Complete; Florida 2-15 Insurance License Exams|
Florida 2-15 Health and Life License Exams All with
Correct Answers / Guarantee Guide 2023/2024
Absolute Liability - ANSWERLiability that arises from an extremely dangerous
situation. Absolute Liability is often found in cases involving explosives. Also known
as "strict"liability. For example, you are absolutely liable if you keep a wild animal as
a pet.
Accident - ANSWERA sudden and unexpected event, occurring at a specific time and
place.
Actual Cash Value (ACV) - ANSWERThe cost to replace an item of property at the
time of loss, less an allowance for depreciation. Often used to determine amount of
reimbursement for a loss (Replacement Cost minus Depreciation).
Additional Insured - ANSWERA person, firm, or corporation other than the Named
Insured on a policy, or a lender named in a mortgage clause, who is protected
against loss by the terms of the policy.
Additional Living Expenses - ANSWERA coverage designed to reimburse the insured
for an increase in living expenses necessitated by loss to the dwelling. This Indirect
Loss must be the result of Direct Loss by a covered Peril.
Adjuster - ANSWERRepresents the insurance company and acts for the company in
working on agreements as to the amount of a loss and the liability of the company.
Admitted Company - ANSWERA company that meets the state insurance
department's standards and is authorized by the Director to do business in the state.
Agent/Producer - ANSWERAn individual appointed by an insurance company to
solicit, negotiate, effect, or countersign insurance contracts on its behalf.
Aggregate Limit - ANSWERA type of policy limit found in Liability policies that limits
coverage to a specified total amount for all losses occurring within the policy period.
Alien Company - ANSWERAn insurance company incorporated in a country other
than the United States.
Allied Lines - ANSWERProperty coverages that are closely associated with and
frequently sold with fire insurance: Dwelling Building and Contents form, Earthquake
insurance, Sprinkler Leakage, etc.
All-Risk Insurance - ANSWERInsurance protecting the insured from loss arising from
any peril other than those specifically excluded by name. This contrasts with named
peril insurance, which names the peril or perils insured against.
,Application - ANSWERA questionnaire that is filled out by an agent and the prospect
seeking insurance. The form contains rating and underwriting information. The
applicant is expected to make representations by answering questions to the best of
his or her knowledge (truthfully).
Appraisal - ANSWERIf the insured and insurer cannot agree on the amount of loss,
either may demand an appraisal. Each party will pay its own appraiser and share
equally the expenses of the appraisal, as well as an umpire selected by the
appraisers, if needed. Agreement by any two of the three will be binding.
Appurtenant Structure - ANSWERA structure belonging to the insured structure, such
as a tool shed. Appurtenant structures are provided for in the Homeowners policy
and other Dwelling policies. This coverage is often called Other Structures or Out
Buildings
Assigned Risk - ANSWERThere are some applicants that underwriters do not care to
insure, but because of state law or otherwise, must be provided protection. To
become authorized, a Casualty company must agree to participate in the Assigned
Risk Pool and take its turn providing Auto insurance to high-risk drivers. Also known
as the auto insurance "plan."
Audit - ANSWERA survey of the financial records of the insured conducted to
determine exposures, limits, etc., which are needed to calculate the premium. The
initial premiums only a deposit.
Bailee - ANSWERA person who has temporary custody of property belonging to
another person. An example of a bailee: the dry cleaners.
Bailee's Customers Policy - ANSWERInsurance obtained by a bailee, to cover loss or
damage to customers' property in the bailee's custody, without regard to liability.
Binders - ANSWERBinders and other temporary insurance contracts may be made
orally or in writing. Each binder is deemed to include all usual terms of the policy for
which it was given,plus endorsements. Life or Disability insurance utilizes conditional
receipts instead of binders.
Blanket Position Bond - ANSWERFidelity bond that specifies a single limit of Liability
applicable to each employee involved in a loss.
Bodily Injury - ANSWERUsually defined to include bodily harm, sickness, disease,
including required care, loss of services and resulting death.
Boiler and Machinery Policy - ANSWERInsurance that covers the insured against loss
(Liability and Physical Damage) arising out of the use of steam boilers or other
machinery. May be written as a separate policy or as part of a Commercial Package
Policy.
