FLORIDA 4 40 ACTUAL EXAM PAPER
QUESTIONS WITH SOLUTIONS GRADED
A
◉ Cancellation of auto insurance coverage requires ____ days notice.
Answer: 30 days notice
◉ Payment of damages by the insurance company directly to those
injured by the insured. Answer: Liability Insurance
◉ The portion of an insurance contract that sets forth the rights and
duties of the insured and the insurance company. Answer: Conditions
◉ Any actual, lawful and substantial economic interest in the safety or
preservation of the subject of the insurance free from loss, destruction or
pecuniary damage or impairment. A claim ay be paid only when this
exists. Answer: Insurable Intrest
◉ An oral or 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
◉ All insurance policies contain __________. Answer: Conditions
, ◉ What four parts comprise all property and liability insurance
contracts? Answer: Declarations, Insuring Agreement(s), Exclusions,
Conditions
◉ All of the following are contained in the Policy Declarations,
EXCEPT:
- Subjects covered
- Policy limits
- Exclusions
- Nature of risk. Answer: - Exclusions
◉ A civil wrong not arising from contract. Answer: Tort
◉ An insured has a $200 straight deductible and a $500 loss. How much
will the insurer pay? Answer: $300
◉ An insured has a $300 franchise deductible and a $850 loss. How
much will the insurer pay? Answer: $850
◉ What are the main responsibilities of the insured following a loss?
Answer: -Giving prompt notice
-Cooperating with the insurer
-Insured must act in a way to preserve the insurer's rights
QUESTIONS WITH SOLUTIONS GRADED
A
◉ Cancellation of auto insurance coverage requires ____ days notice.
Answer: 30 days notice
◉ Payment of damages by the insurance company directly to those
injured by the insured. Answer: Liability Insurance
◉ The portion of an insurance contract that sets forth the rights and
duties of the insured and the insurance company. Answer: Conditions
◉ Any actual, lawful and substantial economic interest in the safety or
preservation of the subject of the insurance free from loss, destruction or
pecuniary damage or impairment. A claim ay be paid only when this
exists. Answer: Insurable Intrest
◉ An oral or 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
◉ All insurance policies contain __________. Answer: Conditions
, ◉ What four parts comprise all property and liability insurance
contracts? Answer: Declarations, Insuring Agreement(s), Exclusions,
Conditions
◉ All of the following are contained in the Policy Declarations,
EXCEPT:
- Subjects covered
- Policy limits
- Exclusions
- Nature of risk. Answer: - Exclusions
◉ A civil wrong not arising from contract. Answer: Tort
◉ An insured has a $200 straight deductible and a $500 loss. How much
will the insurer pay? Answer: $300
◉ An insured has a $300 franchise deductible and a $850 loss. How
much will the insurer pay? Answer: $850
◉ What are the main responsibilities of the insured following a loss?
Answer: -Giving prompt notice
-Cooperating with the insurer
-Insured must act in a way to preserve the insurer's rights
