Insurance

Kevin and Clarence two insureds driving separate vehicles are involved in a motor vehicle crash Kevin's insurance company finds that clearance is 100% at fault Kevin decides to collect under his own policy the insurer now has acquired Kevins rights to recover what it paid Kevin from Clarence this type of transfer of rights is known as

" Subrogation "

A contract or buy one undertakes to indemnify another or pee or allow a specified amount or a determinable benefit of pond determinable contingencies is defined as

"Insurance"

Under the homeowners form which The following is correct for limits on certain types of personal property

1500 per occurrence for jewelry and furs for theft only

Aiding in abetting an unauthorized insurer is a

3 degree felony

Which is most correct about cancellation/nonrenewal of a PAP

30 days advance written notice during first 45 days

All of the following are correct in a BP EXCEPT ?

30 days automatic coverage on business personal property at new location up to $100,000

Which is correct about automatic coverage for PAF jewelry class

30 days, 25% of scheduled amount, maximum $10,000

If an agent violates any provision of the unfair method of competition and unfair or deceptive acts statues they could be subject which of the following

40,000 for each willful violation and 5000 for each non-will violation

No notice of cancellation or notice of non-renewal shall be required unless the duration of a binder exceeds how many days

60 days

Under Florida statues how long does an insurer up to a firmer than a full or partial coverage of a claim upon written request after proof of loss statements are complete

60 days

A building covered under a building and personal property coverage form with a limit of 100,000 is totally destroyed by land slide third placement cost of the building at the time of loss is 80,000 what will the insured recover under the policy

80,000

Florida statues define stocking insurer as

A Incorporated insurer owned by stockholders

Under a PAP which of the following vehicles would be covered for liability

A company vehicle provided for the regular use of a family member used by the name insured

Florida statutes defines "license" as

A document issued by the department or office authorizing the person to be appointed to transact insurance

Which of the activities of a lawyer would be covered under a lawyer's professional liability policy

A lawyer is sued as the result of improperly administrating the estate of a descendent

Who would be covered under a PAP with Florida personal injury protection

I named insured injured as a pedestrian in Florida

Part two employers liability of workers comp policy covers all of the following EXCEPT

Medical expense and disability benefits depending on disability type

An untrue statement made by the insured in the application for insurance but which doesn't become a part of the policy is known as

Misrepresentation

Under the business auto policy which condition would cover mobile equipment for section II liability purposes

Mobile equipment in all situations under the business auto policy

Phil while preparing for hurricane Wilma forgot to close the windows in his garage this is an example of a

Morale hazard

The failure to exercise that degree of care that the law requires to protect others from an unreasonable risk of harm is called

Negligence

How does the WC address an employees right against third parties who may have legal responsibility for an injury

The employee may sue during 1year, in year 2, if the employee hasn't pursued rights, the company may sue; during year three and thereafter all rights belong to the employee

HULL Coverage under an ocean marine policy is designed to cover losses to which part of a vessel

The entire ship

Under a PAP which is most correct regarding transportation expense limits for a total theft

Up to $20 days and $600 maximum 48 hour waiting period

What is the optional provision in a health policies allows the insured to continue receiving benefits without paying premiums if they're totally disabled

Waiver of premium

Which is not an example of a CGL personal injury

Bodily injuries

Under the business auto policy section II Liability coverage which of the following accidents

Accidents while loading or unloading with a handtruck

Which of the following triggers the Florida financial responsibility law

Accidents with any bodily injury

Under claims-made form when must an accident happen for coverage to apply

After the retroactive date and before the end of the policy.

A company incorporated in the United Kingdom an authorized to do business in Florida is considered what type of insurance in Florida

Alien

All of the following coverage forms can be included in a commercial package policy EXCEPT

All can be included

All of the following are members of the financial services commission EXCEPT

All of the above are members

Trish borrows a coworkers vehicle to run a business errand for her employer if Trish is in an accident her PAP will cover for liability all the following except

All will be covered

Which of the following medical incidents would not be covered under PS&D Liability insurance?

