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[Show more]6 loss valuation methods - ANSWER-actual cash value, replacement value, functional replacement value, market value, stated amount, agreed value 
 
waiver & estoppel - ANSWER-a person has given up a known or legal right 
 
4 components of a legal contract - ANSWER-agreement, consideration, competent ...
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Add to cart6 loss valuation methods - ANSWER-actual cash value, replacement value, functional replacement value, market value, stated amount, agreed value 
 
waiver & estoppel - ANSWER-a person has given up a known or legal right 
 
4 components of a legal contract - ANSWER-agreement, consideration, competent ...
The reduction, decrease, or disappearance of value of a person or property insured in a policy? - ANSWER-Loss 
 
What is negligence? - ANSWER-failure to use ordinary or reasonable care 
 
Does a party need to prove negligence under absolute liability? - ANSWER-No, absolute liability exists when cond...
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Add to cartThe reduction, decrease, or disappearance of value of a person or property insured in a policy? - ANSWER-Loss 
 
What is negligence? - ANSWER-failure to use ordinary or reasonable care 
 
Does a party need to prove negligence under absolute liability? - ANSWER-No, absolute liability exists when cond...
What type of coverage is included in homeowners policies, but is not available in dwelling policies? - ANSWER-Liability coverage 
 
What are major coverages included in homeonwner policies? - ANSWER--Coverage A: Dwelling 
-Coverage B: Other Structures 
-Coverage C: Personal property 
-Coverage D: Lo...
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Add to cartWhat type of coverage is included in homeowners policies, but is not available in dwelling policies? - ANSWER-Liability coverage 
 
What are major coverages included in homeonwner policies? - ANSWER--Coverage A: Dwelling 
-Coverage B: Other Structures 
-Coverage C: Personal property 
-Coverage D: Lo...
5 Qualifications for a General Lines License - CORRECT 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 insur...
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Add to cart5 Qualifications for a General Lines License - CORRECT 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 insur...
warranty - CORRECT ANSWER-Agreement between insured and insurer that certain conditions will be met 
 
Vicarious Liability - CORRECT ANSWER-Legal responsibility placed on one person for the acts of another. 
 
Vacant - CORRECT ANSWER-The absence of both people and property from a premises. 
 
Unsche...
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Add to cartwarranty - CORRECT ANSWER-Agreement between insured and insurer that certain conditions will be met 
 
Vicarious Liability - CORRECT ANSWER-Legal responsibility placed on one person for the acts of another. 
 
Vacant - CORRECT ANSWER-The absence of both people and property from a premises. 
 
Unsche...
Representing to the applicant that the specific additional coverage product is required by law is connection with the purchase of insurance when such coverage or product is not required is an unfair deceptive act known as: - CORRECT ANSWER-Sliding 
 
An agent may not obtain principally for the purpo...
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Add to cartRepresenting to the applicant that the specific additional coverage product is required by law is connection with the purchase of insurance when such coverage or product is not required is an unfair deceptive act known as: - CORRECT ANSWER-Sliding 
 
An agent may not obtain principally for the purpo...
Which of the following is LEAST likely to be a factor when determining the eligibility of a person for property insurance? 
 
A.) The claims history showing when prior claims occurred and how much was paid to settle the claim. 
 
B.) The nature of the risk, such as the type of building and the numbe...
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Add to cartWhich of the following is LEAST likely to be a factor when determining the eligibility of a person for property insurance? 
 
A.) The claims history showing when prior claims occurred and how much was paid to settle the claim. 
 
B.) The nature of the risk, such as the type of building and the numbe...
blanket insurance - CORRECT ANSWER-insurance where a single amount of insurance applies to two or more coverage items 
 
misrepresentation - CORRECT ANSWER-any untrue statement made in application so policy will issue 
 
mutual company - CORRECT ANSWER-have no stockholders owned by policy owners 
 
...
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Add to cartblanket insurance - CORRECT ANSWER-insurance where a single amount of insurance applies to two or more coverage items 
 
misrepresentation - CORRECT ANSWER-any untrue statement made in application so policy will issue 
 
mutual company - CORRECT ANSWER-have no stockholders owned by policy owners 
 
...
The administration of state insurance law is the responsibility of which of the following? - CORRECT ANSWER-Chief Financial Officer 
 
Which state entity is responsible for approving a certificate of authority for an insurance company? - CORRECT ANSWER-Office of Insurance Regulation 
 
In Florida, w...
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Add to cartThe administration of state insurance law is the responsibility of which of the following? - CORRECT ANSWER-Chief Financial Officer 
 
Which state entity is responsible for approving a certificate of authority for an insurance company? - CORRECT ANSWER-Office of Insurance Regulation 
 
