ch.2 question building Questions and Answers 2023

ch.2 question building Questions and Answers 2023 In Florida, the claims activities of insurance companies are overseen by: A. the State Auditor. B. the Division of Insurance Agent and Agency Services. CORRECT ANSWER C. the Treasury. D. the Division of Risk Management. Which of these is NOT typically excluded from coverage in a property insurance policy? A. Off-premises power failure B. Nuclear events C. Civil confiscation D. Lightning CORRECT ANSWER Which of the following is NOT one of the typical duties of the insured after a loss? A. Protect the property from further losses. B. Provide a loss estimate from an appraiser. CORRECT ANSWER C. Cooperate with the adjuster's investigation. D. Sign a sworn proof of loss. William is wearing an ABC Insurance jacket and has an ABC Insurance sign over his rented office. The walk-in customer could reasonably believe that he has the authority to write an insurance contract because of his: A. implied authority. CORRECT ANSWER B. express authority. C. agent authority. D. apparent authority. Tom is looking for a job in the insurance industry. He wants to work for only one insurance company, selling policies on commission basis. Which type of insurance agent position best fits what Tom is looking for? A. Captive Agent CORRECT ANSWER B. Direct Writer C. General Agent D. Independent Agent Florida's Department of Financial Services was created in: A. 2003. CA B. 2007. C. 2000. D. 2005. Tina has two policies (Policy X and Policy Y) that cover the same risk on a pro rata basis. Policy X has a limit of $100,000 and Policy Y has a limit of $25,000. When Tina suffers a loss totaling $75,000, how will the two policies respond A. Policy X will pay $50,000 and Policy Y will pay $25,000 B. Policy X will pay $37,500 and Policy Y will pay $25,000 C. Policy X will pay $75,000 and Policy Y will pay nothing D. Policy X will pay $60,000 and Policy Y will pay $15,000 CORRECT ANSWER This agent works for only one insurer and is paid commission. A. Exclusive Agent CORRECT Answer B. Independent Adjuster C. General Agent D. Independent Agent This agent works for only one insurer, and supervises and trains other agents. A. Exclusive Agent B. Captive Agent C. Direct Writer D. General Agent CORRECT ANSWER If an applicant for the Customer Representative license already has six months of full-time experience at an insurance company: A. they can skip the pre-licensing course and just pass the exam. CORRECT ANSWER B. they don't need to take a pre-licensing course or take the exam. C. they just need a professional reference from an agent they worked with. D. they just have to take the pre-licensing course and pass the exam. Ted gets into an argument with his neighbor over parking arrangements. In a fit of anger, Ted goes over to his neighbor's home and scratches up her car with a key, causing $2,000 in damages. The next day, Ted realizes his poor behavior and files a claim with his insurer for his liability in the damages to his neighbor's car. Why might Ted's insurer deny his claim? A. Ted's vandalism was intentional, and therefore excluded under his policy. CORECT ANSWER B. Ted's neighbor will have to file a claim with her own insurer. C. Insurance policies do not cover vandalism. D. Ted's neighbor was partially responsible for the damage, and thus will pay a pro rata portion of the loss. After her business suffered damage in a fire, Jane filed a claim with Acme Insurance, which dispatched Bob to adjust it, even though he was not allowed to adjust commercial claims. He investigated Jane's losses and submitted his estimate to Acme Insurance, which issued her a settlement check based on that estimate. Bob had _______ because Acme Insurance accepted his estimate and paid Jane's claim. A. expert authority B. apparent authority CORRECT ANSWER C. agency authority D. express authority The Severability of Interests condition states that: A. coverage applies to each insured separately, as if no other insured existed. CORRECT ANSWER B. when an insurer pays a total loss settlement, policy coverage may terminate and any unearned premiums will be refunded to the insured. C. an insurer has the right to cancel an insurance policy at any time. D. an insured has the right to cancel an insurance policy at any time. A Customer Representative does all of the following EXCEPT: A. serve customers. B. office management. C. represent the agent or agency. D. adjust small claims. CORRECT ANSWER