Personal Lines - Florida
( questions with complete verified
solutions)
5 Qualifications for a General Lines License - answer 1. 18
years old
2. resident of FL or place of business in FL
3. 200-hour course or 1 yr experience in all lines
4. cannot be for writing controlled business
5. Exam waived for CPCU designation or college degree
with 15 hours in insurance
controlled business - answer more than 50% of income
from businesses applicant is involved in, such as family
business
Department of Financial Services - answer does not make
rating and underwriting rules
risk - answer chance of financial loss
insurance policy - answer written contract, including all
clauses, riders, endorsements, and papers
,insurance - answer a contract wherein one undertakes to
indemnify another or pay a specified sum upon the
happening of a determinable event
binder - answer temporary insurance - oral or written;
Auto 5 days for cancellation, all others 60 days
property insurance - answer payment by insurer
(company) is made to insured
liability insurance - answer payment by insurer
(company) is made to others on insured's behalf
personal contract - answer contracts cover persons - not
property or operations
conditional contract - answer obligations of insurer may
depend upon insured satisfying some conditions
contract of adhesion - answer insureds can not negotiate
the terms; one-sided contract
indemnity contract - answer one should not profit from
teh proceeds of the policy but should be made whole
, Exceptions to indemnity - answer 1. Valued policies
2. Florida Value Policy Law
3. Replacement cost
4. Liability insurance
Insurable interest - answer Must exist at the time of loss
peril - answer condition or occurrence that may cause a
loss (fire, wind, theft, collision)
hazard - answer increases the likelihood of a loss
physical hazard - answer physical characteristic increases
the likelihood of a loss - wet floor
moral hazard - answer intentional loss - taking drugs
morale hazard - answer carelessness - leaving cash
drawer open in a business
( questions with complete verified
solutions)
5 Qualifications for a General Lines License - answer 1. 18
years old
2. resident of FL or place of business in FL
3. 200-hour course or 1 yr experience in all lines
4. cannot be for writing controlled business
5. Exam waived for CPCU designation or college degree
with 15 hours in insurance
controlled business - answer more than 50% of income
from businesses applicant is involved in, such as family
business
Department of Financial Services - answer does not make
rating and underwriting rules
risk - answer chance of financial loss
insurance policy - answer written contract, including all
clauses, riders, endorsements, and papers
,insurance - answer a contract wherein one undertakes to
indemnify another or pay a specified sum upon the
happening of a determinable event
binder - answer temporary insurance - oral or written;
Auto 5 days for cancellation, all others 60 days
property insurance - answer payment by insurer
(company) is made to insured
liability insurance - answer payment by insurer
(company) is made to others on insured's behalf
personal contract - answer contracts cover persons - not
property or operations
conditional contract - answer obligations of insurer may
depend upon insured satisfying some conditions
contract of adhesion - answer insureds can not negotiate
the terms; one-sided contract
indemnity contract - answer one should not profit from
teh proceeds of the policy but should be made whole
, Exceptions to indemnity - answer 1. Valued policies
2. Florida Value Policy Law
3. Replacement cost
4. Liability insurance
Insurable interest - answer Must exist at the time of loss
peril - answer condition or occurrence that may cause a
loss (fire, wind, theft, collision)
hazard - answer increases the likelihood of a loss
physical hazard - answer physical characteristic increases
the likelihood of a loss - wet floor
moral hazard - answer intentional loss - taking drugs
morale hazard - answer carelessness - leaving cash
drawer open in a business
