Florida General Lines Agent Exam – Latest Updated Version with Correct Detailed Solutions

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Florida General Lines Agent Exam QUESTIONS AND
CORRECT DETAILED SOLUTIONS LATEST UPDATED
VERSION JUST RELEASED


Question: The term casualty is related to all the following insurance lines except?




a.Life and health insurance


b.Marine insurance


c.Insurance on property


d.Liability insurance - CORRECT ANSWER✔✔a




Question: What is the mathematical concept where the actual results from an event being

measured will equal the predicted or expected results as the number of units or trials

increases? - CORRECT ANSWER✔✔The concept of The Law of Large Numbers.




Question: What insurance principle acts to place an insured in the same or similar financial

position after a loss as was prior to the loss event?

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a.The indemnity principle


b.The waiver principle


c.The principle of utmost good faith


d.The principle of subrogation - CORRECT ANSWER✔✔a




Question: What type of contract prevents an insured from transferring the interest of an

insurance policy to another?




a.A personal contract


b.An indemnity contract


c.A subrogation contract


d.A contract of good faith - CORRECT ANSWER✔✔a




Question: What type of contract is one where the obligation of the insurer is to perform the

terms of the contract and is based on the insured satisfying certain conditions?

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a.A binding contract


b.A personal contract


c.A conditional contract


d.An adhesion contract - CORRECT ANSWER✔✔c




Q:What is the definition of a risk that is insurable?




a.Risk is defined as a chance or the possibility of financial loss; only pure risks are insurable as

there is no possibility of a gain


b.A chance of a loss or gain


c.A risk where there is a possibility of a gain


d.A chance for insurance coverage - CORRECT ANSWER✔✔a




Question: What is an insurance policy?

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a.A binder that offers initial insurance coverage


b.An oral agreement related to insurance


c.A temporary agreement for insurance coverage


d.A written agreement or contract for insurance coverage - CORRECT ANSWER✔✔d.




Question: What is an insurance binder?




a.An agreement with an insurer for coverage


b.A temporary agreement for insurance coverage subject to the decision of the insurer


c.A permanent agreement for insurance coverage


d.An agreement with an agent - CORRECT ANSWER✔✔b