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FLORIDA 2-15 INSURANCE FINAL EXAM NEWEST ACTUAL EXAM COMPLETE ACCURATE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+$22.99
10/13/24, 11:44 AM FLORIDA 2-15 INSURANCE FINAL EXAM NEWEST ACTUAL EXAM 2024 UPDATE COMPLETE ACCURATE QUESTIONS…
FLORIDA 2-15 INSURANCE FINAL EXAM
NEWEST ACTUAL EXAM 2024 UPDATE
COMPLETE ACCURATE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
Terms in this set (100)
In the insurance business, C. The concept of insurance developed from the
risk can best be defined need to minimize the adverse effects of risk
as: associated with the probability of financial loss.
A. sharing the possibility
of a loss
B. uncertainty regarding
the future
C. uncertainty regarding
financial loss
D. uncertainty regarding
when death will occur
Which of the following A. Only pure risks are insurable because they
risks is insurable? involve only the chance of loss. They are pure in the
sense that they do not mix both profits and losses.
A. pure risks Insurance is concerned with the economic
B. gambling problems created by pure risks.
C. speculative risks
D. investing
,10/13/24, 11:44 AM FLORIDA 2-15 INSURANCE FINAL EXAM NEWEST ACTUAL EXAM 2024 UPDATE COMPLETE ACCURATE QUESTIONS…
Buying insurance is one B. Buying insurance is one of the most effective
of the most effective ways of transferring risk. Through the insurance
ways of contract, the burden of carrying the risk and
indemnifying the financial loss is transferred from
A. avoiding risk the individual to the insurance company.
B. transferring risk
C. reducing risk
D. retaining risk
Which of the following B. The function of insurance is to safeguard against
best describes the financial loss by having the losses of few paid by the
function of insurance? contributions of many who are exposed to the same
risk.
A. it is a form of legalized
gambling.
B. it spreads financial risk
over a large group to
minimize the loss to any
one individual
C. it protects against
living too long
D. it creates and protects
risks
All of the following are C. One of the criteria for an insurable risk is that it
elements of an insurable NOT be catastrophic. A principle of insurance holds
risk EXCEPT that only a small portion of a given group will
experience loss at any one time. Risks that would
A. the loss must be due adversely affect large numbers of people or large
to chance amounts of property - wars or floods, for example -
B. the loss must be are typically not insurable.
predictable
C. the loss must be
catastrophic
D. the loss must have a
determinable value
,10/13/24, 11:44 AM FLORIDA 2-15 INSURANCE FINAL EXAM NEWEST ACTUAL EXAM 2024 UPDATE COMPLETE ACCURATE QUESTIONS…
The amount of money an B. Reserves can be defined as the amounts that are
insurer sets aside to pay set aside to fulfill the insurance company's
future claims is called obligation to pay future claims. The reserve is
compiled from past premium payments and interest.
A. a premium
B. a reserve
C. a dividend
D. an accumulated
interest
Which of the following B. Insurable interest requires the policyowner to
constitutes an insurable benefit from the insured's continuing to live or enjoy
interest? good health or to suffer a loss when the insured
dies or is disabled.
A. the policyowner must
expect to benefit from
the insured's death
B. the policyowner must
expect to suffer a loss
when the insured dies or
becomes disabled
C. the beneficiary, by
definition, has an
insurable interest in the
insured
D. the insured must have
a personal or business
relationship with the
beneficiary
, 10/13/24, 11:44 AM FLORIDA 2-15 INSURANCE FINAL EXAM NEWEST ACTUAL EXAM 2024 UPDATE COMPLETE ACCURATE QUESTIONS…
Which of the following C. The parol evidence rule states that when parties
statements describes the put their agreement in writing, all previous verbal
parol evidence rule? statements come together in that writing, and a
written contract cannot be changed or modified by
A. a written contract parol (oral) evidence.
cannot be changed once
it is signed
B. an oral contract cannot
be modified by written
evidence
C. a written contract
cannot be changed by
oral evidence
D. an oral contract takes
precedence over any
earlier written contract
Which of the following B. If expenses and claims costs are less than
factors determines expected, dividends are likely to be paid.
whether policy dividends
will be paid on a
participating policy?
A. reserves and
experience
B. expenses and claims
costs
C. interest and benefits
D. premiums and
renewability
A licensed agent legally A. An agent is an individual who has been
represents authorized by an insurer to be its representative to
the public and to offer for sale its goods and
A. the insurer services.
B. the applicant/insured
C. the state insurance
department
D. himself or herself
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