Florida 2-20 Agents License Exam Questions And Answers

Florida Surplus Lines Service Office (FSLSO)

Was statutorily created in 1997 to oversee the surplus lines industry in the state. Their mission is to

facilitate compliance.

policy

a written contract of or written agreement for or effecting insurance, or the certificate thereof, by

whatever name called, and includes all clauses, riders, endorsements and papers which are a part

thereof.

insurance

a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a

determinable benefit upon determinable contingencies.

insurance

One who undertakes to indemnify another upon determinable contingencies.

indemnify

means to pay a specific amount in order for the insured to be in the same position as he/she was before

the loss.

Property insurance

Any insurance wherein payment by the insurer will be paid directly to the insured or other specifically

named interests.

Liability insurance

Payment will be on behalf of the insured to another, based upon the insureds liability to the recipient.

Simply stated, it is "Negligence of the Insured."

Health license

In order to write health insurance you need...

Health insurance

insures against loss by sickness or bodily injury. It requires a written application, which is either accepted

or rejected by an insurer. Those of us who receive benefits through work are under a "Group" plan and

are likely paying less (the employer kicks in money towards this) than those who have to purchase an

"Individual" plan.

Personal Contract

Policies cover people who own and operate things, such as automobiles.

Conditional Contract

The obligation of the insurer (Insurance Company) to perform may be conditioned upon the insured

(Individual) satisfying certain conditions.

Contract of Adhesion

The parties are of unequal bargaining power, and the insured cannot negotiate the terms, having to take

the offer of the insurer as made.

Contract of Indemnity

One should return to their same "position" as they were before the loss occurred. This limits the number

of people intentionally causing losses because it was to their economic advantage.

Insurable Interest

For insurance to respond to or on behalf of someone, insurable interest must exist at the time the

covered event takes place. You must have a reason for insurance.

YES

Being listed on your Mother's homeowners policy because you are listed jointly on the mortgage

Persons must have an insurable interest in the things insured at the time of the loss

The Florida Statutes require insurable interest, define it, and state at least one of its purposes

Insurable Interest

Any actual, lawful and substantial economic interest in the safety or preservation of the subject of the

insurance free from loss, destruction, or pecuniary damage or impairment.

Measure of Insurable Interest

Extent to which the insured might be indemnified by loss, injury, or impairment thereof.

waiver

the voluntary relinquishment or surrender of some right or privilege.

express waiver

Occurs when the insurer or its representative knowingly gives up a known right under the insurance

contract.

Implied Waiver

May result from some act of neglect on the part of the adjuster.

Estoppel

is an equitable principle to the effect that if one intentionally or unintentionally creates the impression

that a certain fact exists, and an innocent party relies on that impression and is damaged as a result, the

guilty party may be legally prohibited from asserting that the fact does not exist.

yes

if an adjuster communicates to Mr. Smith that he will receive $10,000 for his totaled vehicle, but fails to

investigate the actual cash value of the vehicle, the insurer may still have to pay the $10,000 claim. Some

of you may ask, "Will the insurer still have to pay the $10,000 claim if they can prove that the vehicle, or

actual cash value, is less?"