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FLORIDA 2-20 AGENTS LICENSE FINAL EXAM WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW!!!|LATEST UPDATE |GUARANTEED PASS$22.49
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FLORIDA 2-20 AGENTS LICENSE FINAL
EXAM WITH ACTUAL CORRECT
QUESTIONS AND VERIFIED DETAILED
ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY
GRADED A+|BRAND NEW!!!|LATEST
UPDATE |GUARANTEED PASS
Which one of the following is true with regard to the coverage limits in the liability section of the
businessowners policy (BOP)?
Maximum limits are more restricted than the CGL; few insurers offer per occurrence limits over $2
million in their BOPs.
Which one of the following best describes the "property not covered" provisions of the businessowners
policy (BOP)?
The BOP has a relatively short list of 'property not covered' because the insureds eligible for a BOP are
generally lower-risk, more homogenous types of businesses.
Which one of the following statements is correct with respect to rating a businessowners policy (BOP)?
It is usually much simpler than rating a comparable commercial package policy.
Which one of the following property coverages is often included or available as an option in a
businessowners policy (BOP)?
Employee dishonesty
Under the businessowners policy (BOP)
Many coverages that would require separate policies or coverage parts in the commercial package
program are either included or available as options.
Which one of the following statements is correct with respect to the liability coverage available under a
businessowners policy (BOP)?
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,Both ISO and AAIS offer BOP endorsements adding employee benefit liability coverage and employment
practices liability coverage.
A Commercial Package policy may include the following coverage types EXCEPT:
Health
Which one of the following types of business is usually eligible for coverage under a businessowners
policy?
Apartment building
Which one of the following best describes one of the major differences between liability coverage
provided by the typical businessowners policy (BOP) and the Insurance Services Office (ISO) Commercial
General Liability (CGL) Coverage Form?
Hired and nonowned autos liability coverage is usually offered by BOPs, either as part of the form or by
endorsement.
Which one of the following statements best describes how businessowners policies (BOP) coverages
compare with those provided by commercial package policies?
The BOP coverages are similar to the coverages provided under commercial package policies.
Which one of the following is correct with respect to the professional liability coverage available under
the businessowners policy (BOP) and the Commercial General Liability (CGL) Coverage Form?
An important difference between the BOP's liability coverage and the CGL's is the availability of optional
professional liability coverage endorsements for use with BOP.
Which one of the following statements is correct with respect to the liability coverage available under
businessowners policies (BOPs)?
Certain liability coverage options are not part of most BOP programs because the insureds that need
them generally do not qualify for BOPs.
Federal workers compensation statutes apply to which one of the following workers?
An interstate railroad worker
Part One of the Workers Compensation and Employers Liability Insurance Policy provides that the
insured will reimburse the insurer for which one of the following?
Penalties required under a workers compensation law because of the employer's willful misconduct.
Which one of the following best explains why the premium discount plan for workers compensation
insurance provides an increasing credit for premiums in excess of a certain minimum?
Many of the expenses of providing workers compensation insurance do not increase proportionately
with increases in premium.
The workers compensation laws of some states are inapplicable to which one of the following?
2|Page
,Partners, sole proprietors, or executive officers.
Omicron Corporation currently does business in Colorado, Nebraska, and Kansas. These states are listed
in Item 3.A on the Information Page of Omicron's Workers Compensation and Employers Liability
Insurance Policy. The company is hoping to expand its operations into Utah, Arizona, and New Mexico
during the next year. Which one of the following statements is correct with respect to workers
compensation insurance in the states where Omicron hopes to expand?
Omicron should include Utah, Arizona, and New Mexico in Item 3.C on the Information Page and advise
the insurer immediately if the company begins operations in any of those states.
Which one of the following would be covered under Part Two of the Workers Compensation and
Employers Liability Insurance Policy?
An employee is exposed to disease during the policy period but symptoms don't appear until after the
employee is fired.
With only a few exceptions, the premium base for workers compensation insurance is
Payroll
Which one of the following statements about employers liability coverage is true?
It does not cover punitive damages for injury or death of any illegally employed person.
An employer that decides to purchase specific excess insurance to cover catastrophic workers
compensation losses must pay losses that are which one of the following?
Up to the retention for one occurrence.
When a worker is required to travel to another state and is injured in that other state, which one of the
following is a typical consideration in determining which state's law applies for the purpose of
determining workers compensation coverage?
The worker's place of residence
Which one of the following must an insurer pay on behalf of the insured according to Part One of the
Workers Compensation and Employers Liability Insurance Policy?
Medical payments for a claimant who was exposed to a disease during the policy period but filed a claim
two years after retiring
Before workers compensation statutes were enacted, what was the remedy for employees with work-
related injuries?
They had to establish that the employer was at fault to recover damages.
Which one of the following statements is correct with respect to workers compensation premium
adjustment through dividend plans?
Under a sliding-scale dividend plan, the size of the dividend varies with the insured's own loss
experience.
3|Page
, Which one of the following statements is true with regard to workers compensation statutes?
Federal government workers are excluded from workers compensation because they are covered under
alternate plans.
Crime loss exposures of financial institutions are covered by financial institution bonds. These policies
were developed by
The Surety and Fidelity Association of America (SFAA).
Which one of the following is a type of covered property under employee theft coverage?
Securities
The XYZ Finance Company is insured under an ISO Commercial Crime policy. One month after the policy
inception date, XYZ acquired ownership of a smaller finance company including its premises and
employees. Which one of the following best describes XYZ's responsibility under the Consolidation—
Merger or Acquisition condition of the policy?
Coverage applies automatically for 90 days, but XYZ must promptly notify the insurer and pay the
appropriate additional premium for coverage to continue beyond that time.
The WB Bank (WBB) uses several outside companies to help process a large number of credit card
transactions on a daily basis. WBB carries an ISO Commercial Crime Form with a Computer Fraud
insuring agreement selected. After a recent audit, WBB becomes aware that a significant number of
credit card transactions have somehow disappeared from the computer system. Which one of the
following is most likely true regarding coverage under the Computer Fraud insuring agreement?
Coverage is excluded for credit or debit card transactions.
To coordinate with the Computer Fraud insuring agreement, the Funds Transfer Fraud coverage
provided by the Computer Fraud insuring agreement of the ISO Commercial Crime Coverage Form
excludes
Loss due to use of a computer to transfer money.
Entities eligible for financial institution bonds are
Not eligible for the ISO Commercial Crime Forms.
Technical Corporation (TC) is covered by an ISO Commercial Crime Coverage Form with Inside the
Premises and Outside the Premises insuring agreements. During a recent audit, TC discovered a
significant monetary loss due to an accounting omission. Which of the following best explains the
insurer's response to a claim presented by TC?
Loss due to accounting omission is excluded.
ABC, Inc., is a large, national retailer that sells a variety of consumer goods. ABC carries a Commercial
Package Policy that includes Insurance Services Office's Commercial Crime Coverage Form (Loss
Sustained) with the following insuring agreements: Employee Theft; Forgery or Alteration; Inside the
Premises—Theft of Money and Securities; and Inside the Premises—Robbery or Safe Burglary of Other
4|Page
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