Florida 2-20 Agents License Exam Questions & Answers

FLORIDA 2-20 AGENTS LICENSE EXAM QUESTIONS AND DEFINITIONS 2023-2024 Admitted Aircraft Liability Coverage - ANSWER- A coverage sometimes written in conjunction with Aircraft Passenger Liability which can provide reimbursement for death or dismemberment without requiring legal action.Appraisal Clause - ANSWER- Clause which provides an appraisal procedure when the insured and the insurer are in disagreement regarding the amount of a loss. Insured and insurer each choose an appraiser, who, failing to agree, select an umpire. Agreement of any two of the three will be decisive.Assignment Clause - ANSWER- A condition in insurance policies that specifies that transferring the policy to another is not valid unless the company consents to it in writing.Barrartry - ANSWER- Illegal acts committed willfully by a ship's master or crew for the purpose of damaging the ship or cargo. this Ocean marine peril includes hijaking abandonment and embezzlement.Concealment - ANSWER- The withholding of known facts which, if material, can void a contract.contingent liability - ANSWER- Liability which an insured or business incurs because of the actions of others (i.e., family or employees). Also called vicarious liability.exemplary damages - ANSWER- Damages awarded to make an example of the wrongdoer.fiduciary - ANSWER- A person or institution which has