All would be covered

Under Florida statues the department issue a general liens license to any individual without an examination in all of the following circumstances EXCEPT

An applicant with a degree in insurance from an accredited institution with a minimum of 9 credit hours of the insurance instruction

In boiler and machinery terminology what is the term applied to the subject of the insurance

An object

Under Worker's Comp. law an accident is defined as which of the following

An unexpected or unusual event or result happening suddenly

Liability insurance is defined as

Any insurance where in payments by the insurer is made on behalf of the insured to another

Who is not included in PAP definition of " insured persons"

Anyone other than my name insured or family member using the car without permission

Cindy owns and operate an independent insurance agency she becomes too ill to operate the agency since there is no other general liens agent in her agency her husband Phil wants to run the agency until she recovers and obtains a temporary suspend license if it is anticipated that the illness will be longer than six months still can do all of the following EXCEPT

Apply for an extension of the temporary license at the end of the s

The authority given by an insurer or employer to transact insurance or adjust claims on behalf of an insurer is called

Appointment

A homeowners form would cover which is business is conducted at the residence premises under section II liability

Artist gives lessons in his home studio

Under a business owners policy how is property of others covered

As part of the business personal property

When MUST and "insurable interest" exist for insurance to respond

At the time of loss occurs

Under ocean marine which peril is defined as fraud by the master or crew with the intent of reaping Gaines at the expense of the owner

Barratry

Which of the following fines are required for an investment company

Blue sky

A licensee must notify the state of all of the following changes Except

Change of marital status

The head of the department of financial service is called

Chief financial officer or treasurer

Generally a boiler and machinery policy is designed to cover perils Richards to begin with policy

Commercial property policy

Under Bailee's customers policy what coverage is the unique peril for cleaners, dyers or laundries?

Confusion of goods

Our insured "Tom" is attending a meeting on July 1 and tells his friend "Bill" what a great bookkeeper his new employee "Andy" is. "Bill" informs time is it Andy was fired from his last job when he was caught stealing funds from his previous employer which is correct but Tom's employee dishonesty coverage

Coverage for Andy immediately terminates

The CGL Miscellaneous property damage exclusion does not apply to which of the following

Damage to property owned by others that the insured damages

In commercial crime form all of the following are additional exclusions for inside the premises - robbery or safe burglary of other property EXCEPT

Damage to safe for vault from fire

The term "department" means

Department of financial services

What is the provision in health policy that increases the benefits payable for accidental death

Double indemnity

Which of the following is incorrect regarding continuing education

Excess hours accumulated during any 2-year compliance. Period May not be carried forward and be used during a future compliance Period

Under ocean marine which is NOT a 'peril of the sea'

Fire

Under a homeowners form which of these can be covered at replacement cost rather than actual cash value

Floor coverings (carpet and/or tile)

A company formed under the laws of Nevada which does business in Florida is classified as what form of insurer in Florida

Foreign

On the job alcohol use in obeying safety rules are important for the protection of all employees which is/are correct

If an employee is blood alcohol is .08% or more it is presumed that the injury is alcohol related

When are pick up trucks and vans eligible for PAP coverage

If they weigh less than 10,000 LBS gross vehicle weight with permitted incidental business use

Under what circumstances will the Florida valued policy law apply

In the event of a total loss to a building

All of the following correct in a BP EXCEPT

Inflation guard of 8% is automatically included

What are the basic eligibility requirements for the FWCJUA

Insured must have been rejected by two(2) Authorized companies and not owe any previous WC premium

All of the following are true about the Florida insurance guaranty association (FIGA) EXCEPT

