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Florida Insurance 20-44 Exam Study questions and answers 2024
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Florida Insurance 20-44 Exam Study questions and answers 2024
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By: mikesbail96 • 5 months ago
By: AnswersCOM • 5 months ago
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FloridaInsurance
20-44
Exam
Study
questions
and
answers
2024
insurance
________________
is
a
contract
whereby
one
undertakes
to
indemnify
another
or
pay
or
allow
a
specified
amount
or
a
determinable
benefit
upon
determinable
contingencies.
casualty
______________
insurance
is
insurance
which
pays
on
behalf
of
the
insured's
legal
liability.
liberalization
The
______________
provision
broadens
an
insured's
coverage
without
an
increase
in
premium
when
the
insurer
has
adopted
a
generic
global
policy
revision.
severability
"________________
of
Interest"
means
insurance
applies
separately
to
each
insured.
policy
A
_________
is
a
written
contract
of
or
a
written
agreement
for
or
affecting
insurance.
$40,000
A
homeowner
with
a
Homeowners
policy
with
$500,000
of
coverage
and
a
2%
windstorm
deductible
suffers
a
windstorm
loss
of
$50,000
-
how
much
will
the
insured
collect
on
their
claim?
pro-rata
The
"Other
Policy"
provision
which
apportions
responsibility
with
each
company
paying
in
proportion
to
the
limit
it
bears
in
relation
to
all
limits.
physical
hazard
A
physical
characteristic
which
increase
the
probability
and
severity
of
loss
is
a.... $200,000
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
the
other
car
have
injuries
of
$50,000
each
-
how
much
will
the
policy
pay
in
total?
indirect
An
example
of
an
______________
loss
is
the
loss
of
use
of
tangible
property.
$1,550
An
insured
has
a
$250
Collision
deductible
on
her
auto
policy
-
the
insured
hit
a
large
oak
tree
in
a
single
vehicle
accident
resulting
in
$1,800
in
damages
-
how
much
will
the
insurance
company
pay
the
insured?
franchise
Which
type
of
deductible
specifies
that
no
payment
will
be
made
until
loss
equals
or
exceeds
a
prescribed
amount;
then
the
loss
is
paid
in
full.
concealment
Bill
Williams,
your
insured,
has
failed
to
reveal
some
relevant
facts
when
he
is
applying
for
insurance.
What
is
this
is
considered?
60
No
notice
of
cancellation
or
non-renewal
of
a
binder
is
required
unless
a
binder
exceeds
how
many
days?
insured
Insurance
contracts
are
considered
Contracts
of
Adhesion.
Ambiguities
in
the
contract
are
resolved
in
favor
of
the
___________________________.
proximate
cause
What
is
the
fundamental
doctrine
in
property
insurance
that
holds
that
when
there
is
an
unbroken
connection
between
an
occurrence
and
damage
that
grows
out
of
the
occurrence,
then
the
resulting
damage
is
a
part
of
the
occurrence.
conditional Property
and
liability
insurance
policies
are
said
to
be
___________
contracts
because
the
obligation
of
the
insurer
to
perform
may
be
conditioned
upon
the
insured
satisfying
certain
conditions.
negligence
Ready
Ralph
Reiger,
your
insured,
has
not
exercised
the
degree
of
care
to
protect
his
neighbor
from
injury
on
his
property;
this
is
commonly
referred
to
as
_______________.
loss
Risk
means
the
chance
of
financial
_____________.
amount
of
loss
The
appraisal
condition
is
only
used
to
resolve
issues
of?
depreciation
The
basic
definition
of
Actual
Cash
Value
is
"current
cost
to
replace"
less
an
allowance
for
_____________________.
$250,000
What
amount
will
be
paid
to
an
insured
who
has
an
insurance
policy
with
separate
limits
of
$250,000
per
building
on
two
buildings
and
a
$275,000
loss
occurs
to
one
of
the
buildings?
probability
Physical,
Moral,
and
Morale
Hazards
increase
the
________________and/or
severity
of
loss?
Pure
Risk
only
a
chance
of
loss
Speculative
Risk
Chance
of
loss
or
gain
Law
of
Large
Numbers
A
principle
stating
that
the
larger
the
number
of
similar
exposure
units
considered,
the
more
closely
the
losses
reported
will
equal
the
underlying
probability
of
loss. endorsement
_______________
is
the
modification
of
original
policy,
usually
adds
coverage
or
conforms
to
State
requirement.
Binders
_________
Precede
Policy
Issuance;
coverage
is
"put
into
effect"
PRIOR
to
issuance
of
policy.
oral
or
written
Binders
enable
immediate
change
and
can
be
___________
__
___________
60
days
Company
does
not
have
to
give
notice
of
cancellation
or
non-renewal
unless
Binder
exceeds
__________
Personal
contracts
Insurance
contracts
are
________
_________
that
cover
losses
sustained
by
the
person(s),
focus
is
on
the
person(s).
Conditional
Contracts
Insured
has
to
satisfy
certain
conditions
in
order
for
the
Insurer
to
preform
duties
Contract
of
Adhesion
Insured
cannot
negotiate
the
terms
or
language
of
the
contract
in
a
_______
__
________.
economic
interest
Insurable
Interest
must
exist
before
a
policy
will
pay
for
a
loss
and
is
the
__________________
in
the
preservation
of
the
subject.
Subrogation
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
single
limit
of
$100,000.
Sally
gains
$200,000
and
nothing
from
Paul,
this
is
called
_____________.
Direct
Loss
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