20-44 Personal Lines Agent PreXam Flashcards ALL SETS Questions and Answers 100% Pass

20-44 Personal Lines Agent PreXam Flashcards ALL SETS Questions and Answers 100% Pass the cost to replace an item or property at the time of loss, minus depreciation - Correct Answer ️️ -Actual Cash Value (ACV) a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period - Correct Answer ️️ -Aggregate Limit conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation of all insurance licenses - Correct Answer ️️ -Aiding and Abetting an unathorized insurer insurer other than a domestic or foreign insurer - Correct Answer ️️ -Alien "open perils" insurance - protecting the insured from loss arising from any peril other than those perils specifically excluded by name - Correct Answer ️️ -All Risk Insurance the authority given by an insurer or employer to a licensee to transact insurance or adjust claims on behalf of an insurer or employer - Correct Answer ️️ -Appointment in the event the insured and the insurer cannot agree on amount of claim settlement, each appoints an appraiser - Correct Answer ️️ -Appraisal Clause policy transfer from one insured to another - Correct Answer ️️ -Assignment one authorized by a subsisting certificate of authority issued by the department to transact insurance in this state - Correct Answer ️️ -Authorized insurer an oral/written statement providing immediate insurance protection, valid for a specified period. Designed to provide temporary coverage until a policy can be issued or denied - Correct Answer ️️ -Binder single amount of coverage applies to ANY loss of injury up to the single amount - Correct Answer ️️ -Blanket Insurance a method of determing the true insurable worth of a structure or vehicle according to any measure that will prvoide the most accurate analysis of that property's value - Correct Answer ️️ -Broad Evidence Rule an originating general lines agent placing business w/ a company w/ which he/she is not appointed - Correct Answer ️️ -Brokering Agent monitors the conduct of insurers as it realtes to policyholder treatment - Correct Answer ️️ -Bureau of Market Conduct insurer may cancel only for non payment of premium, material misrepresentation or fraud, or suspension or revocation of the DL or registration of vehicle. - Correct Answer ️️ -Cancellation after 60 days of new policy or renewal F.S states an insurer can cancel for any reason except discrimination with respect to race, color, national origin, creed, marital status or sex. - Correct Answer ️️ - Cancellation during the first 60 Days of a new policy a company that provides risk mitigation services for its parent company - Correct Answer ️️ -Captive Insurance Company specifies what perils are insured against and lists exclusions. Several different versions provide increasingly broad coverage from Basic to Broad to special. - Correct Answer ️️ -Causes of Loss Form - act as an insurer - transact insurance (directly or indirectly) - solicit insurance applications If does so w/out certificate, commits 3rd degree felony - Correct Answer ️️ -Certificate of Authority the head of the department of financial services, also known as the treasurer. - Correct Answer ️️ -Chief Financial Officer Merged together in 2001 from FRPCJUA and FWUA to provide a market for those residential Properties unable to obtain Coverage in Voluntary market - Correct Answer ️️ -Citizens lower rates for insureds who insure a high percentage of the value of the subject property - Correct Answer ️️ -Coinsurance requires insured to pay part of loss if coverage is less than the specified percentage of the value of the property at the time of loss FORMULA: Loss x (Limit of Insurance/Value of Property x Coinsurance %) = Loss Settlement - Correct Answer ️️ -Coinsurance Clause Loss X Limits of insurance/value of property x coinsurance percentage = Loss Settlement - Correct Answer ️️ -Coinsurance Formula - foreign or alien insurer authorized to do business in this state - during 3 fiscal years - written avg 25%+ direct premiums in this state than in state of domicile - direct premiums are 55%+ of its total premiums written in U.S. during 3 fiscal years - Correct Answer ️️ -Commercially Domiciled Insurer reduces a plaintiff's damages by the plaintiff's degree of negligence - Correct Answer ️️ -Comparative Negligence Rule Property and liability insurance Policies are said to be conditional contracts because the obligation OR the insurer to perform may be condition Upon the insured satisfying Certain conditions. - Correct Answer ️️ -Conditional Contract Parties are of un equal bargain power. and one party (the insured) cannot negotiate the terms. having to take the offer of the other party (the insurer) as made - Correct Answer ️️ -Contract of Adhesion if one contributed to their own injuries in any way, they could not recover a dime from others - Correct Answer ️️ -Contributory Negligence Rule when the majority of insurance written is for family members - Correct Answer ️️ - Controlled Business