Florida Insurance Licensing Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Florida Insurance Licensing Exam with our comprehensive quiz featuring multiple-choice questions and detailed explanations. Enhance your understanding of insurance concepts and state regulations to excel in your licensing test.

Practice this question and more.

To turn partially damaged property over to the insurance company and ask them to pay for a total loss is called:

Surrender
Abandonment
Depreciation
Salvage

The correct answer is: Abandonment

Surrender is not necessarily asking the insurance company to pay for a total loss. It could also refer to giving up possession or control of the property. Depreciation is the decrease in value of the property over time, and is not related to turning over damaged property to the insurance company. Salvage is the act of saving damaged property, not turning it over to the insurance company for payment. Therefore, the correct answer is B Abandonment. It involves giving up damaged property and requesting the insurance company to cover it as a total loss.