FLORIDA GENERAL LINES AGENT
AND CUSTOMER REP STUDY
MANUAL GLOSSARY Questions and
Correct Answers Rated A+ Latest
Versions 2025
A deductible, which requires a deduction from the loss of a percentage
of the value of the property or a percentage of the policy, limits. -
ANSWER-Percentage Deductible:
A Florida law describing certain practices that are prohibited, such as
misrepresentation, denying claims without reasonable investigation, etc.
- ANSWER-Unfair Insurance Trade Practices Act:
This form belongs to the Commercial General Liability coverage part
ofthe Commercial Package Policy. It covers liquor liability, which is
excluded from the standard CGL forms for those who are in the business
of manufacturing, distributing, selling, sewing or furnishing alcoholic
beverages. - ANSWER-Liquor Liability Coverage:
A Boiler and Machinery coverage that covers the cost of temporary
repairs and the costs of speeding up permanent repairs, i.e., overtime, or
express transportation charges. - ANSWER-Expediting Expenses:
An endorsement to the Business Auto Policy, which covers named
persons for non—business use of autos, they do not own. Used when the
named insured furnishes an auto to another, such as an employee, who
does not own his or her own car. - ANSWER-Drive Other Car
Coverage:
A Commercial General Liability Coverage form with a coverage trigger
that states that coverage applies only to bodily injury or property damage
which occur during the policy period, regardless of when claim is made.
,- ANSWER-Occurrence Form:
,An endorsement that can be added to an auto policy to cover towing and
the costs of labor performed at the site of the disablement. - ANSWER-
Towing and Labor Endorsement:
A liability form, which is part of the Commercial General Liability part
of the Commercial Package Policy. Covers bodily injury and property
damage which occurs on or after the retroactive date, if any, and for
which a claim is first made during the policy period. - ANSWER-
CIaims—Made Form:
An adjustment where the disposition of the claim involves the payment
of a sum of money to the insured or third-party claimant. - ANSWER-
Settlement:
A Commercial Crime Coverage form which covers money and securities
for loss by theft, disappearance or destruction, both inside and outside of
the premises. - ANSWER-Theft, Disappearance and Destruction
Coverage Form:
A category of Surety bonds, which guarantees the fulfillment of
contractual obligations; includes Bid bonds, Labor and Materials bonds,
Performance bonds, Payment bonds and Supply Contract bonds. -
ANSWER-Contract Bond:
A category of judicial bonds required for most types of court litigation:
civil suits, criminal actions, appeals, etc. (Includes Bail bonds, Litigation
bonds) - ANSWER-Court Bond:
Part of the Inland Marine Coverage part of the Commercial Package
Policy. It covers various types of contractors mobile equipment needed
to conduct business. - ANSWER-Contractor's Equipment Coverage
Form:
, The party (often the insurance company), which agrees to be responsible
for loss, which may result if the principal does not keep his promise. -
ANSWER-Surety:
Surety bond required of investment companies, guaranteeing against
misrepresentation of securities and defrauding the public. - ANSWER-
Blue Sky Bond:
Coverage that can be added to a Garage policy by endorsement to insure
a dealer against loss from voluntarily parting with a covered auto by
trick or scheme or from acquiring an auto from someone who does not
have legal title. - ANSWER-False Pretense Coverage:
A form, which is a part ofthe Commercial Property Coverage Part ofthe
Commercial Package Policy. It specifies what perils are insured against
and lists exclusions. Several different versions provide increasingly
broad coverage from Basic to Broad to Special. An earthquake form is
also available. - ANSWER-Causes of Loss Form:
Bonds which guarantee that someone will perform faithfully whatever
he or she agrees to do or that someone will make an agreed upon
payment to another party. - ANSWER-Surety Bonds:
A category of Surety bonds furnished by principals who are elected or
appointed to till positions of trust, guaranteeing their faithful and honest
performance in office. - ANSWER-Public Official Bonds:
A principle of insurance, which provides that when a loss occurs, the
insured should be restored to the approximate financial condition
occupied before the loss occurred, no better, no worse. - ANSWER-
Indemnity:
In Ocean Marine insurance, a loss, which occurs when property is not
completely destroyed but the cost to salvage or repair the property,
would exceed its value. - ANSWER-Constructive Total Loss:
AND CUSTOMER REP STUDY
MANUAL GLOSSARY Questions and
Correct Answers Rated A+ Latest
Versions 2025
A deductible, which requires a deduction from the loss of a percentage
of the value of the property or a percentage of the policy, limits. -
ANSWER-Percentage Deductible:
A Florida law describing certain practices that are prohibited, such as
misrepresentation, denying claims without reasonable investigation, etc.