, Bond - ANSWERAn obligation of the insurance company to protect one against
financial loss caused by the acts of others.
Broker - ANSWEROne who represents an insured in the solicitation, negotiation, or
procurement of contracts of insurance, and who may render services incidental to
those functions. Brokers may also be licensed as agents.
Burglary - ANSWERAs it is defined in Crime insurance policies, it is the unlawful
taking of property by forced entry into the premises, or exit from the premises, while
the premises are closed for business. There must be visible evidence of forced entry
or exit.
Businessowners Policy (BOP) - ANSWERA commercial package policy designed for
certain types of small businesses, combining Property and Liability coverages. Very
similar to a Commercial Package Policy (CPP).
Cancellation - ANSWERTermination of contract of insurance in force mid-term
(rather than at the renewal date)by voluntary act of the insurance company or
insured, effected in accordance with provisions in the contract or by mutual
agreement.
Casualty Insurance - ANSWERA type of insurance that is primarily concerned with
losses caused by injury to persons and legal liability imposed upon the insured for
such injury or damage to property of others.
Coinsurance - ANSWERIn Property insurance, a clause under which the insured is
required to carry a certain percentage of the replacement cost of the property in
order to have replacement cost coverage and partial losses paid in full.Coinsurance
on personal lines policies is 80%.The coinsurance clause is also called the 80% clause.
Coinsurance Penalty - ANSWERIn Property insurance, a clause under which the
insured shares in losses to the extent that she is underinsured at the time of the loss.
Commercial Package Policy (CPP) - ANSWERA multi-peril, multiline policy that
provides a broad spectrum of Property and Casualty coverages for businesses. In
addition to required basic Property and Liability insurance, the insured may add
additional Marine, Boiler and Machinery, Glass, Crime, Business Auto or Farm
coverages.
Comparative Negligence - ANSWERDoctrine that a defendant is liable only for the
amount of damages allocated to that defendant in direct proportion to the
defendant's percentage of fault (if not 51% or more at fault, defendant is not held
liable).
Competitive State Fund - ANSWERA state fund writing Workers Compensation
insurance in competition with private insurers.
Florida 2-15 Health and Life License Exams All with
Correct Answers / Guarantee Guide 2023/2024
Absolute Liability - ANSWERLiability that arises from an extremely dangerous
situation. Absolute Liability is often found in cases involving explosives. Also known
as "strict"liability. For example, you are absolutely liable if you keep a wild animal as
a pet.
Accident - ANSWERA sudden and unexpected event, occurring at a specific time and
place.
Actual Cash Value (ACV) - ANSWERThe cost to replace an item of property at the
time of loss, less an allowance for depreciation. Often used to determine amount of
reimbursement for a loss (Replacement Cost minus Depreciation).
Additional Insured - ANSWERA person, firm, or corporation other than the Named
Insured on a policy, or a lender named in a mortgage clause, who is protected
against loss by the terms of the policy.
Additional Living Expenses - ANSWERA coverage designed to reimburse the insured
for an increase in living expenses necessitated by loss to the dwelling. This Indirect
Loss must be the result of Direct Loss by a covered Peril.
Adjuster - ANSWERRepresents the insurance company and acts for the company in
working on agreements as to the amount of a loss and the liability of the company.
Admitted Company - ANSWERA company that meets the state insurance
department's standards and is authorized by the Director to do business in the state.
Agent/Producer - ANSWERAn individual appointed by an insurance company to
solicit, negotiate, effect, or countersign insurance contracts on its behalf.
Aggregate Limit - ANSWERA type of policy limit found in Liability policies that limits
coverage to a specified total amount for all losses occurring within the policy period.
Alien Company - ANSWERAn insurance company incorporated in a country other
than the United States.
Allied Lines - ANSWERProperty coverages that are closely associated with and
frequently sold with fire insurance: Dwelling Building and Contents form, Earthquake
insurance, Sprinkler Leakage, etc.
All-Risk Insurance - ANSWERInsurance protecting the insured from loss arising from
any peril other than those specifically excluded by name. This contrasts with named
peril insurance, which names the peril or perils insured against.