Is administered by the department of financial services

When Kenny ensure cancel a PAP for nonpayment during the first 60 days

Is insured bounces check or does not pay additional premium

What does the WC law allow for the deduction of premiums from an employees wage

It does not allow any deduction from an employees pay for WC premiums

Which best describes the discovery commercial crime form

It provides coverage for any loss discovered during the policy. Or up to 60 days after policy expiration is covered regardless of when it occurred

what is a unique feature of employment related practices liability

It provides for sharing of both damages and defense expenses between the insured and the insured

Bob and Susan insurance have a mortgage on their dwelling five years into their mortgage payments Bob and Susan have a child in order to help with some of the expensive they decide to take out a home equity loan the bank approve the loan requires a pardon Susan add the bank as an additional interest to their insurance policy all of the following would protect the lender EXCEPT

Laws payable clause

If an insurer adopts a revision which would broaden coverage insured will receive the benefits without payment of any additional premium for the remainder of their current policy term (some exceptions apply) this condition is known as

Liberalization

How often must an insurance agency renew their license?

License is perpetual

Your insured delivers cargo on a regular basis to a cruise ship the insured should add which of the following to his Worker's Compensation coverage

Longshoreman and harbor workers act

All of the following are covered under a homeowners form EXCEPT

Loss from enforcement of any law regulating use, construction, demolition, or repair of property

Which of the following is CORRECT Regarding the boiler and machinery loss settlement condition

Losses are paid on a replacement cost basis

Under garage insurance (with no endorsements) if a customer test drives a dealer vehicle and has an at-fault accident, what liability limits apply?

No coverage for the customer under garage insurance unless customer carries less than 10/20/10, then it will provide up to the 10/20/10

Your new customer calls you to make a change to an application before you have submitted it to the company you make the change but the customer cannot come in to initial the change you decide to initial for the customer is this permitted under Florida statues

No it is considered fraudulent signature

In a boiler machinery policy defense in supplementary payments for liability claims are subject to what limit

No limit

Which statement best describes a "franchise" deductible under ocean marine HULL policy

No payment is made until loss reaches a certain amount then losses paid in full

How does business owners liability cover autos

Non-owned autos used in the business can be covered for liability only if there's no business auto policy

Joachim. Is purchasing a used car from a dealer the dealer is providing the financing telling Hakeem that he must purchase his insurance from the dealer in order to qualify for the loan under Florida statues this is considered

None of the above

Under Worker's Comp. law what liability does a contractor have to a subcontractor and/or how does subcontractors employees

None of the above

Which two policy coverage forms are used in a CGL

Occurrence and claims made

what office shall be responsible for all activities concerning insurers, rates, policy forms, market conduct, claims, and administrative supervision

Office of insurance regulation

Florida statute defines an "authorized insurer" as

One duly authorized by a subsisting certificate of authority

Under the businessowners policy How are the covered perils define

Open pearls and named perils

In a surety agreement which term refers to the amount of the bond

Penalty

A direct loss is defined as

Physical harm to tangible property

It was determined by the fire marshal that the oily rags left next to the hot water heater combusted and caused a fire the oily rags are an example of a

Physical hazard

The definition of a catastrophic ground collapse includes all the following except

Settling of the foundation

All of the following describes "sliding" EXCEPT

Sharing commission with an insured

Under Florida statues who is responsible for renewing appointments

The appointing entity

According to the CGL- common policy conditions forms who is responsible for paying premium and receiving return premiums

The first name insured only

Under first statues what is the effect on a license that fails to maintain an appointment and during Any 48 month for a class of insurance

The license must qualify as a first time appointee

Who is not included in the PAP definition of " insured persons"

The owner of a vehicle borrowed by the insured

Which of the following is CORRECT regarding the two small business boiler and machinery forms?

There is "no coinsurance"

Under Florida statues how long must a license keep records pertaining to premium payments

Three years

What is not a typical exclusion in an accident insurance policy

Travel as a fair paying passenger on a regularly scheduled airline

Providing any misleading representation for the purpose of including any person to take out a policy with another insurer is called

Twisting

Personal lines agent cannot so which of the following businesses

Workers compensation