Personal Lines – Florida Exam Questions and Answers 100% Accurate

Blanket Insurance - ANSWER-single amount of coverage on more than one building Bodily injury - ANSWER-bodily harm, sickness or disease resulting in death Business - ANSWER-trade, profession, occupation Cancellation - Auto - After 60 days - ANSWER-Must give 45 day notice for nonrenewal, 10 day notice for nonpayment. Cancellation - Auto - First 60 days - ANSWER-May cancel for failure to respond to notice of additional premium. May cancel for total destruction, purchasing insurance elsewhere, or after selling the vehicle. Cancellation - Mechanical Breakdown Policy - ANSWER-45 days nonrenewal, 10 days nonpayment Co-insurance - ANSWER-artificial device that encourages the insured to pruchase insurance to a previously agreed amount - 80%, 90%, 100% - [(Did) / (%)(Value of property at time of loss)] x Loss Amount = Amount paid by company Collision - ANSWER-upset or impact with another object concealment - ANSWER-failure to reveal relevant facts conditional contract - ANSWER-obligations of insurer may depend upon insured satisfying some conditions contract of adhesion - ANSWER-insureds can not negotiate the terms; one-sided contract controlled business - ANSWER-more than 50% of income from businesses applicant is involved in, such as family business Damage to your Auto - ANSWER-pays for direct and accidental loss of "your covered auto" and "non-owned auto" Department of Financial Services - ANSWER-does not make rating and underwriting rules direct loss - ANSWER-physical harm to tangible property DMV - ANSWER-Administers Financial Responsibility Law