FLORIDA PERSONAL LINES LATEST UPDATED EXAMINATION
QUESTIONS WITH VERIFIED A+ ANSWERS
Minimum notice for cancelling a personal auto policy after 60 days
45 days (20 days for nonpayment)
Florida Valued Policy Law
If a total loss occurs from a covered peril, the insurer must pay the full face value.
Deductible rule for hurricane coverage in Florida
It's an annual deductible, typically 2%, 5%, or 10% of the dwelling limit.
Proof of loss submission timeline
Within 60 days unless otherwise stated in the policy.
Clause that helps settle disputes over loss amount
Appraisal Clause
Subrogation
The insurer's right to recover from a third party after paying a claim.
Valued Policy
A policy that pays the insured based on a fixed value regardless of actual loss.
Requirement for Citizens Property Insurance Corporation coverage
Applicant must be unable to get coverage from a private insurer.
Difference between replacement cost and actual cash value (ACV)
ACV = Replacement Cost - Depreciation.
Liberalization Clause
If the insurer broadens coverage at no additional premium, the insured automatically gets the benefit.
Essential elements of an insurance contract
B. Representation is NOT one of the four essential elements.
Clause requiring the insured to protect property from further damage after a loss
Duties After a Loss.
Notice period for cancelling a personal lines policy for nonpayment of premium
20 days.
Clause providing broader coverage if the insurer adopts a policy revision without charging more
, Liberalization Clause.
Florida law requiring insurers to pay the full policy amount in the event of a total loss by a covered
peril
Valued Policy Law.
Use of the Appraisal Clause
When the parties disagree on the value of the loss.
Requirement for a valid insurance contract under Florida law
Legal purpose.
Florida Catastrophic Ground Cover Collapse Law coverage
Structural damage rendering a home condemned.
Policy condition allowing the insurer to take over rights after paying a loss
Subrogation.
Non-renewal notice period for personal lines insurance in Florida
At least 30 days in advance.
Proof of loss filing requirement after insurer's request
Within 60 days.
Clause preventing the insured from collecting more than the actual amount of the loss from multiple
policies
Other Insurance.
Cancellation of a new policy in force less than 90 days
Allowed for any reason.
Replacement Cost endorsement
Pays full value only if repairs are completed.
Standard hurricane deductible
A percentage of Coverage A.
Provision defining coverage
Declarations.
Insurable interest
A financial interest in property at the time of loss.
QUESTIONS WITH VERIFIED A+ ANSWERS
Minimum notice for cancelling a personal auto policy after 60 days
45 days (20 days for nonpayment)
Florida Valued Policy Law
If a total loss occurs from a covered peril, the insurer must pay the full face value.
Deductible rule for hurricane coverage in Florida
It's an annual deductible, typically 2%, 5%, or 10% of the dwelling limit.
Proof of loss submission timeline
Within 60 days unless otherwise stated in the policy.
Clause that helps settle disputes over loss amount
Appraisal Clause
Subrogation
The insurer's right to recover from a third party after paying a claim.
Valued Policy
A policy that pays the insured based on a fixed value regardless of actual loss.
Requirement for Citizens Property Insurance Corporation coverage
Applicant must be unable to get coverage from a private insurer.
Difference between replacement cost and actual cash value (ACV)
ACV = Replacement Cost - Depreciation.
Liberalization Clause
If the insurer broadens coverage at no additional premium, the insured automatically gets the benefit.
Essential elements of an insurance contract
B. Representation is NOT one of the four essential elements.
Clause requiring the insured to protect property from further damage after a loss
Duties After a Loss.
Notice period for cancelling a personal lines policy for nonpayment of premium
20 days.
Clause providing broader coverage if the insurer adopts a policy revision without charging more
, Liberalization Clause.
Florida law requiring insurers to pay the full policy amount in the event of a total loss by a covered
peril
Valued Policy Law.
Use of the Appraisal Clause
When the parties disagree on the value of the loss.
Requirement for a valid insurance contract under Florida law
Legal purpose.
Florida Catastrophic Ground Cover Collapse Law coverage
Structural damage rendering a home condemned.
Policy condition allowing the insurer to take over rights after paying a loss
Subrogation.
Non-renewal notice period for personal lines insurance in Florida
At least 30 days in advance.
Proof of loss filing requirement after insurer's request
Within 60 days.
Clause preventing the insured from collecting more than the actual amount of the loss from multiple
policies
Other Insurance.
Cancellation of a new policy in force less than 90 days
Allowed for any reason.
Replacement Cost endorsement
Pays full value only if repairs are completed.
Standard hurricane deductible
A percentage of Coverage A.
Provision defining coverage
Declarations.
Insurable interest
A financial interest in property at the time of loss.
