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