FLORIDA 2-20 AGENTS LICENSE EXAM QUESTIONS AND DEFINITIONS

FLORIDA 2-20 AGENTS LICENSE EXAM QUESTIONS AND DEFINITIONS Admitted Aircraft Liability Coverage - ANSWER- A coverage sometimes written in conjunction with Aircraft Passenger Liability which can provide reimbursement for death or dismemberment without requiring legal action. Appraisal Clause - ANSWER- Clause which provides an appraisal procedure when the insured and the insurer are in disagreement regarding the amount of a loss. Insured and insurer each choose an appraiser, who, failing to agree, select an umpire. Agreement of any two of the three will be decisive. Assignment Clause - ANSWER- A condition in insurance policies that specifies that transferring the policy to another is not valid unless the company consents to it in writing. Barrartry - ANSWER- Illegal acts committed willfully by a ship's master or crew for the purpose of damaging the ship or cargo. this Ocean marine peril includes hijaking abandonment and embezzlement. Concealment - ANSWER- The withholding of known facts which, if material, can void a contract.