of age
2. United States citizen or legal alien
three. Bona fide resident of Florida
4. Place of business positioned in Florida
five. Not certified for purpose of writing controlled business
Abandonment - ANS-Insured can not sell off damaged property on the insurer and demand
complete fee
Actual Cash Value - ANS-The modern-day value that losses might be settled based totally on
Actual Cash Value
Appraisal - ANS-When there's a dispute over payment of a claim, this situation presents for the
insured and insurer each to pick out an appraiser an those two then pick a 3rd (or a court can
each appoint a third) and the agreement of of the 3 might be binding.
Assignment - ANS-Clause specifies that shifting the policy to another will not be valid until the
insurer has the same opinion in writing
Binders - ANS-Temporary coverage which may be made orally or written. The insurer shall
supply 5 days' prior observe of cancelling a binder unless the binder is replace by using a policy.
No note is needed except the binder exceeds 60 days.
Blanket - ANS-A single quantity of coverage that applies to 2 or extra insurance items
Coinsurance - ANS-A approach of encouraging the insured to accept the responsibility of
insuring for the quantity close to the value of the belongings. Coinsurance is mainly used in
commercial rules and values range from 80 to one hundred%
Concealment - ANS-When the insured fails to show relevant information to the insurer
Contract of Adhesion - ANS-Parties have unequal bargaining energy including the insured can't
negotiate the terms of the insurer. Ambiguities found inside the policy are generally observed in
choose of the insured.
Damages - ANS-Money quantities
Department of Financial Services (DFS) - ANS-1. Approves issuance of licenses to dealers, CR,
and adjusters
2. Supervisions of claims
three. Investigate charges of unethical conduct and take judicial actions
Direct Loss - ANS-Physical harm to tangible assets
Equal Shares - ANS-Contributions based at the quantity of regulations with out regard to limit
Excess - ANS-All different coverage need to be exhausted before the coverage applies
FL Surplus Lines Service Office - ANS-1. Oversees the surplus lines enterprise
2. Reviews all surplus lines policies and files
3. Collects surplus strains and taxes and expenses
Franchise - ANS-No charge is made till the loss equals or exceeds a prescribed amount, then
loss paid in full
Hazard - ANS-Condition that will increase the likelihood of a loss from a blanketed peril.
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