20-44 Personal Lines Practice Exam
100% Accurate!
What is the windshield deductible for Florida? - ANSWERSNo deductible
What is Arbitration? - ANSWERSPROCEDURE in which an insurance company and the
insured or a vendor agree to settle a claim dispute by accepting a decision based on a
third party
What does TRIA include or exclude? - ANSWERS1. an act of terrorism
2. violent act or an act that is dangerous to human life, property or infrastructure
3. to have resulted in damage within the U.S. or outside the U.U. in the case of U.S. air
carriers as vessels and/or missions
4. To have been communions What is Appraisal? - ANSWERSA SURVEY that
determines value (not coverage) of property without legal action
What is the definition of Assignment? - ANSWERSA transfer of legal rights under, or
interest in, an insurance policy to another party
How is assignment used or not used in insurance? - ANSWERSOne cannot transfer
policy to another without the company's written permission. Not valid without insurers
consent in writing.
What is the "Fair Credit Reporting Act"? - ANSWERSA federal act aiming to promote
the fairness and accuracy of information contained in consumer reports
How do carriers use the Fair Credit Reporting Act for underwriting? - ANSWERS
What is the Terrorism Risk Insurance Act (Terrorist Act)? - ANSWERSFederal
legislation enacted in 2002 to guarantee the availability of reinsurance coverage against
acts of terrorism.
100% Accurate!
What is the windshield deductible for Florida? - ANSWERSNo deductible
What is Arbitration? - ANSWERSPROCEDURE in which an insurance company and the
insured or a vendor agree to settle a claim dispute by accepting a decision based on a
third party
What does TRIA include or exclude? - ANSWERS1. an act of terrorism
2. violent act or an act that is dangerous to human life, property or infrastructure
3. to have resulted in damage within the U.S. or outside the U.U. in the case of U.S. air
carriers as vessels and/or missions
4. To have been communions What is Appraisal? - ANSWERSA SURVEY that
determines value (not coverage) of property without legal action
What is the definition of Assignment? - ANSWERSA transfer of legal rights under, or
interest in, an insurance policy to another party
How is assignment used or not used in insurance? - ANSWERSOne cannot transfer
policy to another without the company's written permission. Not valid without insurers
consent in writing.
What is the "Fair Credit Reporting Act"? - ANSWERSA federal act aiming to promote
the fairness and accuracy of information contained in consumer reports
How do carriers use the Fair Credit Reporting Act for underwriting? - ANSWERS
What is the Terrorism Risk Insurance Act (Terrorist Act)? - ANSWERSFederal
legislation enacted in 2002 to guarantee the availability of reinsurance coverage against
acts of terrorism.
