2-20 Florida General Lines Study Exam Questions With Verified Answers

2-20 Florida General Lines Study Exam Questions With Verified Answers Dept of Financial Services- - answerapprove license, supervise claims, investigate unethical conduct Office of Insurance Regulation- - answerexamine qualifications of insurance companies, examine financial conditions of companies, approve forms, rules, and rates Office of Financial Regulations - answerOversee the surplus lines industry, reviews surplus lines policies and documents, collects surplus lines taxes and fees definition of a risk as related to insurance - answerchance of a financial loss describe a binder - answercan be oral or written, places insurance into effect prior to issuance, affords the same coverage as the policy insurance is contract of indemnity - answerpaying an insured $10,000 for a painting that is specifically scheduled. describe insurable interest - answerestablishes the limit of the policy's response, must exist at the time of loss, the insured would suffer economic loss