Florida 2-20 Agents License Exam Questions
"Additional Coverage", under a Commercial Property policy include all of the following except: -
ANS-Newly acquired locations for up to 60 days
10% for a self-storage facility does not apply to personal property that is moved from the
residence premises because: - ANS-It's being repaired
A _____________ is required in order for an insurer to transact insurance in Florida. -
ANS-Certificate if Authority
A claim under an ISO Commercial Crime Coverage Form is subject to the
Valuation—Settlement condition. Which one of the following is true regarding this
Valuation—Settlement condition? - ANS-Damaged property is valued at replacement cost or the
insurer can repair or replace the property
A Commercial Package Policy (CPP) premium may be modified by a package modification
factor. This factor - ANS-Is a discount justified by the greater efficiency in providing a package
policy.
A Commercial Package policy may include the following coverage types EXCEPT: - ANS-Health
A condominium unit owner would use which form? - ANS-HO-6
A description of the property insured, a list of mortgagees, and the applicable coinsurance
percentage(s) are shown on which one of the following documents? - ANS-Commercial property
declarations
A Florida insured has a Personal Auto Policy providing PIP coverage with a $1,000 deductible.
The insured is injured in his vehicle and sustains $15,000 in medical bills. How much will his
policy pay under PIP? - ANS-$10,000
A homeowners policy premium is determined by first developing the base premium. The base
premium is influenced by certain factors, including which one of the following? - ANS-Dwelling
location
A policy with Citizens may be replaced with a policy from an authorized insurer at any time
during the policy period with a ________day notice. - ANS-60
A small business owner concerned about something happening and not being able to work or
earn a living for an extended period of time due to an accident should purchase - ANS-Disability
insurance.
,A storm causes power lines to break ten miles from the insured's premises. The loss of
electrical power causes food in the insured's freezer to thaw and spoil. Coverage for this loss is
- ANS-Excluded because the power failure occurred off the residence premises.
A term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining
property (jettison) Each party then shares in the loss in proportion to their total interest in
property being transported - ANS-General Average
A written contract that includes all clauses, riders, endorsements and papers is called: -
ANS-Policy
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 Property. The limit of insurance for each one of
these insuring agreements is $100,000 and the deductible per occurrence for each one of these
insuring agreements is $1,000. The policy year is 20X1. During 20X1, two employees, Beth and
Jim, in collusion, stole money and merchandise from ABC. Beth and Jim stole money on May 1,
20X1 and August 13, 20X1. They also stole merchandise on January 15, 20X1 and September
29, 20X1. The amount of the money loss totaled $15,000 while the amount of the merchandise
loss totaled $110,000. W - ANS-$100,000
Adam and his insurer disagree on the amount of a loss covered by his homeowners policy.
Adam wants the insurer to pay $10,000 toward the loss. The insurer's representative feels that
the loss should be valued at $5,000. How could the appraisal process resolve this situation? -
ANS-Adam and the insurer will each select an appraiser, and the two appraisers will submit their
differences to an impartial umpire who will reach a resolution.
After a loss the insured must do all the following except: - ANS-Discontinue premium payments
All "keep-out" and "take-out" plans of Citizens are subject to the ___________ statute. -
ANS-Consumer Choice
All of the following are BI and PD exclusions under the CGL EXCEPT: - ANS-Excessive Liability
All of the following are controlled Commercial Inland Marine lines EXCEPT: - ANS-Annual
Transit
All of the following are coverage extensions found in the Building and Personal Property
Coverage form except: - ANS-Off premises sign coverage up to $2,500
, All of the following are deductibles for FAJUA Physical Damage Coverage EXCEPT: -
ANS-$2,500
All of the following are eligible for a homeowners policy EXCEPT: - ANS-Owner-occupants of a
1-6 family dwelling
All of the following are eligible for the PAP policy EXCEPT: - ANS-Corporations
All of the following are exclusions under Garage Insurance Physical Damage coverage
EXCEPT: - ANS-Expected losses
All of the following are Major Medical Insurance exclusions EXCEPT: - ANS-Cosmetic surgery
required by accident
All of the following are not true regarding property coverages under the Businessowners policy
EXCEPT: - ANS-ACV on personal property
All of the following are Optional Coverages under the Buisnessowners policy EXCEPT: -
ANS-Collapse
All of the following are penalties under the Florida No-Fault Law EXCEPT: - ANS-SR 22 denied
All of the following are true of the Supplemental Extended Reporting Period (SERP) under a
Claims-made CGL policy except: - ANS-The coverage is automatic and need not be requested
by the insured.
All of the following can be an insured under the Lawyers Professional Liability policy EXCEPT: -
ANS-Lawyers for their services after termination
All of the following coverages are available for FAJUA commercial vehicles over 10,000 lbs
EXCEPT: - ANS-Collision
All of the following fall under the definition of sliding EXCEPT: - ANS-Giving the applicant a
portion of the commission
All of the following forms will apply to owner-occupants of 1-4 family dwellings EXCEPT: -
ANS-HO-6
All of the following Special Limits can be increased EXCEPT: - ANS-Firearms from $2,500 to
$10,000
Allen, a sole proprietor, is crossing the street when he is struck by a passing uninsured auto. He
sustains $2,500 in medical bills, $3,000 damage to the laptop he was carrying, and $1,000 in
lost wages. Allen's business auto policy has $100,000 liability limit and $5,000 medical
"Additional Coverage", under a Commercial Property policy include all of the following except: -
ANS-Newly acquired locations for up to 60 days
10% for a self-storage facility does not apply to personal property that is moved from the
residence premises because: - ANS-It's being repaired
A _____________ is required in order for an insurer to transact insurance in Florida. -
ANS-Certificate if Authority
A claim under an ISO Commercial Crime Coverage Form is subject to the
Valuation—Settlement condition. Which one of the following is true regarding this
Valuation—Settlement condition? - ANS-Damaged property is valued at replacement cost or the
insurer can repair or replace the property
A Commercial Package Policy (CPP) premium may be modified by a package modification
factor. This factor - ANS-Is a discount justified by the greater efficiency in providing a package
policy.
