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Personal Lines - Florida Exam Questions With Complete Solution latest Version 2024/2025 $10.99   Add to cart

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Personal Lines - Florida Exam Questions With Complete Solution latest Version 2024/2025

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  • Personal Lines - Florida
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  • Personal Lines - Florida

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 insu...

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  • August 12, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Personal Lines - Florida
  • Personal Lines - Florida
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remojudytask
Personal Lines - Florida Exam Questions
With Complete Solution latest Version
2024/2025

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 insurance



controlled business - CORRECT ANSWER-more than 50% of income from businesses
applicant is involved in, such as family business



Department of Financial Services - CORRECT ANSWER-does not make rating and
underwriting rules



risk - CORRECT ANSWER-chance of financial loss



insurance policy - CORRECT ANSWER-written contract, including all clauses, riders,
endorsements, and papers



insurance - CORRECT ANSWER-a contract wherein one undertakes to indemnify
another or pay a specified sum upon the happening of a determinable event



binder - CORRECT ANSWER-temporary insurance - oral or written; Auto 5 days for
cancellation, all others 60 days



property insurance - CORRECT ANSWER-payment by insurer (company) is made to
insured

,liability insurance - CORRECT ANSWER-payment by insurer (company) is made to
others on insured's behalf



personal contract - CORRECT ANSWER-contracts cover persons - not property or
operations



conditional contract - CORRECT ANSWER-obligations of insurer may depend upon
insured satisfying some conditions



contract of adhesion - CORRECT ANSWER-insureds can not negotiate the terms; one-
sided contract



indemnity contract - CORRECT ANSWER-one should not profit from teh proceeds of
the policy but should be made whole



Exceptions to indemnity - CORRECT ANSWER-1. Valued policies

2. Florida Value Policy Law

3. Replacement cost

4. Liability insurance



Insurable interest - CORRECT ANSWER-Must exist at the time of loss



peril - CORRECT ANSWER-condition or occurrence that may cause a loss (fire, wind,
theft, collision)



hazard - CORRECT ANSWER-increases the likelihood of a loss



physical hazard - CORRECT ANSWER-physical characteristic increases the likelihood
of a loss - wet floor



moral hazard - CORRECT ANSWER-intentional loss - taking drugs

, morale hazard - CORRECT ANSWER-carelessness - leaving cash drawer open in a
business



doctrine of proximate cause - CORRECT ANSWER-unbroken connection between an
occurrence and damage which grows out of the occurrence



direct loss - CORRECT ANSWER-physical harm to tangible property



indirect loss - CORRECT ANSWER-economic loss as a consequence of a direct loss -
ex) rental car fees



mortgage holder - CORRECT ANSWER-has lender's interest in property



lender interest - CORRECT ANSWER-named in loss payable clause and called loss
payee - personal property; named mortgage/mortgagee clause and called mortgage
holders - real property



real property - CORRECT ANSWER-buildings and land



personal property - CORRECT ANSWER-can be taken when you move away



loss settlement valuation - CORRECT ANSWER-actual cash value = replacement -
depreciation



replacement cost - CORRECT ANSWER-actual cost to repair or replace property;
awnings, flooring, appliances, TV antennaes are excluded



Florida Valued Policy Law - CORRECT ANSWER-insurer must pay the amount
provided in teh policy for which premium has been paid for a total loss by an insured
peril

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