Florida Insurance 20-44 Exam Study Guide 100% Accurate!!

insurance - ANSWER ________________ is a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies. liberalization - ANSWER The ______________ provision broadens an insured's coverage without an increase in premium when the insurer has adopted a generic global policy revision. casualty - ANSWER ______________ insurance is insurance which pays on behalf of the insured's legal liability. severability - ANSWER "________________ of Interest" means insurance applies separately to each insured. policy - ANSWER A _________ is a written contract of or a written agreement for or affecting insurance. $40,000 - ANSWER A homeowner with a Homeowners policy with $500,000 of coverage and a 2% windstorm deductible suffers a windstorm loss of $50,000 - how much will the insured collect on their claim? pro-rata - ANSWER The "Other Policy" provision which apportions responsibility with each company paying in proportion to the limit it bears in relation to all limits. physical hazard - ANSWER A physical characteristic which increase the probability and severity of loss is a.... $200,000 - ANSWER A private passenger automobile policy has a single bodily injury liability limit of $500,000 - the insured is involved in an at-fault accident and four individuals in the other car have injuries of $50,000 each - how much will the policy pay in total? indirect - ANSWER An example of an ______________ loss is the loss of use of tangible property. $1,550 - ANSWER An insured has a $250 Collision deductible on her auto policy - the insured hit a large oak tree in a single vehicle accident resulting in $1,800 in damages - how much will the insurance company pay the insured?