20-44 Personal Lines Agent PreXam Save
Flashcards ALL SETS
Terms in this set (817)
the cost to replace an item or property at Actual Cash Value (ACV)
the time of loss, minus depreciation
a type of policy limit which limits coverage Aggregate Limit
to a specified total amount for all losses
occuring w/in the policy period
conviction of a 3rd degree felony, liability Aiding and Abetting an unathorized insurer
for all unpaid claims, suspencion or
revocation of all insurance licenses
insurer other than a domestic or foreign Alien
insurer
,"open perils" insurance - protecting the All Risk Insurance
insured from loss arising from any peril
other than those perils specifically
excluded by name
the authority given by an insurer or Appointment
employer to a licensee to transact
insurance or adjust claims on behalf of an
insurer or employer
in the event the insured and the insurer Appraisal Clause
cannot agree on amount of claim
settlement, each appoints an appraiser
policy transfer from one insured to another Assignment
one authorized by a subsisting certificate Authorized insurer
of authority issued by the department to
transact insurance in this state
an oral/written statement providing Binder
immediate insurance protection, valid for a
specified period. Designed to provide
temporary coverage until a policy can be
issued or denied
,single amount of coverage applies to ANY Blanket Insurance
loss of injury up to the single amount
a method of determing the true insurable Broad Evidence Rule
worth of a structure or vehicle according to
any measure that will prvoide the most
accurate analysis of that property's value
an originating general lines agent placing Brokering Agent
business w/ a company w/ which he/she is
not appointed
monitors the conduct of insurers as it Bureau of Market Conduct
realtes to policyholder treatment
insurer may cancel only for non payment of Cancellation after 60 days of new policy or renewal
premium, material misrepresentation or
fraud, or suspension or revocation of the
DL or registration of vehicle.
F.S states an insurer can cancel for any Cancellation during the first 60 Days of a new policy
reason except discrimination with respect
to race, color, national origin, creed, marital
status or sex.
, a company that provides risk mitigation Captive Insurance Company
services for its parent company
specifies what perils are insured against Causes of Loss Form
and lists exclusions. Several different
versions provide increasingly broad
coverage from Basic to Broad to special.
- act as an insurer - transact insurance Certificate of Authority
(directly or indirectly) - solicit insurance
applications If does so w/out certificate,
commits 3rd degree felony
the head of the department of financial Chief Financial Officer
services, also known as the treasurer.
Merged together in 2001 from FRPCJUA Citizens
and FWUA to provide a market for those
residential Properties unable to obtain
Coverage in Voluntary market
lower rates for insureds who insure a high Coinsurance
percentage of the value of the subject
property
Flashcards ALL SETS
Terms in this set (817)
the cost to replace an item or property at Actual Cash Value (ACV)
the time of loss, minus depreciation
a type of policy limit which limits coverage Aggregate Limit
to a specified total amount for all losses
occuring w/in the policy period
conviction of a 3rd degree felony, liability Aiding and Abetting an unathorized insurer
for all unpaid claims, suspencion or
revocation of all insurance licenses
insurer other than a domestic or foreign Alien
insurer
,"open perils" insurance - protecting the All Risk Insurance
insured from loss arising from any peril
other than those perils specifically
excluded by name
the authority given by an insurer or Appointment
employer to a licensee to transact
insurance or adjust claims on behalf of an
insurer or employer
in the event the insured and the insurer Appraisal Clause
cannot agree on amount of claim
settlement, each appoints an appraiser
policy transfer from one insured to another Assignment
one authorized by a subsisting certificate Authorized insurer
of authority issued by the department to
transact insurance in this state
an oral/written statement providing Binder
immediate insurance protection, valid for a
specified period. Designed to provide
temporary coverage until a policy can be
issued or denied
,single amount of coverage applies to ANY Blanket Insurance
loss of injury up to the single amount
a method of determing the true insurable Broad Evidence Rule
worth of a structure or vehicle according to
any measure that will prvoide the most
accurate analysis of that property's value
an originating general lines agent placing Brokering Agent
business w/ a company w/ which he/she is
not appointed
monitors the conduct of insurers as it Bureau of Market Conduct
realtes to policyholder treatment
insurer may cancel only for non payment of Cancellation after 60 days of new policy or renewal
premium, material misrepresentation or
fraud, or suspension or revocation of the
DL or registration of vehicle.
F.S states an insurer can cancel for any Cancellation during the first 60 Days of a new policy
reason except discrimination with respect
to race, color, national origin, creed, marital
status or sex.
, a company that provides risk mitigation Captive Insurance Company
services for its parent company
specifies what perils are insured against Causes of Loss Form
and lists exclusions. Several different
versions provide increasingly broad
coverage from Basic to Broad to special.
- act as an insurer - transact insurance Certificate of Authority
(directly or indirectly) - solicit insurance
applications If does so w/out certificate,
commits 3rd degree felony
the head of the department of financial Chief Financial Officer
services, also known as the treasurer.
Merged together in 2001 from FRPCJUA Citizens
and FWUA to provide a market for those
residential Properties unable to obtain
Coverage in Voluntary market
lower rates for insureds who insure a high Coinsurance
percentage of the value of the subject
property
