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Florida Insurance 2-20 Exam: Questions/Answers
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Florida Insurance 2-20 Exam: Questions/Answers
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Florida Insurance 2-20 Exam: Questions/AnswersAbandonment Clause ✔️Ans - often contained in a p/c policy stating that
the insured cannot abandon damaged property to the (dump on) insurer and
demand reimbursement for the full value.
Accident ✔️Ans - Sudden fortuitous event
Accounts Receivable Coverage Form ✔️Ans - Inland Marine Coverage form
which insures against loss the insured suffers becasuse of an inability to
collect from customers when AR records are damaged.
Actual Cash Value (ACV) ✔️Ans - Current cost to replace and item of
property at the time of loss, less an allowance for depreciation. Most basic way
to determine amount of reimbursement for a loss (Replacement Costs -
Depreciation).
Admitted Aircraft Liability Coverage ✔️Ans - Coverage sometimes written
in conjunction w/ Aircraft Passenger Liability which can provide
reimbursement for death of dismemberment.
Aggregate Limit ✔️Ans - Type of policy limit found in liability policies
which limits coverage to a specified total amount for all losses occurring
within the policy period.
Agreed Value ✔️Ans - Written with property insurance policies. It waives
the coinsurance clause and requires the insured to carry insurance equal to at
least 80% of a signed statement of values filed with the company
Aircraft Hull Insurance ✔️Ans - Physical damage insurance provided to
cover the loss or damage to an insured aircraft, in motion, not in motion or
both.
Aircraft Liability Insurance ✔️Ans - Coverage written to cover public and
passenger liability and property damage
Airport and Air Meet Liability ✔️Ans - Coverage that provides protection
to airports for bodily injury and property damage liability
,Allied Lines ✔️Ans - Property coverages which are closely associated and
frequently sold w/ fire ins. i.e. Dwelling, Earthquake, Sprinkler ins.
All Risk Insurance ✔️Ans - Better known as "open perils" insurance. Ins
protecting insured from loss arising from any peril other than those perils
specifically excluded by name. Opposite of Named Perils
Annual Transit Policy ✔️Ans - Inland Marine transportation insurance
which insures a property owner for goods being transported.
Appraisal Clause ✔️Ans - provides an appraisal procedure when the
insured and the insurer are in disagreement regarding the amount of the loss.
Insured and insurer each choose and appraiser, who, failing to agree, select
and umpire.
Assignment Clause ✔️Ans - Condition in policy that specifies that
transferring the policy to another is not valid unless the company consent in
writing.
Automobile Mechanical Breakdown Insurance ✔️Ans - Coverage designed
to indemnify against the costs of mechanical failures or breakdowns not
covered under the manufacturer's warranty.
Avaition Insurance ✔️Ans - provides both liability and physical damage
coverage for aircraft. aka Aircraft Hull Insurance. Liablity coverage available
seperately for hangarkeepers and airport owners.
Bail Bond ✔️Ans - Surey bond that guarantees the principal will appear in
criminal proceedings.
Bailee ✔️Ans - One who has temporary custody of property belonging to
another. i.e. dry cleaners
Bailee's Policy ✔️Ans - Inland Marine ins. obtained by bailee, to cover loss
or damage to customers' property in the bailee's custody, without regard to
liability.
, Barratry ✔️Ans - Illegal acts committed willfully by a ship's master or
crew for the purpose of damaging the ship or cargo. This Ocean Marine peril
includes hijacking, abandonment and embezzlement of cargo.
Bid Bonds ✔️Ans - Type of K bond which guarantees the obligee that if a
contractor's bid is accepted, the contracor will provide the required
performance bond.
Binder ✔️Ans - Oral or written statment providing immediate insurance
protection, valid for a specified period. Desined to provide temporary
coverage until a policy can be issued or denied.
Blanket Insurance ✔️Ans - Insurance where a single amount of insurance
applies to two or more coverage items which are subject to specific ratings.
May result in coverage advantages to the insured.
Blue Sky Bond ✔️Ans - Surey bond required of investment companies,
guaranteeing against misrepresentations of securities and defrauding the
public.
Bodily Injury ✔️Ans - Usually defined to include physical harm, sickness,
disease, or death resulting from any of these.
Boiler and Machinery Coverage Form ✔️Ans - covers the insured against
loss (liability and physical damage) arising out of the use of steam boilers or
other machinery. Part of a Commercial Package Policy.
Builder's Risk Coverage Form ✔️Ans - provides coverage for buildings
under construction as well as equipment to service the building, owned
materials and supplies, and temporary structures used in construction. Part of
the Commercial Propery portion of the Commericial Pakage Policy.
Building and Personal Property Coverage Form ✔️Ans - primary coverage
form of the Commercial Package policy's Commercial Propery Coverage part.
Covers a business's buildings, business personal property and personal
property of others.
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