FL Exam- Property and Liability

Which of the following is not a qualification for obtaining a General Lines License?

Which of the following is the best definition of risk as related to insurance?

All of the following describe a binder EXCEPT:

Insurance is a contract of indemnity. Which of the following best illustrates the concept of indemnity?

All of the following are duties and functions of the Department of Financial Services EXCEPT:

An insured is carrying a policy for "fire only" on a dwelling and its contents. A small fire starts in the kitchen and in the process of putting out the fire, some of the contents of the dwelling are damaged by the water from the fire hoses. The damage to the contents would be covered by the policy because:

All of the following are loss settlement valuations EXCEPT:

All of the following describe insurable interest EXCEPT:

Coinsurance requires the insured to carry a minimum amount of insurance based on a percentage of the value of the building or contents. All of the following are percentages available EXCEPT:

Which of the following best describes a franchise deductible?

All of the following are ways that liability limits can be expressed EXCEPT:

Which of the following best illustrates negligence as it applies to insurance

All of the followings are duties of the insured after a loss EXCEPT:

When the insured transfers his rights against the other party to his insurer, it is known as:

The policy condition that says that coverage applies equally to each insured as if the other insureds did not exist is called:

A written contract or written agreement for effecting insurance and includes clauses, riders, endorsements and papers which are a part of the contract

Chance of financial loss

A contract whereby one undertakes to identify another or pay a specified amount determined on contingencies.

Any insurance wherein payment will be paid directly to the insured or other specifically named interest

______ insurance is when payment will be on behalf of the insured to another based upon the insured's liability to the recipient.

A ____ is defined as a contingency that may cause a loss

A condition that introduces or increases the likelihood of loss from a peril.

What does "damages" refer to

Failure to exercise that degree of care that the law requires to protect others from an unreasonable risk of harm.

What does ACV stand for