Personal Lines Agent PreXam20-44 ALL SETS Questions with Detailed Verified Answers

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Personal Lines Agent PreXam20-44
ALL SETS Questions with Detailed
Verified Answers

Question: the cost to replace an item or property at the time of loss, minus
depreciation


Ans: Actual Cash Value (ACV)


Question: a type of policy limit which limits coverage to a specified total
amount for all losses occuring w/in the policy period


Ans: Aggregate Limit


Question: conviction of a 3rd degree felony, liability for all unpaid claims,
suspencion or revocation of all insurance licenses


Ans: Aiding and Abetting an unathorized insurer


Question: insurer other than a domestic or foreign insurer


Ans: Alien


Question: "open perils" insurance - protecting the insured from loss arising
from any peril other than those perils specifically excluded by name

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Ans: All Risk Insurance


Question: the authority given by an insurer or employer to a licensee to
transact insurance or adjust claims on behalf of an insurer or employer


Ans: Appointment


Question: in the event the insured and the insurer cannot agree on amount of
claim settlement, each appoints an appraiser


Ans: Appraisal Clause


Question: policy transfer from one insured to another


Ans: Assignment


Question: one authorized by a subsisting certificate of authority issued by the
department to transact insurance in this state


Ans: Authorized insurer


Question: an oral/written statement providing immediate insurance
protection, valid for a specified period. Designed to provide temporary
coverage until a policy can be issued or denied


Ans: Binder


Question: single amount of coverage applies to ANY loss of injury up to the
single amount

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Ans: Blanket Insurance


Question: 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


Ans: Broad Evidence Rule


Question: an originating general lines agent placing business w/ a company
w/ which he/she is not appointed


Ans: Brokering Agent


Question: monitors the conduct of insurers as it realtes to policyholder
treatment


Ans: Bureau of Market Conduct


Question: insurer may cancel only for non payment of premium, material
misrepresentation or fraud, or suspension or revocation of the DL or
registration of vehicle.


Ans: Cancellation after 60 days of new policy or renewal


Question: F.S states an insurer can cancel for any reason except
discrimination with respect to race, color, national origin, creed, marital status
or sex.

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Ans: Cancellation during the first 60 Days of a new policy


Question: a company that provides risk mitigation services for its parent
company


Ans: Captive Insurance Company


Question: specifies what perils are insured against and lists exclusions.
Several different versions provide increasingly broad coverage from Basic to
Broad to special.


Ans: Causes of Loss Form


Question: - act as an insurer - transact insurance (directly or indirectly) -
solicit insurance applications If does so w/out certificate, commits 3rd degree
felony


Ans: Certificate of Authority


Question: the head of the department of financial services, also known as the
treasurer.


Ans: Chief Financial Officer


Question: Merged together in 2001 from FRPCJUA and FWUA to provide a
market for those residential Properties unable to obtain Coverage in Voluntary
market