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FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWERS | LATEST VERSION

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FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWERS | LATEST VERSION

Institution

FLORIDA 240

Course

FLORIDA 240

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1/24/25,N1:23NA FLORIDAN240NLICENSENEXAMNNEWESTNEXAMN|NQUESTIONSNANDNCORRECTNANSWERSN|NGRADEDNA+N|NVERIFIEDNANS
M WER…

FLORIDA 240 LICENSE EXAM NEWEST EXAM |
QUESTIONS AND CORRECT ANSWERS | GRADED
A+ | VERIFIED ANSWERS | LATEST VERSION

Terms in this set (137)
N N N N

AllNofNtheNfollowingNdescri • ShowsNaNsimilarityNbetweenNinsuranceNandNwagering
beNinsurableNinterestNEXCE
PT:
• ItNmustNexistNatNtheNtimeN
ofNtheNloss
• ItNmustNexistNforNinsuranceN
toNrespond
• ShowsNaNsimilarityNbe
tweenNinsuranceNandNw
agering
• TheNinsuredNwouldNsufferN
anNeconomicNloss

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,1/24/25,N1:23NA FLORIDAN240NLICENSENEXAMNNEWESTNEXAMN|NQUESTIONSNANDNCORRECTNANSWERSN|NGRADEDNA+N|NVERIFIEDNANS
M WER…

AnNInsuranceNPolicyNisNaNco • IndemnityNisNnotNpartNofNanNinsuranceNcontract
ntractNwithNallNthe
followingNcharacteristics,NE
XCEPT:
• ItNisNaNpersonalNcontract
• partiesNareNofNunequalN
powerNwithNambiguitiesNorN
unclearNworkingNresolved
N inNfavorNofNtheNinsuredNb
ecauseNitNisNaNcontractNofNa
dhesion
• IndemnityNisNnotNpartNofN
anNinsuranceNcontract
• ThereNareNconditions
N imposedNonNbothNth
e
insurerNandN insured

AnNinsuranceNcontractNw Adhesion
hichNmayNcontainNaN"grayNa
rea"NorNanNambiguityNthatNi
sNgenerallyNresolvedNinNf
avorNofNtheNinsuredNbeca
useNinsuranceNisNa
contractNof:

IfNanNinsuredNsellsNhisNcarN PersonalNnature
toNanotherNperson,NtheN
buyerNmayNbeNprohibitedN
fromNalsoNreceivingNthe
insured'sNpolicy.NThisNis
N becauseNtheNinsuranc
e
contractNisNaNcontractNof:

StrictNorNabsoluteNliability IsNassignedNbyNlawNorNstatute

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,1/24/25,N1:23NA FLORIDAN240NLICENSENEXAMNNEWESTNEXAMN|NQUESTIONSNANDNCORRECTNANSWERSN|NGRADEDNA+N|NVERIFIEDNANS
M WER…

JackNandNConnieNagreeNtoNh LegalNPurpose
aveNJackNburnNdownNCon
nie'sNhouseNfor
$10,000.NWhatNelementNof
aNvalidNcontractNisNmissing?

RisksNthatNareNinsurableNare PureNrisks

InsuranceNthatNcoversNtheN LiabilityNInsurance
responsibilityNforNloss
arisingNoutNofNnegligenceN
thatNresultsNinNpaymentNtoN
aNpartyNotherNthanNthe
insuredNis:

TheNgoalNofNinsuranceNisNtoN Indemnity
restoreNtheNinsuredNtoNtheN
sameNeconomicNpositionN
asNbeforeNtheNcovered
loss,NthisNisNtheNprincipleNof

AllNofNtheNfollowingNareNw PIPNLimit
aysNthatNliabilityNlimitsNcanNb
eNexpressedNexcept:
• PIPNLimit
• AggregateNLimit
• SplitNLimit
• SingleNLimit

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, 1/24/25,N1:23NA FLORIDAN240NLICENSENEXAMNNEWESTNEXAMN|NQUESTIONSNANDNCORRECTNANSWERSN|NGRADEDNA+N|NVERIFIEDNANS
M WER…

AnNinsuredNhasNANSPLITN $20,000
limitNliabilityNpolicyNwithN
10/20/10Nlimits.NHeNowes
N theNfollowingNpeople
liabilityNbodilyNinjuriesN
claimsNof:NPassengerN1N=
$12,000,NPassengerN2N=
$10,000,NPassengerN3N=
$18,000.NHowNmuch
liabilityNinsuranceNwillNhisNp
olicyNpayNforNthese
claims?

IfNaNlenderNhasNanNinsurableN LossNPayee
interestNinNanNauto,Nbecau
seNofNtheNmoney
loanedNtoNfinanceNtheN
purchase,NtheNlender
N wouldNappearNonNth
eNpolicyNasNthe:
• Lessee
• LossNPayee
• Mortgagor
• Mortgagee

ToNturnNpartiallyNdamagedN Abandonment
propertyNoverNtoNthe
insuranceNcompanyNandN
askNthemNtoNpayNforNaNtotal
lossNisNcalled

FiremenNcausedNwater TheNwaterNdamageNisNcoveredNdueNtoNtheNconceptNofNpr
damageNtoNaNpropertyNbyN oximateNcause
sprayingNwaterNtoNputNout
N aNfire.NIfNtheNproperty
insuranceNpolicyNlistedNfireN
asNtheNonlyNnamedNperil:

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FLORIDA 240 LICENSE EXAM NEWEST EXAM | QUESTIONS AND CORRECT ANSWERS | GRADED A+ | VERIFIED ANSWERS | LATEST VERSION

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