Florida 2-20 General Lines Insurance Exam fully solved & updated
(latest version verified for accuracy) | Latest!!
5 qualifications to become a General Lines agent - (ANSWER)1. At least 18 years of age
2. United States citizen or legal alien
3. Bona fide resident of Florida
4. Place of business located in Florida
5. Not licensed for purpose of writing controlled business
Department of Financial Services (DFS) - (ANSWER)1. Approves issuance of licenses to agents, CR, and
adjusters
2. Supervisions of claims
3. Investigate charges of unethical conduct and take judicial actions
Office of Insurance Regulation (OIR) - (ANSWER)1. Examines the qualifications of the insurance
companies doing business in FL
2. Examines the financial conditions of companies
3. Approves forms, rules, and rates
Office of Financial Regulation (OFR) - (ANSWER)1. Provides regulatory oversight to FL's financial
providers
2. Reports to the FL Service Commission
FL Surplus Lines Service Office - (ANSWER)1. Oversees the surplus lines industry
2. Reviews all surplus lines policies and documents
3. Collects surplus lines and taxes and fees
Risk - (ANSWER)Chance of financial loss
Policy - (ANSWER)Is a written contract for effecting insurance and includes clauses, riders,
endorsements, and papers which are apart of the contract
, Florida 2-20 General Lines Insurance Exam fully solved & updated
(latest version verified for accuracy) | Latest!!
Insurance - (ANSWER)Is a contract where one undertakes to indemnify another or pay a specified
amount determined on contingencies
Binders - (ANSWER)Temporary insurance which can be made orally or written. The insurer shall give 5
days' prior notice of cancelling a binder unless the binder is replace by a policy. No notice is required
unless the binder exceeds 60 days.
Property Insurance - (ANSWER)Where payment is made directly to the insured or other named interest
Liability Insurance - (ANSWER)Where payment is made on behalf of the insured to another
Contract of Adhesion - (ANSWER)Parties have unequal bargaining power such as the insured cannot
negotiate the terms of the insurer. Ambiguities found in the policy are usually found in favor of the
insured.
Indemnity Contract - (ANSWER)One party should be put back in the same financial condition they were
before the loss. Never profit from a loss.
Peril - (ANSWER)Contingency that may cause a loss
Hazard - (ANSWER)Condition that increases the likelihood of a loss from a covered peril.
Physical Hazard - (ANSWER)Physical Characteristics that increases the probability and severity of loss
(i.e. Ice-covered steps)
Moral Hazard - (ANSWER)Intentional Loss (i.e. Intentionally burning down your house to collect
insurance payout)
(latest version verified for accuracy) | Latest!!
5 qualifications to become a General Lines agent - (ANSWER)1. At least 18 years of age
2. United States citizen or legal alien
3. Bona fide resident of Florida
4. Place of business located in Florida
5. Not licensed for purpose of writing controlled business
Department of Financial Services (DFS) - (ANSWER)1. Approves issuance of licenses to agents, CR, and
adjusters
2. Supervisions of claims
3. Investigate charges of unethical conduct and take judicial actions
Office of Insurance Regulation (OIR) - (ANSWER)1. Examines the qualifications of the insurance
companies doing business in FL
2. Examines the financial conditions of companies
3. Approves forms, rules, and rates
Office of Financial Regulation (OFR) - (ANSWER)1. Provides regulatory oversight to FL's financial
providers
2. Reports to the FL Service Commission
FL Surplus Lines Service Office - (ANSWER)1. Oversees the surplus lines industry
2. Reviews all surplus lines policies and documents
3. Collects surplus lines and taxes and fees
Risk - (ANSWER)Chance of financial loss
Policy - (ANSWER)Is a written contract for effecting insurance and includes clauses, riders,
endorsements, and papers which are apart of the contract
, Florida 2-20 General Lines Insurance Exam fully solved & updated
(latest version verified for accuracy) | Latest!!
Insurance - (ANSWER)Is a contract where one undertakes to indemnify another or pay a specified
amount determined on contingencies
Binders - (ANSWER)Temporary insurance which can be made orally or written. The insurer shall give 5
days' prior notice of cancelling a binder unless the binder is replace by a policy. No notice is required
unless the binder exceeds 60 days.
Property Insurance - (ANSWER)Where payment is made directly to the insured or other named interest
Liability Insurance - (ANSWER)Where payment is made on behalf of the insured to another
Contract of Adhesion - (ANSWER)Parties have unequal bargaining power such as the insured cannot
negotiate the terms of the insurer. Ambiguities found in the policy are usually found in favor of the
insured.
Indemnity Contract - (ANSWER)One party should be put back in the same financial condition they were
before the loss. Never profit from a loss.
Peril - (ANSWER)Contingency that may cause a loss
Hazard - (ANSWER)Condition that increases the likelihood of a loss from a covered peril.
Physical Hazard - (ANSWER)Physical Characteristics that increases the probability and severity of loss
(i.e. Ice-covered steps)
Moral Hazard - (ANSWER)Intentional Loss (i.e. Intentionally burning down your house to collect
insurance payout)
