Exam (elaborations)
Property and casualty Florida Questions with Accurate Answers
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Property and casualty Florida
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Property and casualty Floridarisk - answer Chance of a financial loss
Assumed risk - answer Amount of risk the insured is willing to absorb
Pure Risk - answer a risk that presents the chance of loss but no opportunity for gain
Speculative Risk - answer Chance of loss or gain
insurance - answer a practice or arrangement by which a company or government
agency provides a guarantee of compensation for specified loss, damage, illness, or
death in return for payment of a premium.
Law of Large Numbers - answer A study to figure out how much a premium rate to
charge and how much to set in reserves to pay claims
Insured - answerA person covered by an insurance policy
Insurers - answerInsurance companies are referred to as insurers
Non-admitted Insurer - answerAn insurer not authorized by the state insurance
department to do business within that state.
Policy - answerWritten contract or agreement effecting Insurance including clause and
endorsement
Premium - answerA periodic payment to the insurance company to keep the policy in
force.
hazard - answerIncreases the chance of loss
peril - answercause of loss
Loss - answerreduction in the value of an asset
Endorsement - answerA written form attached to an insurance policy that alters the
policy's coverage terms or conditions
Deposit Premium - answerDown payment usually 60-90 days upfront with two or more
installments
, Premium Financing - answerInvolves the lending of funds to a person or company to
cover the cost of an insurance premium.
audit premium - answerRequired by the insurers on forms of insurance subject to
periodic premium adjustments
binder - answerA temporary written or oral agreement to provide insurance coverage
until a formal written policy is issued.
Certificate of Insurance - answerA legal document that indicates that an insurance
policy has been issued, and that states both the amounts and types of insurance
provided.
Contract of Adhesion - answerAny contract in which one party must either accept the
agreement as written by the other party or reject it.
Personal contract - answerCovers persons - not property.
Conditional Contract - answerthe obligations of the insurer may be based on insured
satisfied certain conditions
Insurable Interest - answerSomeone must possibly suffer an economical loss
Casualty Insurance - answerAll insurance other than Life and Health
Property Insurance - answerCarrier pays directly to insured
liability insurance - answerCarrier pays on behalf of the insured
Proximate cause doctrine - answerUnbroken connection between a covered occurrence
and the damage from the occurrence
Direct Loss - answerPhysical harm to tangible property
Indirect Loss - answerIs when someone suffer an economical loss due to a direct loss
Consequential damage - answerIs damage to other property as a result of a direct loss
Loss Payee - answera lender, named on an insurance policy, who has loaned money
on personal property, such as a car
Actual Cash Value (ACV) - answerCost to replace property with new property of like
kind and quality less depreciation.
imdemnity - answerOne should not profit from a loss
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