Exam (elaborations)
20-44 PERSONAL LINES AGENT PREXAM FLASHCARDS ALL SETS
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20-44 PERSONAL LINES AGENT PREXAM FLASHCARDS ALL SETS
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20-44 PERSONAL LINES AGENT PREXAMFLASHCARDS ALL SETS
The cost to replace an item or property at the time of loss, minus depreciation -
Answers-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 - Answers-Aggregate Limit
Conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation
of all insurance licenses - Answers-Aiding and Abetting an unathorized insurer
Insurer other than a domestic or foreign insurer - Answers-Alien
"open perils" insurance - protecting the insured from loss arising from any peril other
than those perils specifically excluded by name - Answers-All Risk Insurance
The authority given by an insurer or employer to a licensee to transact insurance or
adjust claims on behalf of an insurer or employer - Answers-Appointment
In the event the insured and the insurer cannot agree on amount of claim settlement,
each appoints an appraiser - Answers-Appraisal Clause
Policy transfer from one insured to another - Answers-Assignment
One authorized by a subsisting certificate of authority issued by the department to
transact insurance in this state - Answers-Authorized insurer
An oral/written statement providing immediate insurance protection, valid for a specified
period. Designed to provide temporary coverage until a policy can be issued or denied -
Answers-Binder
Single amount of coverage applies to ANY loss of injury up to the single amount -
Answers-Blanket Insurance
A method of determing the true insurable worth of a structure or vehicle according to
any measure that will prvoide the most accurate analysis of that property's value -
Answers-Broad Evidence Rule
An originating general lines agent placing business w/ a company w/ which he/she is
not appointed - Answers-Brokering Agent
Monitors the conduct of insurers as it realtes to policyholder treatment - Answers-
Bureau of Market Conduct
,Insurer may cancel only for non payment of premium, material misrepresentation or
fraud, or suspension or revocation of the DL or registration of vehicle. - Answers-
Cancellation after 60 days of new policy or renewal
F.S states an insurer can cancel for any reason except discrimination with respect to
race, color, national origin, creed, marital status or sex. - Answers-Cancellation during
the first 60 Days of a new policy
A company that provides risk mitigation services for its parent company - Answers-
Captive Insurance Company
Specifies what perils are insured against and lists exclusions. Several different versions
provide increasingly broad coverage from Basic to Broad to special. - Answers-Causes
of Loss Form
- act as an insurer - transact insurance (directly or indirectly) - solicit insurance
applications If does so w/out certificate, commits 3rd degree felony - Answers-Certificate
of Authority
The state/country/providence under the laws of which the insurer was formed -
Answers-Domicile
A document which is attached to the policy and modifies or changes the original policy
in some way - Answers-Endorsement
Contribution based on the amount of policies regardless of their limits - Answers-Equal
Shares
Employee Retirement Income Security Act - Answers-ERISA
Greek word "Ethos", personal respect, ideals of service to others in an unselfish manner
- Answers-Ethics
All other insurances exhausted before the policy will apply - Answers-Excess
An endorsement that extends liability coverage, (and optionally Medical payments) to
name individuals for a nonowned automobile which is furnished for their regular use. -
Answers-Extended Nonowned Coverage
For name insured and family members only, this increases PIP medical payments from
80% to 100% and work loss from 60% to 80%. Limit remains $10,000 - Answers-
Extended Personal Injury Protection
,Florida insurance guaranty association - is a statutorily created association that pays
certain outstanding claims of insolvent insurance companies. Maximum amount FIGA
will pay is 300,000 all claims are subject to 100 ded - Answers-FIGA
If there is a total loss by a cover Peril to building structure, mobilehome, or manufacture
housing Unit the insurer must pay the amount Provided in the policy for which Premium
has been paid. - Answers-Florida ''Value Policy Law"
Insurance formed under laws of any state, district, territory, or commonwealth of the
U.S. other than this state - Answers-Foreign Insurance Company
No payment shall be made until the loss equals or exceeds the prescribed amount, then
the loss is paid in full - Answers-Franchise Deductibles
Florida residential Property and Casualty Underwriting Association - Answers-FRPCJUA
Florida Windstorm Underwriting Association - Answers-FWUA
Reimbursement for damages that do not readily have quantitative measurement -
Answers-General Damages
F.S. 627.7288 prohibits application of any deductible in adjustment of breakage of
windshield glass - Answers-Glass Breakage - Deductibles
Something that increases the probability that a loss will occur - Answers-Hazard
The District of Columbia and any state or territory of the U.S. in which an insurance
agent maintains his/her principle place of residence or principal place of business and is
licensed to act as an insurance agent - Answers-Home State
The head of the department of financial services, also known as the treasurer. -
Answers-Chief Financial Officer
Merged together in 2001 from FRPCJUA and FWUA to provide a market for those
residential Properties unable to obtain Coverage in Voluntary market - Answers-Citizens
Lower rates for insureds who insure a high percentage of the value of the subject
property - Answers-Coinsurance
Requires insured to pay part of loss if coverage is less than the specified percentage of
the value of the property at the time of loss FORMULA: Loss x (Limit of Insurance/Value
of Property x Coinsurance %) = Loss Settlement - Answers-Coinsurance Clause
Loss X Limits of insurance/value of property x coinsurance percentage = Loss
Settlement - Answers-Coinsurance Formula
, - foreign or alien insurer authorized to do business in this state - during 3 fiscal years -
written avg 25%+ direct premiums in this state than in state of domicile - direct
premiums are 55%+ of its total premiums written in U.S. during 3 fiscal years - Answers-
Commercially Domiciled Insurer
Reduces a plaintiff's damages by the plaintiff's degree of negligence - Answers-
Comparative Negligence Rule
Property and liability insurance Policies are said to be conditional contracts because the
obligation OR the insurer to perform may be condition Upon the insured satisfying
Certain conditions. - Answers-Conditional Contract
Parties are of un equal bargain power. And one party (the insured) cannot negotiate the
terms. Having to take the offer of the other party (the insurer) as made - Answers-
Contract of Adhesion
If one contributed to their own injuries in any way, they could not recover a dime from
others - Answers-Contributory Negligence Rule
When the majority of insurance written is for family members - Answers-Controlled
Business
Money amount w/ which liability insurance is concerned. - Answers-Damages
The section of an insurance contract which shows who is insured, what property or risk
is covered, when and where coverage is effective and how much coverage applies -
Answers-Declarations
Physical loss to tangible property - Answers-Direct Loss
Physical harm to property due to peril - Answers-Direct Loss
Insurance formed under the laws of this state - Answers-Domestic Insurance Company
A principle of insurance which provides that when a loss occurs, the insured should be
restored to the approximate financial condition occupied before the loss occured, no
better, no worse - Answers-Indemnity
Economic loss which is a result of direct loss - Answers-Indirect Loss
A property insurance option which provides that policy limits will increase a certain
percentage at regular intervals (i.e. Annually) - Answers-Inflation Guard
F.S. 627.7137 requires a liability insurer to disclose full policy information to a claimant
within 30 days, upon written request. If requested in writing by the claimant or claimants
attorney, an agent is also required to disclose the "name and coverage of each insurer"
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