Personal Lines License 20-44 Exam Questions and Answers 100% Pass

Personal Lines License 20-44 Exam Questions and Answers 100% Pass Warranty - Correct Answer ️️ -policy condition, either based on information in the insured's application or inserted by the insurer Misrepresentation - Correct Answer ️️ -an untrue statement by the insured, made in an application but does not become a part of the policy Broad Evidence Rule - Correct Answer ️️ -a method of determing the true insurable worth of a structure or vehicle according to any measure that will prvoide the most accurate analysis of that property's value State - Correct Answer ️️ -a jurisdiction other than the state of Florida (any state, district, territory, or commonwealth in the U.S.) authorized insurer - Correct Answer ️️ -one authorized by a subsisting certificate of authority issued by the department to transact insurance in this state Office of Insurance Regulation - Correct Answer ️️ -regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets (regulatory oversight of company solvency, policy forms and rates, market conduct performance, and new company entrants in the FL market Causes of Loss Form - Correct Answer ️️ -specifies what perils are insured against and lists exclusions. Several different versions provide increasingly broad coverage from Basic to Broad to special. An earthquake form is also available Split Limits - Correct Answer ️️ -policy limits that apply one limit to each person injured, another for BI claims of all persons insured in a single accident, and a separate limit for all property damage arising out of a single accident (i.e. 15/30/10) Severability - Correct Answer ️️ -insurance applies separately to each insureds Arbitration Clause - Correct Answer ️️ -in the event the insured and the insurer cannot agree on amount of claim settlement, each appoints an appraiser Liberalization - Correct Answer ️️ -if insurer broadens coverage w/out additional premium w/in some period of time prior to the policy period (60 days) or during the policy period, the insured receives the benefit Pro Rata - Correct Answer ️️ -pay the proportion (limit: all limits) (i.e.$25,000/$100,000 =1/4) Primary - Correct Answer ️️ -applies 1st up to its limit Excess - Correct Answer ️️ -all other insurances exhausted before the policy will apply Equal Shares - Correct Answer ️️ -contribution based on the amount of policies regardless of their limits Assignment - Correct Answer ️️ -policy transfer from one insured to another Subrogation - Correct Answer ️️ -insured has the right to collect damages from another party but elects to claim the damages from her own insurance policy Indemnity - Correct Answer ️️ -a principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occured, no better, no worse Loss Payee - Correct Answer ️️ -the person designated on an insurance policy as the one to be paid in case the property is damaged/destroyed Damages - Correct Answer ️️ -money amount w/ which liability insurance is concerned Special Damages - Correct Answer ️️ -reimbursement for out of pocket expenses General Damages - Correct Answer ️️ -reimbursement for damages that do not readily have quantitative measurement Punitive Damages - Correct Answer ️️ -due to negligence by defendent Insurance - Correct Answer ️️ -a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon de