Florida Property & Casualty Insurance Final Exam And Correct Answers 100% 2024.

Answer The law of large numbers examines how likely an event will occur, such as using the information that 1 in every 500 cars will be stolen and selling 500 auto policies to cover the one theft. Answer Solicitors sell insurance policies, receive insurance premiums and represent the insurance company. They share several duties with agents and can work for agents, but they cannot issue or countersign policies. Answer Rebating is the practice of returning a portion of the premium or the agent's/broker's commission to the insured or providing other inducements (e.g., cash, gifts) to obtain the client's business or to buy a policy from a specific insurer. While rebating is illegal in most states, it is currently legal in California and Florida. Answer Solicitors sell insurance policies, receive insurance premiums and represent the insurance company. They share several duties with agents and can work for agents, but they cannot issue or countersign policies. Countersigning refers to the insurance agent's authentication of an insurance contract. An agent is required to review and sign new insurance policies Answer In the event of a loss to property, aside from the insurance company, the insured also has responsibilities, such as the duty to perform temporary repairs that are necessary to secure the property, the duty to retain all receipts for materials and labor required to make any temporary repairs and a duty to take reasonable action to prevent any additional damage to the property. The insured does not typically have a duty to hire someone to restore the property to its original condition and then request reimbursement from the insurance company. Generally, the insured has no duty to completely repair property before obtaining reimbursement. Answer The driver other car endorsement can be added to an automobile policy to cover the insured when the insured is operating a vehicle other than the specific vehicle named in the insured's policy.