1/24/25, 1:23 AM FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWER…
FLORIDA 240 LICENSE EXAM NEWEST EXAM |
QUESTIONS AND CORRECT ANSWERS | GRADED
A+ | VERIFIED ANSWERS | LATEST VERSION
Save
Terms in this set (137)
All of the following • Shows a similarity between insurance and wagering
describe insurable interest
EXCEPT:
• It must exist at the time
of the loss
• It must exist for insurance
to respond
• Shows a similarity
between insurance and
wagering
• The insured would suffer
an economic loss
https://quizlet.com/996674593/florida-240-license-exam-newest-exam-questions-and-correct-answers-graded-a-verified-answers-latest-version-flash-… 1/44
,1/24/25, 1:23 AM FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWER…
An Insurance Policy is a • Indemnity is not part of an insurance contract
contract with all the
following characteristics,
EXCEPT:
• It is a personal contract
• parties are of unequal
power with ambiguities or
unclear working resolved
in favor of the insured
because it is a contract of
adhesion
• Indemnity is not part of
an insurance contract
• There are conditions
imposed on both the
insurer and insured
An insurance contract Adhesion
which may contain a "gray
area" or an ambiguity that
is generally resolved in
favor of the insured
because insurance is a
contract of:
If an insured sells his car Personal nature
to another person, the
buyer may be prohibited
from also receiving the
insured's policy. This is
because the insurance
contract is a contract of:
Strict or absolute liability Is assigned by law or statute
https://quizlet.com/996674593/florida-240-license-exam-newest-exam-questions-and-correct-answers-graded-a-verified-answers-latest-version-flash-… 2/44
,1/24/25, 1:23 AM FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWER…
Jack and Connie agree to Legal Purpose
have Jack burn down
Connie's house for
$10,000. What element of
a valid contract is missing?
Risks that are insurable are Pure risks
Insurance that covers the Liability Insurance
responsibility for loss
arising out of negligence
that results in payment to
a party other than the
insured is:
The goal of insurance is to Indemnity
restore the insured to the
same economic position
as before the covered
loss, this is the principle of
All of the following are PIP Limit
ways that liability limits can
be expressed except:
• PIP Limit
• Aggregate Limit
• Split Limit
• Single Limit
https://quizlet.com/996674593/florida-240-license-exam-newest-exam-questions-and-correct-answers-graded-a-verified-answers-latest-version-flash-… 3/44
, 1/24/25, 1:23 AM FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWER…
An insured has A SPLIT $20,000
limit liability policy with
10/20/10 limits. He owes
the following people
liability bodily injuries
claims of: Passenger 1 =
$12,000, Passenger 2 =
$10,000, Passenger 3 =
$18,000. How much
liability insurance will his
policy pay for these
claims?
If a lender has an insurable Loss Payee
interest in an auto,
because of the money
loaned to finance the
purchase, the lender
would appear on the
policy as the:
• Lessee
• Loss Payee
• Mortgagor
• Mortgagee
To turn partially damaged Abandonment
property over to the
insurance company and
ask them to pay for a total
loss is called
Firemen caused water The water damage is covered due to the concept of
damage to a property by proximate cause
spraying water to put out
a fire. If the property
insurance policy listed fire
as the only named peril:
https://quizlet.com/996674593/florida-240-license-exam-newest-exam-questions-and-correct-answers-graded-a-verified-answers-latest-version-flash-… 4/44
FLORIDA 240 LICENSE EXAM NEWEST EXAM |
QUESTIONS AND CORRECT ANSWERS | GRADED
A+ | VERIFIED ANSWERS | LATEST VERSION
Save
Terms in this set (137)
All of the following • Shows a similarity between insurance and wagering
describe insurable interest
EXCEPT:
• It must exist at the time
of the loss
• It must exist for insurance
to respond
• Shows a similarity
between insurance and
wagering
• The insured would suffer
an economic loss
https://quizlet.com/996674593/florida-240-license-exam-newest-exam-questions-and-correct-answers-graded-a-verified-answers-latest-version-flash-… 1/44
,1/24/25, 1:23 AM FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWER…
An Insurance Policy is a • Indemnity is not part of an insurance contract
contract with all the
following characteristics,
EXCEPT:
• It is a personal contract
• parties are of unequal
power with ambiguities or
unclear working resolved
in favor of the insured
because it is a contract of
adhesion
• Indemnity is not part of
an insurance contract
• There are conditions
imposed on both the
insurer and insured
An insurance contract Adhesion
which may contain a "gray
area" or an ambiguity that
is generally resolved in
favor of the insured
because insurance is a
contract of:
If an insured sells his car Personal nature
to another person, the
buyer may be prohibited
from also receiving the
insured's policy. This is
because the insurance
contract is a contract of:
Strict or absolute liability Is assigned by law or statute
https://quizlet.com/996674593/florida-240-license-exam-newest-exam-questions-and-correct-answers-graded-a-verified-answers-latest-version-flash-… 2/44
,1/24/25, 1:23 AM FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWER…
Jack and Connie agree to Legal Purpose
have Jack burn down
Connie's house for
$10,000. What element of
a valid contract is missing?
Risks that are insurable are Pure risks
Insurance that covers the Liability Insurance
responsibility for loss
arising out of negligence
that results in payment to
a party other than the
insured is:
The goal of insurance is to Indemnity
restore the insured to the
same economic position
as before the covered
loss, this is the principle of
All of the following are PIP Limit
ways that liability limits can
be expressed except:
• PIP Limit
• Aggregate Limit
• Split Limit
• Single Limit
https://quizlet.com/996674593/florida-240-license-exam-newest-exam-questions-and-correct-answers-graded-a-verified-answers-latest-version-flash-… 3/44
, 1/24/25, 1:23 AM FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWER…
An insured has A SPLIT $20,000
limit liability policy with
10/20/10 limits. He owes
the following people
liability bodily injuries
claims of: Passenger 1 =
$12,000, Passenger 2 =
$10,000, Passenger 3 =
$18,000. How much
liability insurance will his
policy pay for these
claims?
If a lender has an insurable Loss Payee
interest in an auto,
because of the money
loaned to finance the
purchase, the lender
would appear on the
policy as the:
• Lessee
• Loss Payee
• Mortgagor
• Mortgagee
To turn partially damaged Abandonment
property over to the
insurance company and
ask them to pay for a total
loss is called
Firemen caused water The water damage is covered due to the concept of
damage to a property by proximate cause
spraying water to put out
a fire. If the property
insurance policy listed fire
as the only named peril:
https://quizlet.com/996674593/florida-240-license-exam-newest-exam-questions-and-correct-answers-graded-a-verified-answers-latest-version-flash-… 4/44
