Florida General Lines Agent & Customer
Rep Study Manual Glossary Questions
and Correct Answers Rated A+
A sudden fortuitous event. - ANSWER-Accident:
| | | | |
This form belongs to the Commercial Property Coverage part of the
| | | | | | | | | |
Commercial Package Policy. It covers the insured for negligently
| | | | | | | | |
damaging property owned by others, but in the insured's care, custody or
| | | | | | | | | | | |
control. - ANSWER-Legal Liability Coverage Form:
| | | | | |
Section of the insurance policy, which lists property, perils, persons, or
| | | | | | | | | |
situations, which are not covered under the policy. - ANSWER-
| | | | | | | | | |
Exclusions:
|
An endorsement that can be added to an HO-3 form to provide
| | | | | | | | | | |
replacement cost coverage on personal property (with limitations). -
| | | | | | | | |
ANSWER-Replacement Cost Endorsement:
| | |
A type of Health insurance that covers fees of physicians for performing
| | | | | | | | | | |
surgery, with a maximum amount payable for each procedure. -
| | | | | | | | | |
ANSWER-Surgical Expense Insurance:
| | |
A fundamental doctrine in property insurance that holds that when there is
| | | | | | | | | | |
an unbroken connection between an occurrence and damage that grows out
| | | | | | | | | | |
of the occurrence, then the resulting damage is a part of the occurrence. -
| | | | | | | | | | | | | |
ANSWER-Proximate Cause:
| |
A type of Contract bond, which guarantees that the contractor upon
| | | | | | | | | |
completion of the work will pay bills for labor and materials. Also called
| | | | | | | | | | | | |
Labor and Materials bond. See Contract bonds. - ANSWER-Payment
| | | | | | | | |
Bond:
|
,A legal liability coverage provided under the Trucker's Policy. Provides
| | | | | | | | |
coverage for damage to a specific trailer under the policy of the trucker in
| | | | | | | | | | | | | |
whose possession the trailer is at the time of loss, provided the trucker is
| | | | | | | | | | | | | |
liable for the damage under a written interchange agreement and the
| | | | | | | | | | |
damage is caused by a covered peril. - ANSWER-Trailer Interchange
| | | | | | | | | |
Insurance:
|
In Crime insurance, the taking or attempted taking of property by one
| | | | | | | | | | |
who has caused or threatened to cause bodily harm or committed and
| | | | | | | | | | | |
witnessed an obviously unlawful act. - ANSWER-Robbery:
| | | | | | |
Insurance where a single amount of insurance applies to two or more | | | | | | | | | | |
coverage items. Contrast Specific insurance. Blanket insurance also refers
| | | | | | | | |
to a type of Employee Dishonesty coverage that covers loss caused by any
| | | | | | | | | | | | |
employee. Contrast Name Schedule coverage and Position Schedule
| | | | | | | |
coverage. - ANSWER-Blanket Insurance:
| | | |
An Ocean Marine coverage that provides protection for the vessel owner in
| | | | | | | | | | |
the event that freight charges are not paid. - ANSWER-Freight Coverage:
| | | | | | | | | | |
An Inland Marine form, which provides "all risk" coverage for mobile
| | | | | | | | | |
agricultural and construction equipment owned by or in the care of an
| | | | | | | | | | | |
equipment dealer. - ANSWER-Equipment Dealers Coverage Form:
| | | | | | |
Rules of law dictate that a person must pay for damages done to another.
