Exam (elaborations)
FLORIDA GENERAL LINES AGENT EXAM QUESTIONS
- Course
- Institution
FLORIDA GENERAL LINES AGENT EXAM QUESTIONS
[Show more]
Content preview
FLORIDA 2-20 EXAM QUESTIONS UNITS 1-17True or False? An applicant for the 2-20 General Lines Agent License can seek the
license for the purpose of writing "controlled business". - Answers -False
An applicant must not be seeking to obtain the 2-20 General Lines Agent License for
the purpose of writing "controlled business"; this is specifically excluded.
An applicant for the 2-20 General Lines Agent License must show that the application is
at least ____ years of age. - Answers -18
All of the following are true regarding "contracts of adhesion" EXCEPT #14645which of
the follow?
A)ambiguities are resolved in favor of the insurance company
B)the insured cannot negotiate language of policy
C)insurance companies draft the policy language
D)the parties to the contract have "uneven" bargaining power - Answers -A
Feedback:Insurance contracts are considered "contracts of adhesion"; contracts of
adhesion arethose were one party drafts the language of the contact and the other party
must takeor leave the contract as it is written. In most cases the parties are of unequal
bargainingpower AND in most cases on party (the drafting party) is construed to have
more expertiseregarding the subject matter. As a result, the courts resolve ambiguities
against thedrafting party (the insurance company) and in favor of the non-drafting party
(the insured).
Straight deductibles specify the deduction of a flat amount from a loss, regardless of the
______ of the loss. - Answers -Size
Straight deductibles specify the deduction of a flat amount from a loss payment,
regardless of the size of the loss.
All of the following are true regarding "insurable interest" EXCEPT:
A)it is the economic interest in property
B)it must exist before an insurance policy will pay for a loss
C)it is the extent to which an insured might be indemnified
D)insurable interest in not required in a property insurance policy - Answers -D
Insurable interest is required in property and liability insurance. Insurable interest is the
economic interest in propertyand/or the extent of potential legal liability of an insured.
Which of the following statements if any are true?
Statement One: Binders can be oral or in writing.
, Statement Two: Binders are issued after the issuance of a policy - Answers -Only
Statement One is true
Binders can be oral or in writing AND binders are issued PRIOR to the issuance of a
policy (not after the policy issuance).
This fundamental doctrine in property insurance holds when there is an unbroken
#14644 connection between an occurrence and damage that grow out of the
occurrence. - Answers -the doctrine of proximate causation
The fundamental doctrine in property insurance that holds when there is an unbroken
connection between anoccurrence and damage that grows out ot he occurrence is
known as the doctrine of proximate cause (or causation).
An insurance policy can be changed by adding an ______________ to a policy. -
Answers -endorsement
An endorsement is a modification to an original policy which changes it in some way.
The correct answer is that an insurance policy can be changed by adding an
endorsement to a policy.
Liability insurance means any insurance where payment by the insurance company will
be paid on behalf of the insured to another; based upon the insured's ____________ to
the payee/claimant. - Answers -Liability
Liability insurance" means payment will be on behalf of the insured to another, based
upon the insured's liability to the recipient.
All of the following are true regarding the insuring agreement in liability
#14642insurance policies EXCEPT:
A)the insurance company agrees to pay on behalf of the insured for property damages
B)the insurance company agrees to pay on behalf of the insured for bodily injuries
C)the insured must be legally obligated to make restitution before the insurance
company will pay
D)payments are made directly to the insured or the insured's family members - Answers
-payments are made directly to the insured or the insured's family members
Liability insurance policies make payments to third parties which have been injured by
the insured and/or their property has been damaged by the insured. Payments are
made directly by the insurer to the third party.
True or False? Requiring "Insurable Interest" in a Property and Casualty policy upholds
the principal of adhesion. - Answers -False
Requiring Insurable Interest in a Property and Casualty policy and claim upholds the
principal of indemnity.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