A Commercial Package policy may include the following coverage types EXCEPT: - ANS-Health
A condominium unit owner would use which form? - ANS-HO-6
A description of the property insured, a list of mortgagees, and the applicable coinsurance
percentage(s) are shown on which one of the following documents? - ANS-Commercial property
declarations
A Florida insured has a Personal Auto Policy providing PIP coverage with a $1,000 deductible.
The insured is injured in his vehicle and sustains $15,000 in medical bills. How much will his
policy pay under PIP? - ANS-$10,000
A homeowners policy premium is determined by first developing the base premium. The base
premium is influenced by certain factors, including which one of the following? - ANS-Dwelling
location
A policy with Citizens may be replaced with a policy from an authorized insurer at any time
during the policy period with a ________day notice. - ANS-60
A small business owner concerned about something happening and not being able to work or
earn a living for an extended period of time due to an accident should purchase - ANS-Disability
insurance.
,A storm causes power lines to break ten miles from the insured's premises. The loss of
electrical power causes food in the insured's freezer to thaw and spoil. Coverage for this loss is
- ANS-Excluded because the power failure occurred off the residence premises.
A term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining
property (jettison) Each party then shares in the loss in proportion to their total interest in
property being transported - ANS-General Average
A written contract that includes all clauses, riders, endorsements and papers is called: -
ANS-Policy
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 Property. The limit of insurance for each one of
these insuring agreements is $100,000 and the deductible per occurrence for each one of these
insuring agreements is $1,000. The policy year is 20X1. During 20X1, two employees, Beth and
Jim, in collusion, stole money and merchandise from ABC. Beth and Jim stole money on May 1,
20X1 and August 13, 20X1. They also stole merchandise on January 15, 20X1 and September
29, 20X1. The amount of the money loss totaled $15,000 while the amount of the merchandise
loss totaled $110,000. W - ANS-$100,000
Adam and his insurer disagree on the amount of a loss covered by his homeowners policy.
Adam wants the insurer to pay $10,000 toward the loss. The insurer's representative feels that
the loss should be valued at $5,000. How could the appraisal process resolve this situation? -
ANS-Adam and the insurer will each select an appraiser, and the two appraisers will submit their
differences to an impartial umpire who will reach a resolution.
After a loss the insured must do all the following except: - ANS-Discontinue premium payments
All "keep-out" and "take-out" plans of Citizens are subject to the ___________ statute. -
ANS-Consumer Choice
All of the following are BI and PD exclusions under the CGL EXCEPT: - ANS-Excessive Liability
All of the following are controlled Commercial Inland Marine lines EXCEPT: - ANS-Annual
Transit
All of the following are coverage extensions found in the Building and Personal Property
Coverage form except: - ANS-Off premises sign coverage up to $2,500
, All of the following are deductibles for FAJUA Physical Damage Coverage EXCEPT: -
ANS-$2,500
All of the following are eligible for a homeowners policy EXCEPT: - ANS-Owner-occupants of a
1-6 family dwelling
All of the following are eligible for the PAP policy EXCEPT: - ANS-Corporations
All of the following are exclusions under Garage Insurance Physical Damage coverage
EXCEPT: - ANS-Expected losses
All of the following are Major Medical Insurance exclusions EXCEPT: - ANS-Cosmetic surgery
required by accident
All of the following are not true regarding property coverages under the Businessowners policy
EXCEPT: - ANS-ACV on personal property
All of the following are Optional Coverages under the Buisnessowners policy EXCEPT: -
ANS-Collapse
All of the following are penalties under the Florida No-Fault Law EXCEPT: - ANS-SR 22 denied
All of the following are true of the Supplemental Extended Reporting Period (SERP) under a
Claims-made CGL policy except: - ANS-The coverage is automatic and need not be requested
by the insured.
All of the following can be an insured under the Lawyers Professional Liability policy EXCEPT: -
ANS-Lawyers for their services after termination
All of the following coverages are available for FAJUA commercial vehicles over 10,000 lbs
EXCEPT: - ANS-Collision
All of the following fall under the definition of sliding EXCEPT: - ANS-Giving the applicant a
portion of the commission
All of the following forms will apply to owner-occupants of 1-4 family dwellings EXCEPT: -
ANS-HO-6
All of the following Special Limits can be increased EXCEPT: - ANS-Firearms from $2,500 to
$10,000
Allen, a sole proprietor, is crossing the street when he is struck by a passing uninsured auto. He
sustains $2,500 in medical bills, $3,000 damage to the laptop he was carrying, and $1,000 in
lost wages. Allen's business auto policy has $100,000 liability limit and $5,000 medical