- ANSWER-Unfair Insurance Trade Practices Act:
This form belongs to the Commercial General Liability coverage part
ofthe Commercial Package Policy. It covers liquor liability, which is
excluded from the standard CGL forms for those who are in the business
of manufacturing, distributing, selling, sewing or furnishing alcoholic
beverages. - ANSWER-Liquor Liability Coverage:
A Boiler and Machinery coverage that covers the cost of temporary
repairs and the costs of speeding up permanent repairs, i.e., overtime, or
express transportation charges. - ANSWER-Expediting Expenses:
An endorsement to the Business Auto Policy, which covers named
persons for non—business use of autos, they do not own. Used when the
named insured furnishes an auto to another, such as an employee, who
does not own his or her own car. - ANSWER-Drive Other Car
Coverage:
A Commercial General Liability Coverage form with a coverage trigger
that states that coverage applies only to bodily injury or property damage
which occur during the policy period, regardless of when claim is made.
,- ANSWER-Occurrence Form:
,An endorsement that can be added to an auto policy to cover towing and
the costs of labor performed at the site of the disablement. - ANSWER-
Towing and Labor Endorsement:
A liability form, which is part of the Commercial General Liability part
of the Commercial Package Policy. Covers bodily injury and property
damage which occurs on or after the retroactive date, if any, and for
which a claim is first made during the policy period. - ANSWER-
CIaims—Made Form:
An adjustment where the disposition of the claim involves the payment
of a sum of money to the insured or third-party claimant. - ANSWER-
Settlement:
A Commercial Crime Coverage form which covers money and securities
for loss by theft, disappearance or destruction, both inside and outside of
the premises. - ANSWER-Theft, Disappearance and Destruction
Coverage Form:
A category of Surety bonds, which guarantees the fulfillment of
contractual obligations; includes Bid bonds, Labor and Materials bonds,
Performance bonds, Payment bonds and Supply Contract bonds. -
ANSWER-Contract Bond:
A category of judicial bonds required for most types of court litigation:
civil suits, criminal actions, appeals, etc. (Includes Bail bonds, Litigation
bonds) - ANSWER-Court Bond:
Part of the Inland Marine Coverage part of the Commercial Package
Policy. It covers various types of contractors mobile equipment needed
to conduct business. - ANSWER-Contractor's Equipment Coverage
Form:
, The party (often the insurance company), which agrees to be responsible
for loss, which may result if the principal does not keep his promise. -
ANSWER-Surety:
Surety bond required of investment companies, guaranteeing against
misrepresentation of securities and defrauding the public. - ANSWER-
Blue Sky Bond:
Coverage that can be added to a Garage policy by endorsement to insure
a dealer against loss from voluntarily parting with a covered auto by
trick or scheme or from acquiring an auto from someone who does not
have legal title. - ANSWER-False Pretense Coverage:
A form, which is a part ofthe Commercial Property Coverage Part ofthe
Commercial Package Policy. It specifies what perils are insured against
and lists exclusions. Several different versions provide increasingly
broad coverage from Basic to Broad to Special. An earthquake form is
also available. - ANSWER-Causes of Loss Form:
Bonds which guarantee that someone will perform faithfully whatever
he or she agrees to do or that someone will make an agreed upon
payment to another party. - ANSWER-Surety Bonds:
A category of Surety bonds furnished by principals who are elected or
appointed to till positions of trust, guaranteeing their faithful and honest
performance in office. - ANSWER-Public Official Bonds:
A principle of insurance, which provides that when a loss occurs, the
insured should be restored to the approximate financial condition
occupied before the loss occurred, no better, no worse. - ANSWER-
Indemnity:
In Ocean Marine insurance, a loss, which occurs when property is not
completely destroyed but the cost to salvage or repair the property,
would exceed its value. - ANSWER-Constructive Total Loss:
