FL 4-40 License Exam Questions and Answers 100% Pass

FL 4-40 License Exam Questions and Answers 100% Pass Risk - Correct Answer ️️ -the chance of financial loss what is the only way that a person can transfer the risk of exposure to the insurance company? - Correct Answer ️️ -Is if the insurance company can measure the risk What is an insurance policy soley designed to do? - Correct Answer ️️ -to recompose the insured for a financial loss Insurance - Correct Answer ️️ -a contract which one party indemnifies another party a specific amount Insured - Correct Answer ️️ -any person or organization specifically designated by name for whom coverage is afforded in an insurance company. Is the customer, the insured or the insurer - Correct Answer ️️ -insured Insurer - Correct Answer ️️ -insurance companies What must the insurer do before they are permitted to operate in a state - Correct Answer ️️ -admitted or authorized What is the process for the insurer to be approved by that state - Correct Answer ️️ -1. Reviewing insurers financial status 2. policy terms 3. rates 4. underwriting guidelines 5. claims procedures Nonadmitted or Unauthorized - Correct Answer ️️ -insurers have not elected to do business in a state and have not filed for admittance Policy - Correct Answer ️️ -written contract or agreement effecting insurance, including clauses, and endorsements Elements of a Contract - Correct Answer ️️ -Declarations Page: information page Insuring Agreement: promise to pay Conditions: rules of the policy Exclusions: situations which are not covered Insuring Agreement - Correct Answer ️️ -Named Insured and Address, Policy Period, Premium, Limits, Loss Payee, Mortgage period Declaration Page - Correct Answer ️️ --Basic information about an insurance policy -First Page - Quick guide to (what is covered, limits of coverage, the effective date, the end date) - information the policyholder needs to know - information about the issuing agent - what is insured, how much, under what circumstances, and for how long Insuring Agreement - Correct Answer ️️ -portion of the policy the insurer promises to make payment for covered perils. Coverage Form - Correct Answer ️️ -from which a policy is constructed Exclusions and Definitions - Correct Answer ️️ -insuring agreements outline a broad scope of types of coverage Conditions - Correct Answer ️️ -rules of the policy that the insured and insurance company must abide by or the policy could be terminated by the the p