Cert Exam Flashcards
With regard to binders, which of the following statements is correct?
A binder may be canceled by the insured with 2 days’ notice
The attempt to restore an insured to their pre-loss condition is known as:
Indemnification
A hurricane occurrence:
Begins when a hurricane watch or warning is issued for any part of Florida by the National Hurricane Center of the National Weather Service
Answers to specific questions on an insurance application that are guaranteed to be true best defines:
Warranties
Which homeowner policy form is for dwelling owners who do not wish to insure their older homes for replacement cost?
HO-8
All of the following are minimum financial responsibility limits of liability for automobile insurance in Florida for the owner of a motor vehicle, except:
$20,000 property damage
Which action would not constitute an unfair claim settlement practice on the part of an insurance company in its claim handling or processing?
Offering an insured a prompt explanation in denial of a claim or offer of compromise
All of the following are correct regarding the Florida Insurance Guaranty Association, except:
The association is responsible for penalties and interest
An agreement between 2 parties enforceable by law describes:
An insurance contract
An insurance agent is in the habit of offering potential clients a 10% premium discount on the first year’s premium if they will buy their insurance from him instead of one of his competitors. The agent is guilty of:
Rebating
Liability coverage is excluded under a personal auto policy for ownership, maintenance, or use of all of the following, except:
Off-road vehicle used by insured in an emergency
The federal act that protects consumer privacy by ensuring that data collected is confidential, accurate and used for a proper and specific purpose is the:
Fair Credit Reporting Act
After the first 24 hours, the Earthquake Endorsement covers damage for how many additional hours?
48
All of the following are examples of sliding, except:
Charging an applicant for an additional product when in fact, the applicant is aware of and agrees to the additional product
By what other name is the Dwelling Form DP-2 known?
Broad Form
When must an insurable interest exist in a property policy?
At the time of application
How many credit hours of continuing education must a new agent complete every 2 years?
24 (19 elective with 5 hours of law and ethics)
Which of the following is an example of a peril?
Gasoline stored on the premises
A reinsurance agreement that allows ceding and reinsurance companies the opportunity to negotiate coverage for individual risks is a:
Facultative Agreement
For insurance purposes, an unfurnished beach house is considered ____________ because no one is living there.
Vacant
A continuous or repeated exposure is a condition describing which of the following?
Occurrence
A continuous or repeated exposure is a condition describing which of the following?
Occurrence
Under the Personal Auto Policy, the definition of bodily injury includes all of the following, EXCEPT:
Loss of property use
Which of the following Forms provides open perils coverage for Coverages A and B?
HO-3