Florida General Lines Agent Exam 200+ questions and correct answers 2023. 2023 1. What is the definition of a risk that is insurable? a.Risk is defined as a chance or the possibility of financial loss; only pure risks are insurable as there is no possibility of a gain b.A chance of a loss or gain c...
Florida General Lines Agent Exam 200+ questions and
correct answers 2023
,Florida General Lines Agent Exam 200+ questions and
correct answers 2023
What is the definition of a risk that is insurable?
a.Risk is defined as a chance or the possibility of financial loss; only
pure risks are insurable as there is no possibility of a gain
b.A chance of a loss or gain
c.A risk where there is a possibility of a gain
d.A chance for insurance coverage - ANSWER-a
What is an insurance policy?
a.A binder that offers initial insurance coverage
b.An oral agreement related to insurance
c.A temporary agreement for insurance coverage
d.A written agreement or contract for insurance coverage - ANSWER-d.
What is an insurance binder?
a.An agreement with an insurer for coverage
b.A temporary agreement for insurance coverage subject to the decision
of the insurer
c.A permanent agreement for insurance coverage
d.An agreement with an agent - ANSWER-b
The term casualty is related to all the following insurance lines except?
a.Life and health insurance
,Florida General Lines Agent Exam 200+ questions and
correct answers 2023
b.Marine insurance
c.Insurance on property
d.Liability insurance - ANSWER-a
What is the mathematical concept where the actual results from an event
being measured will equal the predicted or expected results as the
number of units or trials increases? - ANSWER-The concept of The Law
of Large Numbers.
What insurance principle acts to place an insured in the same or similar
financial position after a loss as was prior to the loss event?
a.The indemnity principle
b.The waiver principle
c.The principle of utmost good faith
d.The principle of subrogation - ANSWER-a
What type of contract prevents an insured from transferring the interest
of an insurance policy to another?
a.A personal contract
b.An indemnity contract
c.A subrogation contract
d.A contract of good faith - ANSWER-a
What type of contract is one where the obligation of the insurer is to
perform the terms of the contract and is based on the insured satisfying
certain conditions?
What insurance doctrine states that a cause of a loss and all other
directly related events flowing from the same cause of the loss would be
considered as one event?
a.The doctrine of insurable interest
b.The doctrine of proximate cause
c.The loss doctrine
d.The doctrine of classification - ANSWER-b
John got in an accident that damaged his automobile, what would be
considered as what type of loss?
a. Direct loss
b. Insured loss
c.Insurable loss
d.Indirect loss - ANSWER-a
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