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20-44 Personal Lines Agent PreXam Flashcards ALL SETS Questions
with 100% Verified Answers 2025 | 2026
the cost to replace an item or property at the time of loss,
minus depreciation - 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 - ANSWER
Aggregate Limit
conviction of a 3rd degree felony, liability for all unpaid claims,
suspencion or revocation of all insurance licenses - ANSWER
Aiding and Abetting an unathorized insurer
insurer other than a domestic or foreign insurer - ANSWER Alien
"open perils" insurance - protecting the insured from loss
arising from any peril other than those perils specifically
excluded by name - ANSWER All Risk Insurance
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the authority given by an insurer or employer to a licensee to
transact insurance or adjust claims on behalf of an insurer or
employer - ANSWER Appointment
in the event the insured and the insurer cannot agree on
amount of claim settlement, each appoints an appraiser -
ANSWER Appraisal Clause
policy transfer from one insured to another - ANSWER
Assignment
one authorized by a subsisting certificate of authority issued by
the department to transact insurance in this state - 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 -
ANSWER Binder
single amount of coverage applies to ANY loss of injury up to
the single amount - ANSWER Blanket Insurance
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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 - ANSWER Broad
Evidence Rule
an originating general lines agent placing business w/ a
company w/ which he/she is not appointed - ANSWER
Brokering Agent
monitors the conduct of insurers as it realtes to policyholder
treatment - 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. - 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. - ANSWER Cancellation during the first 60
Days of a new policy
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a company that provides risk mitigation services for its parent
company - 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. - 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 - ANSWER Certificate of Authority
the head of the department of financial services, also known as
the treasurer. - 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 - ANSWER Citizens
lower rates for insureds who insure a high percentage of the
value of the subject property - ANSWER Coinsurance
20-44 Personal Lines Agent PreXam Flashcards ALL SETS Questions
with 100% Verified Answers 2025 | 2026
the cost to replace an item or property at the time of loss,
minus depreciation - 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 - ANSWER
Aggregate Limit
conviction of a 3rd degree felony, liability for all unpaid claims,
suspencion or revocation of all insurance licenses - ANSWER
Aiding and Abetting an unathorized insurer
insurer other than a domestic or foreign insurer - ANSWER Alien
"open perils" insurance - protecting the insured from loss
arising from any peril other than those perils specifically
excluded by name - ANSWER All Risk Insurance
,2|Page
the authority given by an insurer or employer to a licensee to
transact insurance or adjust claims on behalf of an insurer or
employer - ANSWER Appointment
in the event the insured and the insurer cannot agree on
amount of claim settlement, each appoints an appraiser -
ANSWER Appraisal Clause
policy transfer from one insured to another - ANSWER
Assignment
one authorized by a subsisting certificate of authority issued by
the department to transact insurance in this state - 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 -
ANSWER Binder
single amount of coverage applies to ANY loss of injury up to
the single amount - ANSWER Blanket Insurance
,3|Page
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 - ANSWER Broad
Evidence Rule
an originating general lines agent placing business w/ a
company w/ which he/she is not appointed - ANSWER
Brokering Agent
monitors the conduct of insurers as it realtes to policyholder
treatment - 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. - 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. - ANSWER Cancellation during the first 60
Days of a new policy
, 4|Page
a company that provides risk mitigation services for its parent
company - 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. - 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 - ANSWER Certificate of Authority
the head of the department of financial services, also known as
the treasurer. - 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 - ANSWER Citizens
lower rates for insureds who insure a high percentage of the
value of the subject property - ANSWER Coinsurance
