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FLORIDA 4-40 RCSRD QUESTIONS AND ANSWERS
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FLORIDA 4-40 RCSRD QUESTIONS AND ANSWERS
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FLORIDA 4-40RCSRD QUESTIONS
AND ANSWERS
In Florida, a minor ___ years or older may enter into a contract of insurance. - Answers
-15 years old
Cancellation of auto insurance coverage requires ____ days notice - Answers -30 days
notice
All of the following are contained in the Policy Declarations, EXCEPT:
- Subjects covered
- Policy limits
- Exclusions
- Nature of risk - Answers -- Exclusions
A civil wrong not arising from contract - Answers -Tort
An insured has a $200 straight deductible and a $500 loss. How much will the insurer
pay? - Answers -$300
An insured has a $300 franchise deductible and a $850 loss. How much will the insurer
pay? - Answers -$850
What are the main responsibilities of the insured following a loss? - Answers --Giving
prompt notice
-Cooperating with the insurer
-Insured must act in a way to preserve the insurer's rights
All changes to an insurance policy must be made by _____? - Answers -The insurer
, The appraisal condition resolves differences between the insured and insurer about
_______? - Answers -The amount of the loss
A broken smoke alarm is an example of what type of hazard? - Answers -Physical
Setting your own house on fire is an example of what type of hazard? - Answers -Moral
Insurance that will not pay damages until all other applicable policies are exhausted is
known as? - Answers -Excess Insurance
The current cost to replace an item less depreciation is the definition of? - Answers -
Actual Cash Value (ACV)
"One should not profit from the response provided by the policy" is a statement of? -
Answers -Principle of Indemnity
These contracts are subject to having any ambiguities resolved in the favor of the
insured - Answers -Contracts of Adhesion
An example of this contract is the responsibility of the insurer to pay for a property loss
is reliant on the insured having used reasonable means to avoid the loss. - Answers -
Conditional Contract
In Florida, at tort action must be brought within ___years of the date of injury - Answers
-4
Liability that does not require providing negligence - Answers -Absolute Liability
Liability assigned by law without regard to negligence or fault. - Answers -Strict Liability
Liability resulting from negligence that is not directly attributable to the person claimed
against, but which is the negligence of another for whom there person claimed against
is in some way responsible. - Answers -Vicarious Liability
What do the 3 limits represent in a split liability auto policy? - Answers -Bodily injury per
person/ bodily injury per accident/ damages
Payment of damages by the insurance company directly to those injured by the insured
- Answers -Liability Insurance
The portion of an insurance contract that sets forth the rights and duties of the insured
and the insurance company - Answers -Conditions
Any actual, lawful and substantial economic interest in the safety or preservation of the
subject of the insurance free from loss, destruction or pecuniary damage or impairment.
A claim ay be paid only when this exists. - Answers -Insurable Intrest
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