Exam (elaborations)
Property And Casualty License - Questions & Accurate Answers
- Course
- FLORIDA 2-20
- Institution
- FLORIDA 2-20
Property And Casualty License - Questions & Accurate Answers
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Property And Casualty License - Questions &Accurate Answers
The policy provision found in property insurance policies that prevents the
insured from collecting twice for the same loss is called
A) Subrogation
B) Consent to settle loss
C) Right of salvage
D) Appraisal ✔️Ans - A) Subrogation
When insureds accept loss payment from the insurance company, they must
transfer their rights to recovery to the insurer. This prevents the insured from
collecting twice for the same loss, and allows the insurer to indemnify the
insurance company.
For a contract to be enforceable by law, the purpose of the contract must be
A) For financial gain
B) For the benefit of the general public
C) Of pure intent
D) Legal and not against public policy ✔️Ans - D) Legal and not against
public policy
The purpose of a contract must be legal and not against public policy for the
contract itself to be enforceable by law (or legal)
Greg owns several buildings, each at a different location and insured on a
separate policy. What type of coverage does Greg have?
A) Special
B) Specific
C) Schedule
D) Blanket ✔️Ans - B) Specific
Specific insurance provides a specific amount of coverage for each property. A
blanket insurance policy provides coverage for more than one property with a
single limit of coverage.
, Which coverage form would provide coverage for all incoming and outgoing
shipments?
A) Mail coverage
B) Annual transit
C) Trip transit ✔️Ans - B) Annual transit
Which of the following forms provides the broadest coverage under an
employee theft coverage form?
A) Name schedule
B) Individual
C) Blanket position
D) Position schedule ✔️Ans - C) Blanket position
Blanket position bond covers all employees in all positions on a per employee
basis.
Which professional liability form provides form coverage for liability arising
out of malpractice, error, or mistakes made in rendering professional
services?
A) Medical malpractice
B) Physicians, surgeons, and dentists malpractice
C) Lawyers professional liability
D) Directors liability ✔️Ans - B) Physicians, surgeons, and dentists
malpractice
The physicians, surgeons and dentists malpractice form provides coverage for
liability arising out of malpractice, error, or mistakes made in rendering or
failing to render professional services.
The pro rata liability clause is designed to protect the principle of
A) Insurable interest
B) Waiver and estoppel
C) Indemnity
D) Subrogation ✔️Ans - C) Indemnity
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