FLorida General Lines Agent & Customer Rep Study Manual Glossary - Randomly Shuffled questions and answers

FLorida General Lines Agent &
Customer Rep Study Manual Glossary -
Randomly Shuffled questions and
answers
sA sudden fortuitous event. - ANSWER>>Accident:

This form belongs to the Commercial Property Coverage part of the Commercial
Package Policy. It covers the insured for negligently damaging property owned by
others, but in the insured's care, custody or control. - ANSWER>>Legal Liability
Coverage Form:

Section of the insurance policy, which lists property, perils, persons, or situations,
which are not covered under the policy. - ANSWER>>Exclusions:

An endorsement that can be added to an HO-3 form to provide replacement cost
coverage on personal property (with limitations). - ANSWER>>Replacement Cost
Endorsement:

A type of Health insurance that covers fees of physicians for performing surgery,
with a maximum amount payable for each procedure. - ANSWER>>Surgical
Expense Insurance:

A 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. -
ANSWER>>Proximate Cause:

A type of Contract bond, which guarantees that the contractor upon completion
of the work will pay bills for labor and materials. Also called Labor and Materials
bond. See Contract bonds. - ANSWER>>Payment Bond:

,A legal liability coverage provided under the Trucker's Policy. Provides coverage
for damage to a specific trailer under the policy of the trucker in whose
possession the trailer is at the time of loss, provided the trucker is liable for the
damage under a written interchange agreement and the damage is caused by a
covered peril. - ANSWER>>Trailer Interchange Insurance:

In Crime insurance, the taking or attempted taking of property by one who has
caused or threatened to cause bodily harm or committed and witnessed an
obviously unlawful act. - ANSWER>>Robbery:

Insurance where a single amount of insurance applies to two or more coverage
items. Contrast Specific insurance. Blanket insurance also refers to a type of
Employee Dishonesty coverage that covers loss caused by any employee. Contrast
Name Schedule coverage and Position Schedule coverage. - ANSWER>>Blanket
Insurance:

An Ocean Marine coverage that provides protection for the vessel owner in the
event that freight charges are not paid. - ANSWER>>Freight Coverage:

An Inland Marine form, which provides "all risk" coverage for mobile agricultural
and construction equipment owned by or in the care of an equipment dealer. -
ANSWER>>Equipment Dealers Coverage Form:

Rules of law dictate that a person must pay for damages done to another. -
ANSWER>>Legal Liability:

A form which belongs to the Commercial Property Coverage part of the
Commercial Package Policy; It covers a tenant for certain losses following damage
to the premises from a covered peril, such as tenants loss of a favorable lease or
loss of remaining value of improvements or betterments made by a tenant. -
ANSWER>>Leasehold Interest Coverage Form:

,Something that increases the chance of loss. For instance, faulty wiring is a hazard
because it increases the chance of a fire loss. - ANSWER>>Hazard:

The section of an insurance contract which shows, who is insured, what property
or risk is covered, when and where coverage is effective and how much coverage
applies. - ANSWER>>Declarations:

The transfer to the insurance company of the insured's right to collect for
damages. - ANSWER>>Subrogation:

The maximum amount of insurance the insurance company will pay for a
particular loss, or for a loss during a period of time. - ANSWER>>Limits of Liability:

Marine insurance designed to provide broad coverage for cargo and ships in
transit over sea. Includes Cargo insurance, Hull insurance, Freight and Liability
coverage (Protection and Indemnity). - ANSWER>>Ocean Marine Insurance:

In Health insurance, a period during which the policy will remain in force, if
unpaid by the premium due date. Florida law specifies the required length of the
grace period. Guaranteed Renewable: A Health insurance policy provision that
states that the insurer must renew the policy to a certain age. While the company
cannot fail to renew the policy until the specified age, it can increase the
premium. - ANSWER>>Grace Period:

A legal agreement between two parties promising a certain performance in
exchange for a certain consideration. - ANSWER>>Contract:

Health insurance that pays a flat amount per day of hospitalization, regardless of
expenses or other insurance. Its primary purpose is to supplement other
coverage, which may be inadequate due to rising costs. - ANSWER>>Hospital
Indemnity Insurance:

, A part of the Commercial Inland Marine Coverage part of the Commercial Package
Policy. It provides "aII risks" coverage for valuable contents of mail. -
ANSWER>>Mail Coverage Form:

A deductible, which requires a deduction from the loss of a percentage of the
value of the property or a percentage of the policy, limits. - ANSWER>>Percentage
Deductible:

A Florida law describing certain practices that are prohibited, such as
misrepresentation, denying claims without reasonable investigation, etc. -
ANSWER>>Unfair Insurance Trade Practices Act:

This form belongs to the Commercial General Liability coverage part ofthe
Commercial Package Policy. It covers liquor liability, which is excluded from the
standard CGL forms for those who are in the business of manufacturing,
distributing, selling, sewing or furnishing alcoholic beverages. - ANSWER>>Liquor
Liability Coverage:

A Boiler and Machinery coverage that covers the cost of temporary repairs and
the costs of speeding up permanent repairs, i.e., overtime, or express
transportation charges. - ANSWER>>Expediting Expenses:

An endorsement to the Business Auto Policy, which covers named persons for
non—business use of autos, they do not own. Used when the named insured
furnishes an auto to another, such as an employee, who does not own his or her
own car. - ANSWER>>Drive Other Car Coverage:

A Commercial General Liability Coverage form with a coverage trigger that states
that coverage applies only to bodily injury or property damage which occur during
the policy period, regardless of when claim is made. - ANSWER>>Occurrence
Form: