Question

1. jeff is a licensed insurance agent in both new york and florida. he is was charged with embezzlement in new york, and pleaded guilty to the charge on march 1. he must notify the florida department of financial services of the charge within how many days?

○ a. 10
○ b. 14
○ c. 30
○ d. 7

1. butchs meat market loses electrical power during a flood. the business closes for several days, during which time there is no refrigeration and a large quantity of meat spoils. the loss of the meat is what type of loss?

○ a. ancillary
○ b. consequential
○ c. direct
○ d. unavoidable

1. twenty years ago, eldon paid a contractor $100,000 to build a house on land worth $50,000. today the land is worth

Explanation:

1. In Florida, licensed insurance agents must notify the Department of Financial Services of certain charges (like embezzlement) within 30 days. This is a regulatory requirement.
2. A consequential loss is an indirect loss that results from a direct loss (here, the direct loss could be the flood - related power loss, and the meat spoilage is the consequential loss). Ancillary is more about supplementary, direct loss would be something like the flood damaging the building itself, and unavoidable is not a standard insurance loss type in this context.

Answer:

1. C. 30
2. B. consequential