FLORIDA 2-20 INSURANCE LICENSE EXAM 2025 |GUARANTEED ACCURATE ANSWERS
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Course
2-20 Insurance License
Institution
2-20 Insurance License
Actual authority - ACCURATE ANSWERS anything a principal authorizes the agent to do.
Aleatory contract - ACCURATE ANSWERS contract in which the amounts exchanged are not equal.
Conformity to statute - ACCURATE ANSWERS a policy provision that says the policy follows a state's law if the law an...
FLORIDA 2-20 INSURANCE
LICENSE EXAM 2025 |
GUARANTEED ACCURATE
ANSWERS
Actual authority - ACCURATE ANSWERS✔✔ anything a principal
authorizes the agent to do.
Aleatory contract - ACCURATE ANSWERS✔✔ contract in which the
amounts exchanged are not equal.
Conformity to statute - ACCURATE ANSWERS✔✔ a policy provision
that says the policy follows a state's law if the law and policy language
are in conflict
Contract of adhesion - ACCURATE ANSWERS✔✔ contract drawn by
one party and offered to another on a "take it or leave it" basis
Direct writer agent - ACCURATE ANSWERS✔✔ an agent that is an
employee of an insurer, rather than as an independent holding contracts
with an insurer
Duty of accounting - ACCURATE ANSWERS✔✔ the agent must
account for any money entrusted to him by the principal
,Duty of loyalty - ACCURATE ANSWERS✔✔ owed by an agent to the
principal- the agent must not do anything to harm the principal
Duty of obedience - ACCURATE ANSWERS✔✔ the agent must obey
all lawful instructions from the principal
Duty of reasonable care - ACCURATE ANSWERS✔✔ the agent must
exercise the same degree of care as a reasonable and prudent person
Duty to give information - ACCURATE ANSWERS✔✔ the agent must
keep the principal informed about any factors that affect the principal-
agent relationship
Exclusive agent - ACCURATE ANSWERS✔✔ an agent that has a
contract with only one insurer. May or may not be an employee of the
insurance company he represents.
FAIR plan - ACCURATE ANSWERS✔✔ a government program that
offers property and crime insurance in the inner cities
Fraternal insurers - ACCURATE ANSWERS✔✔ offer coverage only to
members of a particular group
Hazard - ACCURATE ANSWERS✔✔ increases the chance of loss from
a peril
, Indemnify - ACCURATE ANSWERS✔✔ to make whole again
financially
Independent adjuster - ACCURATE ANSWERS✔✔ an adjuster who
works for several companies on a contract basis
Independent agent - ACCURATE ANSWERS✔✔ an agent that has
contracts with several insurers. "Owns the expirations"
Inland Marine - ACCURATE ANSWERS✔✔ traditionally provides
protection for property in transit over land, and today, to collections,
personal property, and other coverage for movable property
Insurable interest - ACCURATE ANSWERS✔✔ the potential for
financial loss associated with damage or destruction of property
Insurance policy - ACCURATE ANSWERS✔✔ the indemnity contract
between an insured and insurer
Marine insurance - ACCURATE ANSWERS✔✔ insurance that covers
property that is in some way related to transportation
Moral hazard - ACCURATE ANSWERS✔✔ arises out of the dishonesty
of an insured. Burning down your own house
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