| | | | | | | | | | | | |
- ANSWER-Legal Liability:
| |
A form which belongs to the Commercial Property Coverage part of the
| | | | | | | | | | |
Commercial Package Policy; It covers a tenant for certain losses following
| | | | | | | | | | |
damage to the premises from a covered peril, such as tenants loss of a
| | | | | | | | | | | | | |
favorable lease or loss of remaining value of improvements or betterments
| | | | | | | | | | |
made by a tenant. - ANSWER-Leasehold Interest Coverage Form:
| | | | | | | | |
,Something that increases the chance of loss. For instance, faulty wiring is a
| | | | | | | | | | | |
hazard because it increases the chance of a fire loss. - ANSWER- Hazard:
| | | | | | | | | | | | |
The section of an insurance contract which shows, who is insured, what
| | | | | | | | | | |
property or risk is covered, when and where coverage is effective and how
| | | | | | | | | | | | |
much coverage applies. - ANSWER-Declarations:
| | | | |
The transfer to the insurance company of the insured's right to collect for
| | | | | | | | | | | |
damages. - ANSWER-Subrogation:
| | |
The maximum amount of insurance the insurance company will pay for a
| | | | | | | | | | |
particular loss, or for a loss during a period of time. - ANSWER- Limits of
| | | | | | | | | | | | | | |
Liability:
|
Marine insurance designed to provide broad coverage for cargo and ships
| | | | | | | | | |
in transit over sea. Includes Cargo insurance, Hull insurance, Freight and
| | | | | | | | | | |
Liability coverage (Protection and Indemnity). - ANSWER- Ocean Marine
| | | | | | | | |
Insurance:
|
In Health insurance, a period during which the policy will remain in force,
| | | | | | | | | | | |
if unpaid by the premium due date. Florida law specifies the required
| | | | | | | | | | | |
length of the grace period. Guaranteed Renewable: A Health insurance
| | | | | | | | | |
policy provision that states that the insurer must renew the policy to a
| | | | | | | | | | | | |
certain age. While the company cannot fail to renew the policy until the
| | | | | | | | | | | | |
specified age, it can increase the premium. - ANSWER- Grace Period:
| | | | | | | | | | |
A legal agreement between two parties promising a certain performance in
| | | | | | | | | |
exchange for a certain consideration. - ANSWER-Contract:
| | | | | | |
Health insurance that pays a flat amount per day of hospitalization,
| | | | | | | | | |
regardless of expenses or other insurance. Its primary purpose is to
| | | | | | | | | | |
, supplement other coverage, which may be inadequate due to rising costs. | | | | | | | | | |
- ANSWER-Hospital Indemnity Insurance:
| | |
A part of the Commercial Inland Marine Coverage part of the
| | | | | | | | | |
Commercial Package Policy. It provides "aII risks" coverage for
| | | | | | | | |
valuable contents of mail. - ANSWER-Mail Coverage Form:
| | | | | | | |
A deductible, which requires a deduction from the loss of a percentage of
| | | | | | | | | | | |
the value of the property or a percentage of the policy, limits. -
| | | | | | | | | | | | |
ANSWER-Percentage Deductible:
| |
A Florida law describing certain practices that are prohibited, such as
| | | | | | | | | |
misrepresentation, denying claims without reasonable investigation, etc.
| | | | | | |
- ANSWER-Unfair Insurance Trade Practices Act:
| | | | |
This form belongs to the Commercial General Liability coverage part ofthe
| | | | | | | | | |
Commercial Package Policy. It covers liquor liability, which is excluded
| | | | | | | | | |
from the standard CGL forms for those who are in the business of
| | | | | | | | | | | | |
manufacturing, distributing, selling, sewing or furnishing alcoholic
| | | | | | |
beverages. - ANSWER-Liquor Liability Coverage:
| | | | |
A Boiler and Machinery coverage that covers the cost of temporary repairs
| | | | | | | | | | |
and the costs of speeding up permanent repairs, i.e., overtime, or express
| | | | | | | | | | | |
transportation charges. - ANSWER-Expediting Expenses:
| | | | |
An endorsement to the Business Auto Policy, which covers named persons
| | | | | | | | | |
for non—business use of autos, they do not own. Used when the named
| | | | | | | | | | | | |
insured furnishes an auto to another, such as an employee, who does not
| | | | | | | | | | | | |
own his or her own car. - ANSWER-Drive Other Car Coverage:
| | | | | | | | | | |
A Commercial General Liability Coverage form with a coverage trigger
| | | | | | | | |
that states that coverage applies only to bodily injury or property damage
| | | | | | | | | | | |
which occur during the policy period, regardless of when claim is made.
