Florida Insurance 2-20 Correct Questions & Answers!!

Abandonment Clause - ANSWER often contained in a p/c policy stating that the insured cannot abandon damaged property to the (dump on) insurer and demand reimbursement for the full value. Accident - ANSWER Sudden fortuitous event Accounts Receivable Coverage Form - ANSWER Inland Marine Coverage form which insures against loss the insured suffers becasuse of an inability to collect from customers when AR records are damaged. Actual Cash Value (ACV) - ANSWER Current cost to replace and item of property at the time of loss, less an allowance for depreciation. Most basic way to determine amount of reimbursement for a loss (Replacement Costs -Depreciation). Admitted Aircraft Liability Coverage - ANSWER Coverage sometimes written in conjunction w/ Aircraft Passenger Liability which can provide reimbursement for death of dismemberment. Aggregate Limit - ANSWER Type of policy limit found in liability policies which limits coverage to a specified total amount for all losses occurring within the policy period. Agreed Value - ANSWER Written with property insurance policies. It waives the coinsurance clause and requires the insured to carry insurance equal to at least 80% of a signed statement of values filed with the company Aircraft Hull Insurance - ANSWER Physical damage insurance provided to cover the loss or damage to an insured aircraft, in motion, not in motion or both. Aircraft Liability Insurance - ANSWER Coverage written to cover public and passenger liability and property damage Airport and Air Meet Liability - ANSWER Coverage that provides protection to airports for bodily injury and property damage liability Allied Lines - ANSWER Property coverages which are closely associated and frequently sold w/ fire ins. i.e. Dwelling, Earthquake, Sprinkler ins. All Risk Insurance - ANSWER Better known as "ope