Florida Insurance Verified Multiple Choice and Conceptual Actual Emended Exam
Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
is a contract where-
by one undertakes to indemnify another
or pay or allow a specified amount or a insurance
determinable benefit upon determinable
contingencies.
insurance is insur-
ance which pays on behalf of the in- casualty
sured's legal liability.
The provision broad-
ens an insured's coverage without an in-
liberalization
crease in premium when the insurer has
adopted a generic global policy revision.
" of Interest" means
insurance applies separately to each in- severability
sured.
A is a written contract of or a
written agreement for or affecting insur- policy
ance.
A homeowner with a Homeowners pol-
icy with $500,000 of coverage and a
2% windstorm deductible suffers a wind- $40,000
storm loss of $50,000 - how much will the
insured collect on their claim?
The "Other Policy" provision which ap-
portions responsibility with each com-
pro-rata
pany paying in proportion to the limit it
bears in relation to all limits.
A physical characteristic which increase
the probability and severity of loss is a.... physical hazard
A private passenger automobile policy
has a single bodily injury liability limit of
$500,000 - the insured is involved in an
at-fault accident and four individuals in $200,000
the other car have injuries of $50,000
each - how much will the policy pay in
total?
, Florida Insurance Verified Multiple Choice and Conceptual Actual Emended Exam
Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
An example of an loss
indirect
is the loss of use of tangible property.
An insured has a $250 Collision de-
ductible on her auto policy - the insured
hit a large oak tree in a single vehicle
$1,550
accident resulting in $1,800 in damages
- how much will the insurance company
pay the insured?
Which type of deductible specifies that
no payment will be made until loss
franchise
equals or exceeds a prescribed amount;
then the loss is paid in full.
Bill Williams, your insured, has failed to
reveal some relevant facts when he is
concealment
applying for insurance. What is this is
considered?
No notice of cancellation or non-renewal
of a binder is required unless a binder 60
exceeds how many days?
Insurance contracts are considered Con-
tracts of Adhesion. Ambiguities in the
insured
contract are resolved in favor of the
.
What is the fundamental doctrine in
property insurance that holds that when
there is an unbroken connection be-
tween an occurrence and damage that proximate cause
grows out of the occurrence, then the
resulting damage is a part of the occur-
rence.
Property and liability insurance policies
are said to be contracts
because the obligation of the insurer to conditional
perform may be conditioned upon the
insured satisfying certain conditions.
, Florida Insurance Verified Multiple Choice and Conceptual Actual Emended Exam
Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
Ready Ralph Reiger, your insured, has
not exercised the degree of care to pro-
tect his neighbor from injury on his prop- negligence
erty; this is commonly referred to as
.
Risk means the chance of financial
loss
.
The appraisal condition is only used to
amount of loss
resolve issues of?
The basic definition of Actual Cash Value
is "current cost to replace" less an al- depreciation
lowance for .
What amount will be paid to an insured
who has an insurance policy with sep-
arate limits of $250,000 per building on $250,000
two buildings and a $275,000 loss oc-
curs to one of the buildings?
Physical, Moral, and Morale Hazards
increase the and/or probability
severity of loss?
only a chance of loss Pure Risk
Chance of loss or gain Speculative Risk
A principle stating that the larger the
number of similar exposure units consid-
ered, the more closely the losses report- Law of Large Numbers
ed will equal the underlying probability of
loss.
is the modification of
original policy, usually adds coverage or endorsement
conforms to State requirement.
Precede Policy Issuance;
coverage is "put into effect" PRIOR to Binders
issuance of policy.
Binders enable immediate change and
oral or written
can be
, Company does not have to give notice
of cancellation or non-renewal unless 60 days
Binder exceeds
Insurance contracts are
that cover losses sustained
Personal contracts
by the person(s), focus is on the per-
son(s).
Insured has to satisfy certain conditions
Conditional Contracts
in order for the Insurer to preform duties
Insured cannot negotiate the terms or
language of the contract in a Contract of Adhesion
.
Insurable Interest must exist before a
policy will pay for a loss and is the
economic interest
in the preserva-
tion of the subject.
Sally's car has been damaged by fault of
Paul, her damages total 250,000. Sally
files a claim with her own insurance with
a split limit of 200/300, while Paul has a Subrogation
single limit of $100,000.
Sally gains $200,000 and nothing from
Paul, this is called .
Physical harm to tangible property is
Direct Loss
.
Loss is the economic loss
which flows as a consequence of Direct Indirect
loss.
Lender Interest Insurance also protects
the collateral of creditors who have pro-
Loans and Leases
vided to an in-
sured such as car loans, mortgages, etc.
In Florida, insured must insure property
to 80% of total value or higher or suffer a Coininsurance
penalty of loss.
Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
is a contract where-
by one undertakes to indemnify another
or pay or allow a specified amount or a insurance
determinable benefit upon determinable
contingencies.
insurance is insur-
ance which pays on behalf of the in- casualty
sured's legal liability.
The provision broad-
ens an insured's coverage without an in-
liberalization
crease in premium when the insurer has
adopted a generic global policy revision.
" of Interest" means
insurance applies separately to each in- severability
sured.
A is a written contract of or a
written agreement for or affecting insur- policy
ance.
A homeowner with a Homeowners pol-
icy with $500,000 of coverage and a
2% windstorm deductible suffers a wind- $40,000
storm loss of $50,000 - how much will the
insured collect on their claim?
The "Other Policy" provision which ap-
portions responsibility with each com-
pro-rata
pany paying in proportion to the limit it
bears in relation to all limits.
A physical characteristic which increase
the probability and severity of loss is a.... physical hazard
A private passenger automobile policy
has a single bodily injury liability limit of
$500,000 - the insured is involved in an
at-fault accident and four individuals in $200,000
the other car have injuries of $50,000
each - how much will the policy pay in
total?
, Florida Insurance Verified Multiple Choice and Conceptual Actual Emended Exam
Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
An example of an loss
indirect
is the loss of use of tangible property.
An insured has a $250 Collision de-
ductible on her auto policy - the insured
hit a large oak tree in a single vehicle
$1,550
accident resulting in $1,800 in damages
- how much will the insurance company
pay the insured?
Which type of deductible specifies that
no payment will be made until loss
franchise
equals or exceeds a prescribed amount;
then the loss is paid in full.
Bill Williams, your insured, has failed to
reveal some relevant facts when he is
concealment
applying for insurance. What is this is
considered?
No notice of cancellation or non-renewal
of a binder is required unless a binder 60
exceeds how many days?
Insurance contracts are considered Con-
tracts of Adhesion. Ambiguities in the
insured
contract are resolved in favor of the
.
What is the fundamental doctrine in
property insurance that holds that when
there is an unbroken connection be-
tween an occurrence and damage that proximate cause
grows out of the occurrence, then the
resulting damage is a part of the occur-
rence.
Property and liability insurance policies
are said to be contracts
because the obligation of the insurer to conditional
perform may be conditioned upon the
insured satisfying certain conditions.
, Florida Insurance Verified Multiple Choice and Conceptual Actual Emended Exam
Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
Ready Ralph Reiger, your insured, has
not exercised the degree of care to pro-
tect his neighbor from injury on his prop- negligence
erty; this is commonly referred to as
.
Risk means the chance of financial
loss
.
The appraisal condition is only used to
amount of loss
resolve issues of?
The basic definition of Actual Cash Value
is "current cost to replace" less an al- depreciation
lowance for .
What amount will be paid to an insured
who has an insurance policy with sep-
arate limits of $250,000 per building on $250,000
two buildings and a $275,000 loss oc-
curs to one of the buildings?
Physical, Moral, and Morale Hazards
increase the and/or probability
severity of loss?
only a chance of loss Pure Risk
Chance of loss or gain Speculative Risk
A principle stating that the larger the
number of similar exposure units consid-
ered, the more closely the losses report- Law of Large Numbers
ed will equal the underlying probability of
loss.
is the modification of
original policy, usually adds coverage or endorsement
conforms to State requirement.
Precede Policy Issuance;
coverage is "put into effect" PRIOR to Binders
issuance of policy.
Binders enable immediate change and
oral or written
can be
, Company does not have to give notice
of cancellation or non-renewal unless 60 days
Binder exceeds
Insurance contracts are
that cover losses sustained
Personal contracts
by the person(s), focus is on the per-
son(s).
Insured has to satisfy certain conditions
Conditional Contracts
in order for the Insurer to preform duties
Insured cannot negotiate the terms or
language of the contract in a Contract of Adhesion
.
Insurable Interest must exist before a
policy will pay for a loss and is the
economic interest
in the preserva-
tion of the subject.
Sally's car has been damaged by fault of
Paul, her damages total 250,000. Sally
files a claim with her own insurance with
a split limit of 200/300, while Paul has a Subrogation
single limit of $100,000.
Sally gains $200,000 and nothing from
Paul, this is called .
Physical harm to tangible property is
Direct Loss
.
Loss is the economic loss
which flows as a consequence of Direct Indirect
loss.
Lender Interest Insurance also protects
the collateral of creditors who have pro-
Loans and Leases
vided to an in-
sured such as car loans, mortgages, etc.
In Florida, insured must insure property
to 80% of total value or higher or suffer a Coininsurance
penalty of loss.
