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20-44 Personal Lines Practice Exam 100% Accurate!

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What is the windshield deductible for Florida? - ANSWERSNo deductible What is Arbitration? - ANSWERSPROCEDURE in which an insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision based on a third party What does TRIA include or exclude? - ANSWERS1. an act of terrorism 2. violent act or an act that is dangerous to human life, property or infrastructure 3. to have resulted in damage within the U.S. or outside the U.U. in the case of U.S. air carriers as vessels and/or missions 4. To have been communions What is Appraisal? - ANSWERSA SURVEY that determines value (not coverage) of property without legal action What is the definition of Assignment? - ANSWERSA transfer of legal rights under, or interest in, an insurance policy to another party How is assignment used or not used in insurance? - ANSWERSOne cannot transfer policy to another without the company's written permission. Not valid without insurers consent in writing. What is the "Fair Credit Reporting Act"? - ANSWERSA federal act aiming to promote the fairness and accuracy of information contained in consumer reports How do carriers use the Fair Credit Reporting Act for underwriting? - ANSWERS What is the Terrorism Risk Insurance Act (Terrorist Act)? - ANSWERSFederal legislation enacted in 2002 to guarantee the availability of reinsurance coverage against

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20-44 Personal Lines Practice Exam
100% Accurate!

What is the windshield deductible for Florida? - ANSWERSNo deductible

What is Arbitration? - ANSWERSPROCEDURE in which an insurance company and the
insured or a vendor agree to settle a claim dispute by accepting a decision based on a
third party

What does TRIA include or exclude? - ANSWERS1. an act of terrorism
2. violent act or an act that is dangerous to human life, property or infrastructure
3. to have resulted in damage within the U.S. or outside the U.U. in the case of U.S. air
carriers as vessels and/or missions
4. To have been communions What is Appraisal? - ANSWERSA SURVEY that
determines value (not coverage) of property without legal action

What is the definition of Assignment? - ANSWERSA transfer of legal rights under, or
interest in, an insurance policy to another party

How is assignment used or not used in insurance? - ANSWERSOne cannot transfer
policy to another without the company's written permission. Not valid without insurers
consent in writing.
What is the "Fair Credit Reporting Act"? - ANSWERSA federal act aiming to promote
the fairness and accuracy of information contained in consumer reports

How do carriers use the Fair Credit Reporting Act for underwriting? - ANSWERS

What is the Terrorism Risk Insurance Act (Terrorist Act)? - ANSWERSFederal
legislation enacted in 2002 to guarantee the availability of reinsurance coverage against
acts of terrorism.

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