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Personal Lines - Florida Questions And 100% Correct Answers $13.99   Add to cart

Exam (elaborations)

Personal Lines - Florida Questions And 100% Correct Answers

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  • Personal Lines - Florida
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  • Personal Lines - Florida

Personal Lines - Florida Questions And 100% Correct Answers ...

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  • November 2, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Personal Lines - Florida
  • Personal Lines - Florida
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Easton
Personal Lines - Florida Questions And 100% Correct
Answers 2025-2026


5 Qualifications to obtain a General Lines License - Answer 1. Be 18 years of age

2. Be a resident of FL or have a place of business in FL

3. Completion of 200-hour course or have 1 yr experience in all lines

4. Application cannot be for writing controlled business

5. Exam waived for CPCU designation of college degree with 15 hours in insurance



controlled business - Answer receives more than 50% of income from businesses
applicant is involved in, ie family business



Department of Financial Services - Means no rating and underwriting rules



risk - Means chance of financial loss



insurance policy - Means the written contract, including all clauses, riders,
endorsements, and papers



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



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



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

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



personal contract - Answer contracts cover persons - not property or operations



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



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



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



Exceptions to indemnity - Answer 1. Valued policies

2. Florida Value Policy Law

3. Replacement cost

4. Liability insurance



Insurable interest - Answer Must exist at the time of loss



peril - Answer condition or occurrence that may cause a loss - fire, wind, theft, collision



hazard - Answer increases the likelihood of a loss



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



moral hazard - Answer intentional loss - taking drugs

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