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Florida Real Estate Exam

Category - Florida

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Buyer Smith agrees to take over the existing fire insurance policy presently in effect on the property in the name of the seller, Mr. Wilson. When will Smith be protected by this policy?

Immediately upon notifying the insurer of the name change
Upon receiving possession of the property
At close of escrow
When the insurer approves the assignment

Explanation

Answer D - The insurer has the right to approve (or disapprove) any assignment of the fire insurance policy. Coverage does not become effective until that assignment is approved by the insurer.

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Florida Real Estate Exam

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Florida Real Estate Exam

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