,Application - ANSWERA questionnaire that is filled out by an agent and the prospect
seeking insurance. The form contains rating and underwriting information. The
applicant is expected to make representations by answering questions to the best of
his or her knowledge (truthfully).
Appraisal - ANSWERIf the insured and insurer cannot agree on the amount of loss,
either may demand an appraisal. Each party will pay its own appraiser and share
equally the expenses of the appraisal, as well as an umpire selected by the
appraisers, if needed. Agreement by any two of the three will be binding.
Appurtenant Structure - ANSWERA structure belonging to the insured structure, such
as a tool shed. Appurtenant structures are provided for in the Homeowners policy
and other Dwelling policies. This coverage is often called Other Structures or Out
Buildings
Assigned Risk - ANSWERThere are some applicants that underwriters do not care to
insure, but because of state law or otherwise, must be provided protection. To
become authorized, a Casualty company must agree to participate in the Assigned
Risk Pool and take its turn providing Auto insurance to high-risk drivers. Also known
as the auto insurance "plan."
Audit - ANSWERA survey of the financial records of the insured conducted to
determine exposures, limits, etc., which are needed to calculate the premium. The
initial premiums only a deposit.
Bailee - ANSWERA person who has temporary custody of property belonging to
another person. An example of a bailee: the dry cleaners.
Bailee's Customers Policy - ANSWERInsurance obtained by a bailee, to cover loss or
damage to customers' property in the bailee's custody, without regard to liability.
Binders - ANSWERBinders and other temporary insurance contracts may be made
orally or in writing. Each binder is deemed to include all usual terms of the policy for
which it was given,plus endorsements. Life or Disability insurance utilizes conditional
receipts instead of binders.
Blanket Position Bond - ANSWERFidelity bond that specifies a single limit of Liability
applicable to each employee involved in a loss.
Bodily Injury - ANSWERUsually defined to include bodily harm, sickness, disease,
including required care, loss of services and resulting death.
Boiler and Machinery Policy - ANSWERInsurance that covers the insured against loss
(Liability and Physical Damage) arising out of the use of steam boilers or other
machinery. May be written as a separate policy or as part of a Commercial Package
Policy.
, Bond - ANSWERAn obligation of the insurance company to protect one against
financial loss caused by the acts of others.
Broker - ANSWEROne who represents an insured in the solicitation, negotiation, or
procurement of contracts of insurance, and who may render services incidental to
those functions. Brokers may also be licensed as agents.
Burglary - ANSWERAs it is defined in Crime insurance policies, it is the unlawful
taking of property by forced entry into the premises, or exit from the premises, while
the premises are closed for business. There must be visible evidence of forced entry
or exit.
Businessowners Policy (BOP) - ANSWERA commercial package policy designed for
certain types of small businesses, combining Property and Liability coverages. Very
similar to a Commercial Package Policy (CPP).
Cancellation - ANSWERTermination of contract of insurance in force mid-term
(rather than at the renewal date)by voluntary act of the insurance company or
insured, effected in accordance with provisions in the contract or by mutual
agreement.
Casualty Insurance - ANSWERA type of insurance that is primarily concerned with
losses caused by injury to persons and legal liability imposed upon the insured for
such injury or damage to property of others.
Coinsurance - ANSWERIn Property insurance, a clause under which the insured is
required to carry a certain percentage of the replacement cost of the property in
order to have replacement cost coverage and partial losses paid in full.Coinsurance
on personal lines policies is 80%.The coinsurance clause is also called the 80% clause.
Coinsurance Penalty - ANSWERIn Property insurance, a clause under which the
insured shares in losses to the extent that she is underinsured at the time of the loss.
Commercial Package Policy (CPP) - ANSWERA multi-peril, multiline policy that
provides a broad spectrum of Property and Casualty coverages for businesses. In
addition to required basic Property and Liability insurance, the insured may add
additional Marine, Boiler and Machinery, Glass, Crime, Business Auto or Farm
coverages.
Comparative Negligence - ANSWERDoctrine that a defendant is liable only for the
amount of damages allocated to that defendant in direct proportion to the
defendant's percentage of fault (if not 51% or more at fault, defendant is not held
liable).
Competitive State Fund - ANSWERA state fund writing Workers Compensation
insurance in competition with private insurers.