| | | | | | | | | | | |
- ANSWER-Occurrence Form:
| |
Rep Study Manual Glossary Questions
and Correct Answers Rated A+
A sudden fortuitous event. - ANSWER-Accident:
| | | | |
This form belongs to the Commercial Property Coverage part of the
| | | | | | | | | |
Commercial Package Policy. It covers the insured for negligently
| | | | | | | | |
damaging property owned by others, but in the insured's care, custody or
| | | | | | | | | | | |
control. - ANSWER-Legal Liability Coverage Form:
| | | | | |
Section of the insurance policy, which lists property, perils, persons, or
| | | | | | | | | |
situations, which are not covered under the policy. - ANSWER-
| | | | | | | | | |
Exclusions:
|
An endorsement that can be added to an HO-3 form to provide
| | | | | | | | | | |
replacement cost coverage on personal property (with limitations). -
| | | | | | | | |
ANSWER-Replacement Cost Endorsement:
| | |
A type of Health insurance that covers fees of physicians for performing
| | | | | | | | | | |
surgery, with a maximum amount payable for each procedure. -
| | | | | | | | | |
ANSWER-Surgical Expense Insurance:
| | |
A fundamental doctrine in property insurance that holds that when there is
| | | | | | | | | | |
an unbroken connection between an occurrence and damage that grows out
| | | | | | | | | | |
of the occurrence, then the resulting damage is a part of the occurrence. -
| | | | | | | | | | | | | |
ANSWER-Proximate Cause:
| |
A type of Contract bond, which guarantees that the contractor upon
| | | | | | | | | |
completion of the work will pay bills for labor and materials. Also called
| | | | | | | | | | | | |
Labor and Materials bond. See Contract bonds. - ANSWER-Payment
| | | | | | | | |
Bond:
|
,A legal liability coverage provided under the Trucker's Policy. Provides
| | | | | | | | |
coverage for damage to a specific trailer under the policy of the trucker in
| | | | | | | | | | | | | |
whose possession the trailer is at the time of loss, provided the trucker is
| | | | | | | | | | | | | |
liable for the damage under a written interchange agreement and the
| | | | | | | | | | |
damage is caused by a covered peril. - ANSWER-Trailer Interchange
| | | | | | | | | |
Insurance:
|
In Crime insurance, the taking or attempted taking of property by one
| | | | | | | | | | |
who has caused or threatened to cause bodily harm or committed and
| | | | | | | | | | | |
witnessed an obviously unlawful act. - ANSWER-Robbery:
| | | | | | |
Insurance where a single amount of insurance applies to two or more | | | | | | | | | | |
coverage items. Contrast Specific insurance. Blanket insurance also refers
| | | | | | | | |
to a type of Employee Dishonesty coverage that covers loss caused by any
| | | | | | | | | | | | |
employee. Contrast Name Schedule coverage and Position Schedule
| | | | | | | |
coverage. - ANSWER-Blanket Insurance:
| | | |
An Ocean Marine coverage that provides protection for the vessel owner in
| | | | | | | | | | |
the event that freight charges are not paid. - ANSWER-Freight Coverage:
| | | | | | | | | | |
An Inland Marine form, which provides "all risk" coverage for mobile
| | | | | | | | | |
agricultural and construction equipment owned by or in the care of an
| | | | | | | | | | | |
equipment dealer. - ANSWER-Equipment Dealers Coverage Form:
| | | | | | |
Rules of law dictate that a person must pay for damages done to another.
