RANDOM QUESTIONS 220 FLA - GENERAL LINES AGENT

a tornado that destroys property would be an example of

a peril

who would be required to be licensed as an insurance producer

a salaried employee who solicits insurance

what would be true regarding branch agency licensing

agent in charge must be licensed

how is the insurance guaranty association funded

by its members - authorized insurers

in order for and insurer to legally transact insurance it must first obtain a?

certificate of authority

in which section of a commercial auto policy will you find specific information about the policy period

conditions

what's the meaning of occurrence policy

covers loss that occurs during the policy period regardless of when the claim is made

what does product liability cover

damage done by the product but not damage to the product

what are the 4 classes of inland marine risk

domestic shipments and transportation risk bridges, tunnels and other instrumentalities of transportation and communication commercial property floater risk personal property floater risk

what is not the responsibility of the office of insurance regulation?

enacting new insurance laws

an agents client need additional insurance which the agent's own insurer cannot provide, the agent has to solicit coverage from another authorized insured - this coverage is known as

excess

what's an example of a product liability claim

faulty packaging of a cereal caused spoilage that resort in someone getting sick

no insurance policy form can be issued, delivered or used in this state unless it has been

filed with and approved by the office of insurance regulations

which declaration page list; who is the insured, where they are located, when the policy provides coverage, how much coverage and the amount of deductible applied to a loss

homeowners

anyone covered under a policy, weather named or not is called

insured

general compensatory damages are for

intangible elements that cannot be specifically measured in terms of dollars

what's the meaning of pure risk

involves the probability of possibility of loss with no chance of gain - insurable

what's the meaning of speculative risk

involves the uncertainty as to whether the final outcome will be gain or loss - uninsurable

other insurance

its a provision in an insurance policy that defines how the policy will respond if there is other valid insurance written on the same risk

what is the conditions?

legal obligations and duties of the parties to the contract

what does fiduciary responsibility mean

money collected with respect to an insurance transaction must be held in a position of trust by the agent or broker - agents cannot commingle insurance monies with their own funds

a business using its own trucks to move its own cargo would insure the cargo using

motor truck cargo - owners form

in return of a premium an insurance company must

must be fair and impartial in underwriting of risks and must pay claims made for all covered loses

sometime during the policy period a loss occurs but the business owner does not become aware of the loss until several years after the policy expires - what type of policy would cover the loss

occurrence policy

what does symbol 5 cover

owned autos subject to no-fault coverage

what does the condition section of an auto policy define

policy period coverage territory how coverage will apply in certain situations

who are the parties of a bond

principal, oblige, surety

insurance agreement is?

provides information on the policy's coverage's

what method do insurers use to protect themselves against catastrophic losses

reinsurance

a fidelity bond is

sometimes called an honesty bond and pays if someone has been dishonest

a physicians and surgeons equipment floater is intended for

surgeon's supplies located in surgeon's office waiting room furniture in doctors office office equipment located in a dentist office

what is the meaning of defamation?

when a company criticizes the financial situation of another company with the intention of injuring that company

what is arbitration?

when an insured and insurer cannot agree on how to settle a claim

if an insured has an own occupation plan, what is the maximum amount of time that the benefits can be collected on his/her current job

2 years

in a HO policy, how long does the removal coverage apply if the property has been removed to be protected

30 days

who examines the books and records of insurance companies in Florida

CFO

what are some of the conditions commonly found in the insurance policy

appraisal cancellation and nonrenewal subrogation

consequential loss is also known as

indirect loss

the risk of loss may be classified as

pure and speculative risk

what type of compensatory damages will pay for pain and suffering and disfigurement

general

peril

is the cause of loss insured against in an insurance policy

who is considered an insured under a business auto coverage form

anyone while using, with permission a covered auto owned by the name insured

insurers who med the state's financial requirements and are approved to transact business in the state are considered

authorized or admitted into the state as a legal insurer

an insured's business is damaged because of a fire and forced to close temporarily for repairs as a result the insured loss income, what type of loss is this

consequential or direct loss

a physicians and surgeons equipment floater is not intended for

medical supplies located in the hospital

employee fidelity may be written for

name schedule, individual, position schedule

applications to an insurer must include

license ID# of the agent, name of the insurer, name of the agent

what is not conspired a misrepresentation as it pertains to unfair trade practices

making comparisons between different policies

within how many days must a property insurer pay on a claim after the settlement is reached

20 days

a surety bond is

a guarantee someone will perform as promised and pays if they do so

common carrier cargo liability

is not considered a class of inland marine risk

insurance is the transfer of

risk (financial responsibility associated with a potential of a loss to an insurance company)

what entity is responsible for agent licensing and administrative supervision

the office of insurance regulation

a premium discount is a term that describes when an insured owes a total standard premium greater than

5,000.00

the office of insurance regulations is responsible for?

all activities concerning insurers including licensing and issuing certificates of authority, rates, policy forms, claims, solvency, administrative supervision, enforcing the insurance code, instituting legal proceedings and any other related provisions of the

replacement cost is defined as

full replacement of property at its current cost - new and without reduction for depreciation

insuring agreement provides

information on the policy coverage's

what are common exclusion found in part D: coverage for damage to your auto of a PAP

mechanical or electrical breakdown damage due to wear and tear damage to tires

the difference in the contents coverage on an HO3 and HO5 is

open peril for contents on HO5 named peril for contents on HO3 replacement cost is available for either by endorsement

what does the insurance guaranty association do?

protects policy owners, insured's and beneficiaries under life insurance policies, health insurance policies, annuity contracts and supplemental contracts when insurers fail to perform contractual obligations due to financial impairment

how much is the premium for the dwelling under construction endorsement under the dwelling policy

the average amount of insurance during construction - the premium is based on the average value of the house and building material from the first day of construction until completion

when an insurer appoints an agent

the insurer is bound by the agent's acts

when forming an insurance contract when does acceptance occur

when the insurer approves a prepaid application