Florida Licensing(Study set for Florida Insurance Licensing) 137 QUESTIONS| GRADED A

All of the following describe insurable interest EXCEPT: • It must exist at the time of the loss • It must exist for insurance to respond • Shows a similarity between insurance and wagering • The insured would suffer an economic loss Correct Answer: • Shows a similarity between insurance and wagering An Insurance Policy is a contract with all the following characteristics, EXCEPT: • It is a personal contract • parties are of unequal power with ambiguities or unclear working resolved in favor of the insured because it is a contract of adhesion • Indemnity is not part of an insurance contract • There are conditions imposed on both the insurer and insured Correct Answer: • Indemnity is not part of an insurance contract An insurance contract which may contain a