Florida 2-20 General Lines Insurance questions and answers graded A+.

Florida 2-20 General Lines Insurance questions and answers graded A+. 5 rqualifications rto rbecome ra rGeneral rLines ragent r- r r r rcorrect ranswer.1. rAt rleast r18 ryears rof rage 2. rUnited rStates rcitizen ror rlegal ralien 3. rBona rfide rresident rof rFlorida 4. rPlace rof rbusiness rlocated rin rFlorida 5. rNot rlicensed rfor rpurpose rof rwriting rcontrolled rbusiness Department rof rFinancial rServices r(DFS) r- r r r rcorrect ranswer.1. rApproves rissuance rof rlicenses rto ragents, rCR, rand radjusters 2. rSupervisions rof rclaims 3. rInvestigate rcharges rof runethical rconduct rand rtake rjudicial ractions Office rof rInsurance rRegulation r(OIR) r- r r r rcorrect ranswer.1. rExamines rthe rqualifications rof rthe rinsurance rcompanies rdoing rbusiness rin rFL 2. rExamines rthe rfinancial rconditions rof rcompanies 3. rApproves rforms, rrules, rand rrates Office rof rFinancial rRegulation r(OFR) r- r r r rcorrect ranswer.1. rProvides rregulatory roversight rto rFL's rfinancial rproviders 2. rReports rto rthe rFL rService rCommission FL rSurplus rLines rService rOffice r- r r r rcorrect ranswer.1. rOversees rthe rsurplus rlines rindustry 2. rReviews rall rsurplus rlines rpolicies rand rdocuments 3. rCollects rsurplus rlines rand rtaxes rand rfees Risk r- r r r rcorrect ranswer.Chance rof rfinancial rloss Policy r- r r r rcorrect ranswer.Is ra rwritten rcontract rfor reffecting rinsurance rand rincludes rclauses, rriders, rendorsements, rand rpapers rwhich rare rapart rof rthe rcontract Insurance r- r r r rcorrect ranswer.Is ra rcontract rwhere rone rundertakes rto rindemnify ranother ror rpay ra rspecified ramount rdetermined ron rcontingencies Binders r- r r r rcorrect ranswer.Temporary rinsurance rwhich rcan rbe rmade rorally ror rwritten. rThe rinsurer rshall rgive r5 rdays' rprior rnotice rof rcancelling ra rbinder runless rthe rbinder ris rreplace rby ra rpolicy. rNo rnotice ris rrequired runless rthe rbinder rexceeds r60 rdays. Property rInsurance r- r r r rcorrect ranswer.Where rpayment ris rmade rdirectly rto rthe rinsured ror rother rnamed rinterest Liability rInsurance r- r r r rcorrect ranswer.Where rpayment ris rmade ron rbehalf rof rthe rinsured rto ranother Contract rof rAdhesion r- r r r rcorrect ranswer.Parties rhave runequal rbargaining rpower rsuch ras rthe rinsured rcannot rnegotiate rthe rterms rof rthe rinsurer. rAmbiguities rfound rin rthe rpolicy rare rusually rfound rin rfavor rof rthe rinsured. Indemnity rContract r- r r r rcorrect ranswer.One rparty rshould rbe rput rback rin rthe rsame rfinancial rcondition rthey rwere rbefore rthe rloss. rNever rprofit rfrom ra rloss. Peril r- r r r rcorrect ranswer.Contingency rthat rmay rcause ra rloss Hazard r- r r r rcorrect ranswer.Condition rthat rincreases rthe rlikelihood rof ra rloss rfrom ra rcovered rperil. Physical rHazard r- r r r rcorrect ranswer.Physical rCharacteristics rthat rincreases rthe rprobability rand rseverity rof rloss r(i.e. rIce-covered rsteps) Moral rHazard r- r r r rcorrect ranswer.Intentional rLoss r(i.e. rIntentionally rburning rdown ryour rhouse rto rcollect rinsurance rpayout) Morale rHazard r- r r r rcorrect ranswer.Accident-prone ror rcarelessness r(i.e. rInsured rdrives rrecklessly rbecause rthat's rwhat rinsurance ris rfor) Proximate rCause r- r r r rcorrect ranswer.A rdoctrine rthat rstates rwhen rthere ris ran runbroken rconnection rbetween ran roccurrence rand rdamage rthat rgrows rout rof rthe roccurrence, rthen rthe rresultant rdamage ris rall rpart rof rthe roccurrence. Direct rLoss r- r r r rcorrect ranswer.Physical rharm rto rtangible rproperty Indirect rLoss r- r r r rcorrect ranswer.Economic rloss rwhich rflows ras ra rconsequence rof rthe rdirect rloss. Actual rCash rValue r- r r r rcorrect ranswer.The rcurrent rcost rthat rlosses rwill rbe rsettled rbased ron rActual rCash rValue Replacement rCost r- r r r rcorrect ractual rcost rto rrepair ror rreplace rproperty. Valued rPolicy r- r r r rcorrect ranswer.Where rthe rinsurer ragrees, rin radvance rthat rthe rcoverage rlimit rapplicable rto rthe ritem rwill rbe rconsidered rits rvalue. rThis rapplies rto rthe ritem rwhere rthe rACV ror rreplacement rcost ris rdifficult rto restablish, rsuch ras rwith rantiques ror rfine rarts. Values rPolicy rlaw r- r r r rcorrect ranswer.States rthat rfor ra rtotal rloss rby ra rcovered rperil rto ra rbuilding, rthe rinsurer rmust rpay rthe ramount rprovided rin rthe rpolicy rfor rwhich rthe rpremium rhas rbeen rpaid.