Package deal for personal line Guarantee Distinction

The reduction, decrease, or disappearance of value of a person or property insured in a policy? - ANSWER-Loss What is negligence? - ANSWER-failure to use ordinary or reasonable care Does a party need to prove negligence under absolute liability? - ANSWER-No, absolute liability exists when cond...

What type of coverage is included in homeowners policies, but is not available in dwelling policies? - ANSWER-Liability coverage What are major coverages included in homeonwner policies? - ANSWER--Coverage A: Dwelling -Coverage B: Other Structures -Coverage C: Personal property -Coverage D: Lo...

5 Qualifications for a General Lines License - CORRECT ANSWER-1. 18 years old 2. resident of FL or place of business in FL 3. 200-hour course or 1 yr experience in all lines 4. cannot be for writing controlled business 5. Exam waived for CPCU designation or college degree with 15 hours in insur...

warranty - CORRECT ANSWER-Agreement between insured and insurer that certain conditions will be met Vicarious Liability - CORRECT ANSWER-Legal responsibility placed on one person for the acts of another. Vacant - CORRECT ANSWER-The absence of both people and property from a premises. Unsche...

Representing to the applicant that the specific additional coverage product is required by law is connection with the purchase of insurance when such coverage or product is not required is an unfair deceptive act known as: - CORRECT ANSWER-Sliding An agent may not obtain principally for the purpo...

Which of the following is LEAST likely to be a factor when determining the eligibility of a person for property insurance? A.) The claims history showing when prior claims occurred and how much was paid to settle the claim. B.) The nature of the risk, such as the type of building and the numbe...

blanket insurance - CORRECT ANSWER-insurance where a single amount of insurance applies to two or more coverage items misrepresentation - CORRECT ANSWER-any untrue statement made in application so policy will issue mutual company - CORRECT ANSWER-have no stockholders owned by policy owners ...

The administration of state insurance law is the responsibility of which of the following? - CORRECT ANSWER-Chief Financial Officer Which state entity is responsible for approving a certificate of authority for an insurance company? - CORRECT ANSWER-Office of Insurance Regulation In Florida, w...

Misrepresentation - CORRECT ANSWER-Willful deception of an insurance policy done by dissemination of information Controlled business - CORRECT ANSWER-When the majority of insurance written is for family members Temporary License - CORRECT ANSWER-Good for 6 months Foreign - CORRECT ANSWER-An...

Depreciation - CORRECT ANSWER-Reduction in value, particularly due to wear and tear. Exposure - CORRECT ANSWER-Susceptibility to risk. Implied Warranty - CORRECT ANSWER-A legal term meaning that a product is suitable for its intended purpose and that it fits an ordinary buyer's expectations. ...

Statements made in the application are considered: A. Warranties B. Representations C. Possible Concealments D. None of the Above - CORRECT ANSWER-B. Representations The definition of Risk is: A. Uncertainty regarding loss B. A chance of gain C. Uncertainty regarding gain or profit D. Int...

the cost to replace an item or property at the time of loss, minus depreciation - CORRECT ANSWER-Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period - CORRECT ANSWER-Aggregate Limit conviction of a 3rd ...

Chief Financial Officer (CFO) - CORRECT ANSWER-The Chief Financial Officer (CFO) is an elected official and is the head of the Department of Financial Services (DFS). The CFO directly oversees the following divisions under the DFS: Division of Accounting and Auditing Division of Consumer Servic...

Which bonds are used to guarantee the Principal's activities in the collection and reporting of taxes for controlled commodities. - CORRECT ANSWER-U.S Internal Revenue Bonds Chubbie Chessmate, your personal auto insured has PIP coverage with a $500 deductible. Chubbie was in an auto accident and...