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Florida Property & Casualty Insurance, Glossary For 220 License, Florida 2-20 Agents License Exam – Q&A CA$37.59   Add to cart
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Florida Property & Casualty Insurance, Glossary For 220 License, Florida 2-20 Agents License Exam – Q&A
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Florida Property & Casualty Insurance, Glossary For 220 License, Florida 2-20 Agents License Exam – Q&A

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  • December 8, 2023
  • 118
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • florida property casualty insurance glossary fo

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Florida Property & Casualty Insurance, Glossary
For 220 License, Florida 2-20 Agents License
Exam – Q&A
The FAJUA is composed of: ✔️Ans - All companies licensed to write auto
insurance in Florida

A coverage that is similar to premises and operations coverage in the
Commercial General Liability Policy covering bodily injury and property
damage liability for aviation risks is defined as: ✔️Ans - Airport and Air
Meet Liability

Homeowners HO-3 policy - severe theft loss. Coverage A limit is $100,000.
Insured losses include $25,000 furniture, clothing and other ordinary
personal property plus $5,000 damage to guns and $5,000 damage to jewelry,
furs. Insured will recover: ✔️Ans - $29,000 less any deductible

Each of the following divisions falls under The Department of Financial
Services EXCEPT? ✔️Ans - The Division of Consumer Activities

Which of the following provides for loss of money and securities outside the
premises in the care, custody and control of a messenger or armored car
service resulting from theft, disappearance, or destruction? ✔️Ans - Outside
the Premises

What is the standard All Perils deductible in the Commercial Property Policy?
✔️Ans - $500

Which of the following best describes a "Controlled" Inland Marine Form?
✔️Ans - Standard provisions form is written according to filed rules and rates

Under a Personal Articles Floater, which of the following is covered as valued
property? ✔️Ans - Fine Arts

Under the Dwelling Program forms, vandalism is not covered after the
building has been vacant for how many days? ✔️Ans - 60 days

,Under a Commercial General Liability Contract, how many days notice of
cancellation must the insurer provide for non-payment of premium? ✔️Ans -
10

Under Additional Coverages, how much applies for loss assessments imposed
by an association against the insured for damage to property caused by a peril
insured against under Coverage A? ✔️Ans - $1,000

The following are basic characteristics of a Property or Liability Insurance
Contract EXCEPT: ✔️Ans - Loss Settlement Contract

Rob has PIP with a $1,000 deductible. He has an auto accident causing $6,000
in medical bills. How much will his PIP pay? ✔️Ans - $4,000
- $6,000 - $1,000 deductible = $5,000 x 80% = $4,000

QRS Construction Company wants to provide the local school district with a
price for building a new grammar school. In order to accept the price, the
school board needs a bond that would pay the difference between QRS's price
and the next highest price. What kind of bond does QRS need to provide to the
school district? ✔️Ans - Bid bond
- The Bid Bond is required to accompany a bid for a contract which will
require that the successful bidder furnish further bond if awarded the job. The
guarantee is that if the bid is accepted, the bidder will enter into the contract
and will satisfy further bonding requirements for the job

Which of the following guarantees the payment of materials in full upon
completion of the work? ✔️Ans - Payment Bond

Which of the following events would be covered under an HO-3? I. A sewer
line became clogged and the toilet in the house backed up and overflowed,
damaging the carpet. II. Wind blew a front door open and rain damaged the
carpet. III. The neighbor's German Shepard damaged the garage doorframe
while trying to get in the insured's garage to eat the dog food stored there.
✔️Ans - II and III only

All of the following are located on a Boiler and Machinery Coverage form
EXCEPT: ✔️Ans - Exhibits

,The Motor Truck Cargo Policy: ✔️Ans - Insures a truck carrier for liability
arising out of the transportation of cargo.

All of the following are types of property that can be covered under a Personal
Articles Floater EXCEPT: ✔️Ans - Firearms

What is the standard deductible for Employee Theft coverage? ✔️Ans - $500

The Forgery or Alteration coverage under a Businessowners Policy is: ✔️Ans
- $2,000

How many hours of continuing education is a newly licensed agent required to
have for their first Continuing Education compliance period? ✔️Ans - 24

Which of the following is NOT true regarding sole proprietors and partners in
the non-construction industry as they relate to Workers Compensation?
✔️Ans - A maximum of three can elect to be covered

Which of the following is not a way to purchase Uninsured Motorist Coverage?
✔️Ans - More than your bodily injury limits

Camden's Wood Shop will be dropping off new cabinets at a jobsite on
Monday, but will not actually install them until Tuesday. What kind of policy
will they need to cover any loss to the cabinets? ✔️Ans - Installation Floater

This Hospital Form applies with "medical incident" defined as an act or
omission in furnishing of professional services related to making of a blood
donation under the supervision of the insured: ✔️Ans - Blood Banks

Which of the following is not a valid deductible for hurricane in the Dwelling
program? ✔️Ans - 1%

If a loss occurs under the Building and Personal Property Coverage Form with
the optional replacement cost provision, how long does the insured have to
give intent to replace the damaged item in order to receive replacement cost
adjustment? ✔️Ans - 180

Which of the following is NOT a common deductible in an Aircraft Hull Policy?
✔️Ans - 2%

, How many insuring agreements are there in a Commercial Crime Policy?
✔️Ans - 7

Barry was driving his car in Florida where he has lived all his life when he is
hit by an at-fault driver. Barry has $10,000 in medical bills, basic PIP with a
$1,000 deductible and no medical payments coverage. How much will the at-
fault driver have to pay for Barry's injuries? ✔️Ans - $2,800
- $10,000 - $1,000 = $9,000 x 80% = $7,200, the amount paid out by PIP. Barry
can hold the at-fault driver responsible for the difference of PIPs maximum
limit of $10,000 and the $7,200, which is $2,800

During a break-in at a business, the safe is removed from the location. This is
defined as: ✔️Ans - Safe Burglary

The Boiler and Machinery Policy provides automatic coverage for boilers at
newly acquired locations for: ✔️Ans - 90 days

Which of the following statements is false regarding Co-Payment: ✔️Ans -
Subject to a minimum amount

Which statement below best describes the insured's position under the
Florida No-Fault Law when the total medical and work loss bill exceeds the
PIP benefits without exceeding a threshold? ✔️Ans - Insured can sue for the
economic loss not paid or payable under PIP; no suit for intangible damages
such as pain and suffering

Established in 1973, this association was created for applicants who are
unable to obtain automobile insurance in the private market: ✔️Ans - FAJUA

The typical coverage for rental reimbursement on a Mechanical Breakdown
policy is: ✔️Ans - $15 per day/$75 maximum

Which of the following is not a type of insurance that can be transacted with a
"General Lines" insurance license? ✔️Ans - Life insurance written by carrier
who is also represented for Property and Casualty

Another name for a "Cost Plus" plan is: ✔️Ans - Retrospective Rating Plan

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