In Florida, w...
Misrepresentation - CORRECT ANSWER-Willful deception of an insurance policy done by dissemination of information 
 
Controlled business - CORRECT ANSWER-When the majority of insurance written is for family members 
 
Temporary License - CORRECT ANSWER-Good for 6 months 
 
Foreign - CORRECT ANSWER-An...
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Add to cartMisrepresentation - CORRECT ANSWER-Willful deception of an insurance policy done by dissemination of information 
 
Controlled business - CORRECT ANSWER-When the majority of insurance written is for family members 
 
Temporary License - CORRECT ANSWER-Good for 6 months 
 
Foreign - CORRECT ANSWER-An...
Depreciation - CORRECT ANSWER-Reduction in value, particularly due to wear and tear. 
 
Exposure - CORRECT ANSWER-Susceptibility to risk. 
 
Implied Warranty - CORRECT ANSWER-A legal term meaning that a product is suitable for its intended purpose and that it fits an ordinary buyer's expectations. ...
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Add to cartDepreciation - CORRECT ANSWER-Reduction in value, particularly due to wear and tear. 
 
Exposure - CORRECT ANSWER-Susceptibility to risk. 
 
Implied Warranty - CORRECT ANSWER-A legal term meaning that a product is suitable for its intended purpose and that it fits an ordinary buyer's expectations. ...
Statements made in the application are considered: 
A. Warranties 
B. Representations 
C. Possible Concealments 
D. None of the Above - CORRECT ANSWER-B. Representations 
 
The definition of Risk is: 
A. Uncertainty regarding loss 
B. A chance of gain 
C. Uncertainty regarding gain or profit 
D. Int...
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Add to cartStatements made in the application are considered: 
A. Warranties 
B. Representations 
C. Possible Concealments 
D. None of the Above - CORRECT ANSWER-B. Representations 
 
The definition of Risk is: 
A. Uncertainty regarding loss 
B. A chance of gain 
C. Uncertainty regarding gain or profit 
D. Int...
the cost to replace an item or property at the time of loss, minus depreciation - CORRECT ANSWER-Actual Cash Value (ACV) 
 
a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period - CORRECT ANSWER-Aggregate Limit 
 
conviction of a 3rd ...
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Add to cartthe cost to replace an item or property at the time of loss, minus depreciation - CORRECT ANSWER-Actual Cash Value (ACV) 
 
a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period - CORRECT ANSWER-Aggregate Limit 
 
conviction of a 3rd ...
Chief Financial Officer (CFO) - CORRECT ANSWER-The Chief Financial Officer (CFO) is an elected official and is the head of the Department of Financial 
Services (DFS). The CFO directly oversees the following divisions under the DFS: 
 Division of Accounting and Auditing 
 Division of Consumer Servic...
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Add to cartChief Financial Officer (CFO) - CORRECT ANSWER-The Chief Financial Officer (CFO) is an elected official and is the head of the Department of Financial 
Services (DFS). The CFO directly oversees the following divisions under the DFS: 
 Division of Accounting and Auditing 
 Division of Consumer Servic...
Which bonds are used to guarantee the Principal's activities in the collection and reporting of taxes for controlled commodities. - CORRECT ANSWER-U.S Internal Revenue Bonds 
 
Chubbie Chessmate, your personal auto insured has PIP coverage with a $500 deductible. Chubbie was in an auto accident and...
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Add to cartWhich bonds are used to guarantee the Principal's activities in the collection and reporting of taxes for controlled commodities. - CORRECT ANSWER-U.S Internal Revenue Bonds 
 
Chubbie Chessmate, your personal auto insured has PIP coverage with a $500 deductible. Chubbie was in an auto accident and...
What type of structures are eligible for coverage in the Citizens Property Insurance Corporation? - CORRECT ANSWER-All types of structures 
 
What organizations offers coverage on properties in areas of Florida deemed especially susceptible to windstorm damages? - CORRECT ANSWER-Citizens Property In...
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Add to cartWhat type of structures are eligible for coverage in the Citizens Property Insurance Corporation? - CORRECT ANSWER-All types of structures 
 
What organizations offers coverage on properties in areas of Florida deemed especially susceptible to windstorm damages? - CORRECT ANSWER-Citizens Property In...
What is the windshield deductible for Florida? - CORRECT ANSWER-No deductible 
 
What is Arbitration? - CORRECT ANSWER-PROCEDURE in which an insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision based on a third party 
 
What is Appraisal? - CORRECT AN...
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Add to cartWhat is the windshield deductible for Florida? - CORRECT ANSWER-No deductible 
 
What is Arbitration? - CORRECT ANSWER-PROCEDURE in which an insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision based on a third party 
 
What is Appraisal? - CORRECT AN...
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