Florida Insurance Exam 119 Questions And Answers
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Terms in this set
119
Risk
the chance of financial loss
Risk is NOT the loss itself, but the _________ of loss.
CHANCE
Policy
a written contract for effecting insurance and includes Clauses, Riders, endorsements, and papers which are part of the contract
Insurance
a contract where one undertakes to indemnify another or pay a specific amount determined on contingencies
Binders
temporary insurance which can be made orally or written
property insurance
where payment is made directly to the insured or other named interest
liability insurance
where payment is made on behalf of the insured to another
Indemnity contract
one-party should be put back in the same Financial condition they were before the loss. Never profit from A Loss.
replacement cost
given new for old
agreed value
specific amount agreed in advance