| | | | | | | | | | | | |
- ANSWER-Legal Liability:
| |
A form which belongs to the Commercial Property Coverage part of the
| | | | | | | | | | |
Commercial Package Policy; It covers a tenant for certain losses following
| | | | | | | | | | |
damage to the premises from a covered peril, such as tenants loss of a
| | | | | | | | | | | | | |
favorable lease or loss of remaining value of improvements or betterments
| | | | | | | | | | |
made by a tenant. - ANSWER-Leasehold Interest Coverage Form:
| | | | | | | | |
,Something that increases the chance of loss. For instance, faulty wiring is a
| | | | | | | | | | | |
hazard because it increases the chance of a fire loss. - ANSWER- Hazard:
| | | | | | | | | | | | |
The section of an insurance contract which shows, who is insured, what
| | | | | | | | | | |
property or risk is covered, when and where coverage is effective and how
| | | | | | | | | | | | |
much coverage applies. - ANSWER-Declarations:
| | | | |
The transfer to the insurance company of the insured's right to collect for
| | | | | | | | | | | |
damages. - ANSWER-Subrogation:
| | |
The maximum amount of insurance the insurance company will pay for a
| | | | | | | | | | |
particular loss, or for a loss during a period of time. - ANSWER- Limits of
| | | | | | | | | | | | | | |
Liability:
|
Marine insurance designed to provide broad coverage for cargo and ships
| | | | | | | | | |
in transit over sea. Includes Cargo insurance, Hull insurance, Freight and
| | | | | | | | | | |
Liability coverage (Protection and Indemnity). - ANSWER- Ocean Marine
| | | | | | | | |
Insurance:
|
In Health insurance, a period during which the policy will remain in force,
| | | | | | | | | | | |
if unpaid by the premium due date. Florida law specifies the required
| | | | | | | | | | | |
length of the grace period. Guaranteed Renewable: A Health insurance
| | | | | | | | | |
policy provision that states that the insurer must renew the policy to a
| | | | | | | | | | | | |
certain age. While the company cannot fail to renew the policy until the
| | | | | | | | | | | | |
specified age, it can increase the premium. - ANSWER- Grace Period:
| | | | | | | | | | |
A legal agreement between two parties promising a certain performance in
| | | | | | | | | |
exchange for a certain consideration. - ANSWER-Contract:
| | | | | | |
Health insurance that pays a flat amount per day of hospitalization,
| | | | | | | | | |
regardless of expenses or other insurance. Its primary purpose is to
| | | | | | | | | | |
, supplement other coverage, which may be inadequate due to rising costs. | | | | | | | | | |
- ANSWER-Hospital Indemnity Insurance:
| | |
A part of the Commercial Inland Marine Coverage part of the
| | | | | | | | | |
Commercial Package Policy. It provides "aII risks" coverage for
| | | | | | | | |
valuable contents of mail. - ANSWER-Mail Coverage Form:
| | | | | | | |
A deductible, which requires a deduction from the loss of a percentage of
| | | | | | | | | | | |
the value of the property or a percentage of the policy, limits. -
| | | | | | | | | | | | |
ANSWER-Percentage Deductible:
| |
A Florida law describing certain practices that are prohibited, such as
| | | | | | | | | |
misrepresentation, denying claims without reasonable investigation, etc.
| | | | | | |
- ANSWER-Unfair Insurance Trade Practices Act:
| | | | |
This form belongs to the Commercial General Liability coverage part ofthe
| | | | | | | | | |
Commercial Package Policy. It covers liquor liability, which is excluded
| | | | | | | | | |
from the standard CGL forms for those who are in the business of
| | | | | | | | | | | | |
manufacturing, distributing, selling, sewing or furnishing alcoholic
| | | | | | |
beverages. - ANSWER-Liquor Liability Coverage:
| | | | |
A Boiler and Machinery coverage that covers the cost of temporary repairs
| | | | | | | | | | |
and the costs of speeding up permanent repairs, i.e., overtime, or express
| | | | | | | | | | | |
transportation charges. - ANSWER-Expediting Expenses:
| | | | |
An endorsement to the Business Auto Policy, which covers named persons
| | | | | | | | | |
for non—business use of autos, they do not own. Used when the named
| | | | | | | | | | | | |
insured furnishes an auto to another, such as an employee, who does not
| | | | | | | | | | | | |
own his or her own car. - ANSWER-Drive Other Car Coverage:
| | | | | | | | | | |
A Commercial General Liability Coverage form with a coverage trigger
| | | | | | | | |
that states that coverage applies only to bodily injury or property damage
| | | | | | | | | | | |
which occur during the policy period, regardless of when claim is made.
| | | | | | | | | | | |
- ANSWER-Occurrence Form:
| |
