Personal Lines - Florida Exam Questions And Answers

Personal Lines - Florida Exam Questions And Answers 5 Qualifications for a General Lines License - ANS 1. 18 years old 2. resident of FL or place of business in FL 3. 200-hour course or 1 yr experience in all lines 4. cannot be for writing controlled business 5. Exam waived for CPCU designation or college degree with 15 hours in insurance controlled business - ANS more than 50% of income from businesses applicant is involved in, such as family business Department of Financial Services - ANS does not make rating and underwriting rules risk - ANS chance of financial loss insurance policy - ANS written contract, including all clauses, riders, endorsements, and papers insurance - ANS a contract wherein one undertakes to indemnify another or pay a specified sum upon the happening of a determinable event binder - ANS temporary insurance - oral or written; Auto 5 days for cancellation, all others 60 days property insurance - ANS payment by insurer (company) is made to insured liability insurance - ANS payment by insurer (company) is made to others on insured's behalf personal contract - ANS contracts cover persons - not property or operations conditional contract - ANS obligations of insurer may depend upon insured satisfying some conditions contract of adhesion - ANS insureds can not negotiate the terms; one-sided contract indemnity contract - ANS one should not profit from teh proceeds of the policy but should be made whole Exceptions to indemnity - ANS 1. Valued policies 2. Florida Value Policy Law