Florida Insurance

Florida Insurance 2-15 Exam Terms Questions And Answers With Latest Set. Florida Insurance 2-15 Exam Terms Questions And Answers With Latest Set.

Errors and Omissions Insurance - Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? Waiver - Which of the following terms is known as the voluntary relinquishment of a given right or privilege? United States v. Southeastern Underwriters Association (1944) - This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance a...

Florida Residency Requirement - On the application to become a Personal Lines Agent the applicant must show they are a bona fide resident of Florida. Controlled Business - When more than 50% of an agent's income is anticipated to come from transactions for which the agent has a business, family, or pecuniary interest. Identifiable and Accessible Office - A Personal Lines Agent office exposure requirements. 18 years old - Age requirement to become Personal Lines Agent. 48 Months - The number...

401K Plan - A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollards Absolute Assigment vs. Collateral Asssigment - Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - Policy provision that allows full or partial payment of the policy's death benefit before the insured's death if he/she i...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Waiver This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - United States v. Southeastern...

Insurance - Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Health Insurance - Evolved from scientific principles to provide funds for medical expensed due to sickness or injury and to cover loss of incom...

2-20 Florida Insurance Exam Questions and Answers 100% Pass Pure Risk - Correct Answer ️️ -a situation that presents the opportunity for loss, but no opportunity for gain. due to physical damage or bodily injury. Ex. Fire Loss- not anticipated but poss. Speculative Risk - Correct Answer ️️ -We speculate or have uncertainty about an event under consideration that could produce either profit or loss. Ex. Lottery or Betting Policy - Correct Answer ️️ -Written contract or agreem...

Life Insurance - This type of insurance pays when an insured has died to offset the economic loss to dependents. A) life B) health C) annuity D) property and casualty Policy - An insurance _________ is the device used by insurance companies to accumulate funds to meet uncertain losses. Risk Pooling - Insurance companies aggregate (collect) premiums to make claims payments - the aggregating of premiums to pay claims is called _____ ___________. Exposure Units - The more _______ units an in...

This type of insurance pays when an insured has died to offset the economic loss to dependents. A) life B) health C) annuity D) property and casualty - Life Insurance An insurance _________ is the device used by insurance companies to accumulate funds to meet uncertain losses. - Policy Insurance companies aggregate (collect) premiums to make claims payments - the aggregating of premiums to pay claims is called _____ ___________. - Risk Pooling The more _______ units an insurance company h...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Waiver This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - United States v. Southeastern...