Florida Insurance Licensing Practice Exam

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Prepare for the Florida Insurance Licensing Exam using comprehensive questions and in-depth explanations. Perfect your understanding of essential insurance concepts and ensure your success!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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Strict or absolute liability:

Is assigned by law or statute
CanBe negotiated between parties
Is never present in insurance contracts
Applies only in non-insurable events

The correct answer is: Is assigned by law or statute

Strict or absolute liability is a legal concept where a person or party is held responsible for damages or harm caused, regardless of any fault or intent on their part. This means that the person or party will be held liable even if they did not act negligently or intentionally. Therefore, option A is the correct answer as strict or absolute liability is assigned by law or statute, and cannot be negotiated between parties (option B). Additionally, it is possible for strict or absolute liability to be present in insurance contracts (option C) and it does not only apply to non-insurable events (option D).