Exam (elaborations)
Florida 2-20 General Lines Insurance: Q&A (Guaranteed Pass!!)
- Course
- FLORIDA 2-20
- Institution
- FLORIDA 2-20
Florida 2-20 General Lines Insurance: Q&A (Guaranteed Pass!!)
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Florida 2-20 General Lines Insurance: Q&A(Guaranteed Pass!!)
5 qualifications to become a General Lines agent ✔️Ans - 1. At least 18
years of age
2. United States citizen or legal alien
3. Bona fide resident of Florida
4. Place of business located in Florida
5. Not licensed for purpose of writing controlled business
Department of Financial Services (DFS) ✔️Ans - 1. Approves issuance of
licenses to agents, CR, and adjusters
2. Supervisions of claims
3. Investigate charges of unethical conduct and take judicial actions
Office of Insurance Regulation (OIR) ✔️Ans - 1. Examines the
qualifications of the insurance companies doing business in FL
2. Examines the financial conditions of companies
3. Approves forms, rules, and rates
Office of Financial Regulation (OFR) ✔️Ans - 1. Provides regulatory
oversight to FL's financial providers
2. Reports to the FL Service Commission
FL Surplus Lines Service Office ✔️Ans - 1. Oversees the surplus lines
industry
2. Reviews all surplus lines policies and documents
3. Collects surplus lines and taxes and fees
Risk ✔️Ans - Chance of financial loss
Policy ✔️Ans - Is a written contract for effecting insurance and includes
clauses, riders, endorsements, and papers which are apart of the contract
Insurance ✔️Ans - Is a contract where one undertakes to indemnify
another or pay a specified amount determined on contingencies
, Binders ✔️Ans - Temporary insurance which can be made orally or
written. The insurer shall give 5 days' prior notice of cancelling a binder
unless the binder is replace by a policy. No notice is required unless the
binder exceeds 60 days.
Property Insurance ✔️Ans - Where payment is made directly to the
insured or other named interest
Liability Insurance ✔️Ans - Where payment is made on behalf of the
insured to another
Contract of Adhesion ✔️Ans - Parties have unequal bargaining power
such as the insured cannot negotiate the terms of the insurer. Ambiguities
found in the policy are usually found in favor of the insured.
Indemnity Contract ✔️Ans - One party should be put back in the same
financial condition they were before the loss. Never profit from a loss.
Peril ✔️Ans - Contingency that may cause a loss
Hazard ✔️Ans - Condition that increases the likelihood of a loss from a
covered peril.
Physical Hazard ✔️Ans - Physical Characteristics that increases the
probability and severity of loss (i.e. Ice-covered steps)
Moral Hazard ✔️Ans - Intentional Loss (i.e. Intentionally burning down
your house to collect insurance payout)
Morale Hazard ✔️Ans - Accident-prone or carelessness (i.e. Insured
drives recklessly because that's what insurance is for)
Proximate Cause ✔️Ans - A doctrine that states when there is an
unbroken connection between an occurrence and damage that grows out of
the occurrence, then the resultant damage is all part of the occurrence.
Direct Loss ✔️Ans - Physical harm to tangible property
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