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Florida Insurance 20-44 Exam Study Questions and Answers 100% Correct

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Florida Insurance 20-44 Exam Study Questions and Answers 100% CorrectFlorida Insurance 20-44 Exam Study Questions and Answers 100% CorrectFlorida Insurance 20-44 Exam Study Questions and Answers 100% CorrectFlorida Insurance 20-44 Exam Study Questions and Answers 100% Correct insurance - ANSWER-__...

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  • 22 september 2023
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  • 2023/2024
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  • insurance answer is a contract
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Florida Insurance 20-44 Exam Study Questions and Answers 100% Correct
insurance - ANSWER-________________ is a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies.
casualty - ANSWER-______________ insurance is insurance which pays on behalf of the insured's legal liability.
liberalization - ANSWER-The ______________ provision broadens an insured's coverage without an increase in premium when the insurer has adopted a generic global policy revision.
severability - ANSWER-"________________ of Interest" means insurance applies separately to each insured.
policy - ANSWER-A _________ is a written contract of or a written agreement for or affecting insurance.
$40,000 - ANSWER-A homeowner with a Homeowners policy with $500,000 of coverage and a 2% windstorm deductible suffers a windstorm loss of $50,000 - how much will the insured collect on their claim?
pro-rata - ANSWER-The "Other Policy" provision which apportions responsibility with each company paying in proportion to the limit it bears in relation to all limits.
physical hazard - ANSWER-A physical characteristic which increase the probability and severity of loss is a....
$200,000 - ANSWER-A private passenger automobile policy has a single bodily injury liability limit of $500,000 - the insured is involved in an at-fault accident and four individuals in the other car have injuries of $50,000 each - how much will the policy pay in total?
indirect - ANSWER-An example of an ______________ loss is the loss of use of tangible property. $1,550 - ANSWER-An insured has a $250 Collision deductible on her auto policy - the insured hit a large oak tree in a single vehicle accident resulting in $1,800 in damages - how much will the insurance company pay the insured?
franchise - ANSWER-Which type of deductible specifies that no payment will be made until loss equals or exceeds a prescribed amount; then the loss is paid in full.
concealment - ANSWER-Bill Williams, your insured, has failed to reveal some relevant facts when he is applying for insurance. What is this is considered?
60 - ANSWER-No notice of cancellation or non-renewal of a binder is required unless a binder exceeds how many days?
insured - ANSWER-Insurance contracts are considered Contracts of Adhesion. Ambiguities in the contract are resolved in favor of the ___________________________.
proximate cause - ANSWER-What is the fundamental doctrine in property insurance that holds that when there is an unbroken connection between an occurrence and damage that grows out of the occurrence, then the resulting damage is a part of the occurrence.
conditional - ANSWER-Property and liability insurance policies are said to be ___________ contracts because the obligation of the insurer to perform may be conditioned upon the insured satisfying certain conditions.
negligence - ANSWER-Ready Ralph Reiger, your insured, has not exercised the degree
of care to protect his neighbor from injury on his property; this is commonly referred to as _______________.
loss - ANSWER-Risk means the chance of financial _____________.
amount of loss - ANSWER-The appraisal condition is only used to resolve issues of?
depreciation - ANSWER-The basic definition of Actual Cash Value is "current cost to replace" less an allowance for _____________________.
$250,000 - ANSWER-What amount will be paid to an insured who has an insurance policy with separate limits of $250,000 per building on two buildings and a $275,000 loss occurs to one of the buildings?
probability - ANSWER-Physical, Moral, and Morale Hazards increase the ________________and/or severity of loss?
Pure Risk - ANSWER-only a chance of loss Speculative Risk - ANSWER-Chance of loss or gain
Law of Large Numbers - ANSWER-A principle stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the underlying probability of loss.
endorsement - ANSWER-_______________ is the modification of original policy, usually adds coverage or conforms to State requirement.
Binders - ANSWER-_________ Precede Policy Issuance; coverage is "put into effect" PRIOR to issuance of policy.
oral or written - ANSWER-Binders enable immediate change and can be ___________ __ ___________
60 days - ANSWER-Company does not have to give notice of cancellation or non-
renewal unless Binder exceeds __________
Personal contracts - ANSWER-Insurance contracts are ________ _________ that cover losses sustained by the person(s), focus is on the person(s).
Conditional Contracts - ANSWER-Insured has to satisfy certain conditions in order for the Insurer to preform duties
Contract of Adhesion - ANSWER-Insured cannot negotiate the terms or language of the
contract in a _______ __ ________.
economic interest - ANSWER-Insurable Interest must exist before a policy will pay for a loss and is the __________________ in the preservation of the subject.
Subrogation - ANSWER-Sally's car has been damaged by fault of Paul, her damages total 250,000. Sally files a claim with her own insurance with a split limit of 200/300, while Paul has a single limit of $100,000. Sally gains $200,000 and nothing from Paul, this is called _____________.
Direct Loss - ANSWER-Physical harm to tangible property is _________ _____.
Indirect - ANSWER-________ Loss is the economic loss which flows as a consequence
of Direct loss.
Loans and Leases - ANSWER-Lender Interest Insurance also protects the collateral of creditors who have provided ________ ___ ________ to an insured such as car loans, mortgages, etc.
Coininsurance - ANSWER-In Florida, insured must insure property to 80% of total value
or higher or suffer a penalty of loss. 5 years - ANSWER-Statute of limitation is ___________ for a breach of contract
4 years - ANSWER-Statute of limitation is ___________ for Tort
3 years - ANSWER-Statute of limitation is ___________ for an Insurance claim against Insurance company
2 years - ANSWER-Statute of limitation is ___________ for a wrongful death claim
Pro-Rata - ANSWER-A ____-________ are when two insurances happen to cover the same occurrence and ,must split the coverage for the shared Insured.
Moral - ANSWER-A ____________ Hazard is a conscious mental attitude which increase the probability or severity of loss.
unconscious - ANSWER-Morale Hazard is the ________________ mental attitude which increase the probability or severity of loss
abrupt - ANSWER-Catastrophic ground cover collapse is the geological activity resulting
in an __________________ collapse of the ground.
72 - ANSWER-The National Weather Service (NWS) categorizes storms through its National Hurricane Center as a hurricane which includes the time of a warning/watch all the way through to ____ hours after the NWS terminates the warning.
dollar - ANSWER-Any insurance policy with a percentage hurricane deductible must compute and display on the Declarations Page the hurricane deductible in _______________ terms.
mold - ANSWER-The "fungi" peril is most commonly referred to as _____________.
excess - ANSWER-The Loss Assessment coverage in the HO-6 policy is statutorily __________ over any other applicable/collectible insurance.
excludes - ANSWER-Liability coverage in the Homeowners policy specifically ______________ owned inboard or inboard-outboard watercraft.
renewal - ANSWER-When can a Hurricane Deductible be changed in an existing policy?
sales tax - ANSWER-If an insured is paid for a total loss on an insured vehicle the claims payment must be for the cost to replace the totaled vehicle plus the applicable ________ ________.

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