Florida 220 Agents License Exam Questions and Answers 2023 Graded A
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Course
NURSING 706
Institution
NURSING 706
Florida 2-20 Agents License Exam Questions and Answers 2023 Graded A
The Florida Surplus Service Lines Office (FSLSO) was created to
Which of the following is NOT a required qualification for a General Lines Agent:
The Department of Financial Services performs the following, EXCEPT:
Once licens...
Florida 2-20 Agents License Exam Questions
and Answers 2023 Graded A
1). The florida surplus service lines office (fslso) was created to
Ans: oversee the surplus lines industry in the state
2). Which of the following is not a required qualification for a general lines agent:
Ans: Seeking the license only to write controlled business
3). The department of financial services performs the following, except:
Ans: Pays insurance claims
4). Once license, you have how long to obtain an appointment?
Ans: 48 months
5). Which of the following is not a duty of the office of insurance regulation?
Ans: Submit rate filings and underwriting rules for approval
6). Which one of the following statements is correct?
Ans: Contractors must usually provide evidence of liability insurance before a
construction contract is granted.
7). From a risk management viewpoint, insurance is used to
Ans: Transfer the cost of losses.
8). Liability coverage for loss exposures arising from a business organization's premises and
operations, its products, or its completed work is typically provided by
Ans: Commercial general liability insurance.
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, 9). Which one of the following statements is correct regarding the benefits provided by
insurance?
Ans: Insurance helps reduce the financial burden to society by compensating accident
victims.
10). Insurance is not the only risk management transfer technique. when circumstances are
appropriate, transfer can be accomplished through
Ans: Noninsurance transfer techniques.
11). Oscar's custom-built vehicle looks like a sausage sandwich on wheels. he plans to drive it
to special events at schools around the country where it will serve as a mobile billboard to
promote his product. oscar is surprised to learn that insurers are reluctant to insure his
vehicle because it fails to meet one of the ideal characteristics of an insurable risk. which
characteristic is oscar's vehicle least likely to meet?
Ans: Large number of similar exposure units
12). Liability coverage to individuals and families for bodily injury and property damage arising
from the insured's personal premises or activities is typically provided by
Ans: Personal liability insurance.
13). Sally is a recent college graduate who lives in the suburbs and drives to work daily in the
city. she recognizes that owning a car creates both property damage and liability
exposures for her and at the same time she has the burden of student loans. for someone
in sally's circumstances the most practical risk management technique for dealing with
her auto-related loss exposures is
Ans: Risk transfer.
14). One of the costs of insurance is said to be opportunity costs. this means that if capital and
labor were not being used in the insurance business, they could be used elsewhere and
making other productive contributions to
Ans: Society
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, 15). Retention is often used in combination with insurance as a way of treating loss exposures.
one of the major downsides of individuals using retention alone is
Ans: The potential for financial ruin.
16). The process of restoring an individual or organization to a pre-loss financial condition is
the process of
Ans: Indemnification
17). Sometimes the existence of insurance encourages losses. the result of this phenomenon
is that it
Ans: Increases the total cost of insurance
18). 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.
19). Which of the following is/are not a "your covered auto" under a personal auto policy for
liability?
Ans: The 1990 Chevy 22 days after you purchase it as an additional vehicle for your
son who just got his license.
20). Joe has a personal auto policy with one car with liability of 10/20/10, basic pip, 10/20 um
and no med pay. his florida neighbor has an identical policy on her care. joe is driving her
car, loses control; and hits a tree. joe is hurt with $15,000 in medical bills. what is the
maximum joe can collect from um from all sources from this accident?
Ans: $0
21). Keith commutes into the city in his car, and he provides a ride to two co-workers who live
near him. every other week, the co-workers take turns buying the gasoline for keith's car.
does this activity create a public or livery conveyance situation that would preclude liability
coverage under keith's personal auto policy (pap)?
Ans: No, because Keith is involved in a share-the-expense car pool.
22).
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, An insured covers his owned auto with more than one personal auto policy (pap), each
from a different insurer. in the event of a claim for medical payments coverage,
Ans: Each insurer pays its pro rata share based on the proportion that its limit of
liability bears to the total of applicable limits.
23). The insuring agreement in part a - liability coverage of the personal auto policy contains
descriptions of all of the following except:
Ans: Limit of Liability
24). Tom and martha insure their house with an unendorsed ho-3—special form (ho-3) with a
coverage a—dwelling limit of $300,000, which is the replacement cost of the house. a thief
breaks into the house while tom and martha are on vacation and steals the following
items: •$500 cash•$50,000 stock certificates. ignoring any deductible that may apply, how
much, if any, will tom and martha's insurer pay for the loss of the items?
Ans: $1,700
25). Under the ho-3—special form (ho-3) section i—conditions, the loss settlement condition
Ans: Establishes the process for determining the amount to be paid for a property
loss.
26). Property described in coverages a, b, and c of an ho-3—special form (ho-3) that is
destroyed, confiscated, or seized by order of any governmental or public authority is
Ans: Excluded.
27). 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.
28). Which one of the following has special limits of liability within coverage c of the ho-3—
special form (ho-3)?
Ans: Theft of firearms
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