214 Florida Insurance Exam A+ Questions
and Answers Verified Solutions Latest
Update 2026/2027
Answer:
CHANCE
■ Policy
Answer:
a written contract for effecting insurance and includes Clauses, Riders, endorsements, and papers
which are part of the contract
■ Insurance
Answer:
a contract where one undertakes to indemnify another or pay a specific amount determined on
contingencies
■ Binders
Answer:
temporary insurance which can be made orally or written
■ property insurance
Answer:
where payment is made directly to the insured or other named interest
■ liability insurance
Answer:
where payment is made on behalf of the insured to another
■ Indemnity contract
Answer:
,one-party should be put back in the same Financial condition they were before the loss. Never
profit from A Loss.
■ replacement cost
Answer:
given new for old
■ agreed value
Answer:
specific amount agreed in advance
■ Florida value policy law
Answer:
paid limit for total loss
■ liability
Answer:
pays amount that exceeds insured's resources
■ insurable interest
Answer:
insured would suffer economic loss
■ peril
Answer:
a contingency that may cause a loss example Wind, Fire, theft
■ hazard
Answer:
a condition that increases the likelihood of a loss from a covered peril
■ physical hazard
Answer:
, physical characteristics that increase the probability and severity of loss example ice-covered steps
■ moral hazard
Answer:
intentional loss
example steal from employer
■ Morale hazard
Answer:
accident prone or carelessness example did not lock the car door
■ proximate cause
Answer:
root cause
a doctrine that states when there is an unbroken connection between An Occurrence and damage
that grows out of the occurrence, then the resultant damage is all part of the occurrence.
■ direct loss
Answer:
physical harm to tangible property
■ indirect loss
Answer:
economic loss which flows as a consequence of the direct loss
example hotel stay after a fire
■ actual cash value
Answer:
is the current cost to replace the item minus depreciation
■ replacement cost
Answer:
is the actual cost to repair or replace property
■ valued policy
and Answers Verified Solutions Latest
Update 2026/2027
Answer:
CHANCE
■ Policy
Answer:
a written contract for effecting insurance and includes Clauses, Riders, endorsements, and papers
which are part of the contract
■ Insurance
Answer:
a contract where one undertakes to indemnify another or pay a specific amount determined on
contingencies
■ Binders
Answer:
temporary insurance which can be made orally or written
■ property insurance
Answer:
where payment is made directly to the insured or other named interest
■ liability insurance
Answer:
where payment is made on behalf of the insured to another
■ Indemnity contract
Answer:
,one-party should be put back in the same Financial condition they were before the loss. Never
profit from A Loss.
■ replacement cost
Answer:
given new for old
■ agreed value
Answer:
specific amount agreed in advance
■ Florida value policy law
Answer:
paid limit for total loss
■ liability
Answer:
pays amount that exceeds insured's resources
■ insurable interest
Answer:
insured would suffer economic loss
■ peril
Answer:
a contingency that may cause a loss example Wind, Fire, theft
■ hazard
Answer:
a condition that increases the likelihood of a loss from a covered peril
■ physical hazard
Answer:
, physical characteristics that increase the probability and severity of loss example ice-covered steps
■ moral hazard
Answer:
intentional loss
example steal from employer
■ Morale hazard
Answer:
accident prone or carelessness example did not lock the car door
■ proximate cause
Answer:
root cause
a doctrine that states when there is an unbroken connection between An Occurrence and damage
that grows out of the occurrence, then the resultant damage is all part of the occurrence.
■ direct loss
Answer:
physical harm to tangible property
■ indirect loss
Answer:
economic loss which flows as a consequence of the direct loss
example hotel stay after a fire
■ actual cash value
Answer:
is the current cost to replace the item minus depreciation
■ replacement cost
Answer:
is the actual cost to repair or replace property
■ valued policy
