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20-44 Module One and Two Quiz
Terms in this set (16)
Once an applicant has been granted the 20-44 Personal Lines Agent license the licensee has ___ month to obtain an appointment.
True or False. An applicant for the 20-44 Personal Lines Agent license can seek the license for the purpose of writing "controlled business".
An applicant for the 20-44 Personal Lines license must show that the applicant is at least ___ year of age.
True or False. If an application fails to present a valid form of identification at the time of taking the 20-44 Personal Lines Agent exam that failure is considered a missed appointment and requires a new application and fee to the Department of Financial Services.
Name three things that are true regarding "Insurable Interest"
1) It is the economic interest in property
2) it must exist before an insurance policy will for a loss
3) it is the extent to which an insured might be indemnified.
Florida Statutes deem information provided by an insurance application to _____________ and not ______________.
Representations and not warranties
Insurance contracts are personal contracts were the focus is on?
The Person or persons being insured
An insurance policy can be changed by adding an ______________ to a policy.
The insured has had a $60,000 loss and it has been discovered the she has two liability policies which both apply to the same loss on a pro-rata basis. The first policy has a $1,000,000 limit and the second policy has a $2,000,000 limit. How much will each company pay towards this loss?
The first company will pay $20,000 and the second company will pay $40,000
Why?: Pro-rata shares requires each company to pay a portion of the total loss that is a based upon the company's proportion to all available limits. The first company has a proportion of $1,000,000/$3,000,000 which is 1/3 of the total loss.The second company has a proportion of $2,000,000/$3,000,000 which is 2/3 of the total loss.
Liability insurance means any insurance where payment by the insurance company will be paid on behalf of insured to another, based upon the insured's ____________ to the payee/claimant.
Which of the following is true?
Statement One: The replacement cost endorsement is an exception to the rule of indemnity.
Statement Two: Agreed valuation and stated value policies are not an exceptions to the rule of indemnity.
Statement One is Correct
The replacement cost endorsement is an "exception" to the rule of indemnity. Agreed valuation and stated value policies are also exceptions to the rule of indemnity.
Which if any of the following statements are true?
Statement One: Pure Risk is only the chance of financial loss. Statement Two: Speculative Risk is the chance of loss or gain.
Both Statement One and Statement Two are Correct
Insurance policies require all changes to the policy to be made by the insurer, are required to be in ____________.
Which of the following statements if any are true?
Statement One: Binders can be oral or in writing.
Statement Two: Binders are issued after the issuance of a policy.
Only Statement One is true
A man step off a curb into busy traffic while he was texting on his iPhone; he stepped directly in front of a car which was forced to slam on their brakes. Unfortunately the car skidded into a food truck which then ricocheted into the food truck next to it. What was the proximate cause of all the damage?
The man stepping into oncoming traffic
List 3 things that are true about the insuring agreement in liability insurance policies
1) The insurance company agrees to pay on behalf of the insured for property damages.
2) The insurance company agrees to pay on behalf of the insured for bodily injuries.
3) Payments are made directly to the insured or the insured's family members.
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