Exam (elaborations)

Florida 2-20 Agents License Exam Questions with Answers

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Course
Florida 2-20 Agents License

Institution
Florida 2-20 Agents License

Florida 2-20 Agents License Exam Questions with Answers 1. The Florida Surplus Service Lines Office (FSLSO) was created to 2. Which of the following is NOT a required qualification for a General Lines Agent: 3. The Department of Financial Services performs the following, EXCEPT: 4. Once lice...

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Uploaded on September 15, 2024
Number of pages 43
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

florida 2 20 agents license exam questions

Institution Florida 2-20 Agents License
Course Florida 2-20 Agents License

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Florida 2-20 Agents License Exam Questions with Answers

1. The Florida Surplus Service Lines Office (FSLSO) oversee the sur-
was created to plus lines industry
in the state

2. Which of the following is NOT a required qualification Seeking the li-
for a General Lines Agent: cense only to write
controlled busi-
ness

3. The Department of Financial Services performs the Pays insurance
following, EXCEPT: claims

4. Once license, you have how long to obtain an ap- 48 months
pointment?

5. Which of the following is NOT a duty of the Office of Submit rate filings
Insurance Regulation? and underwriting
rules for approval

6. Which one of the following statements is correct? Contractors must
usually provide ev-
idence of liability
insurance before a
construction con-
tract is granted.

7. From a risk management viewpoint, insurance is Transfer the cost
used to of losses.

8. Liability coverage for loss exposures arising from a Commercial gen-
business organization's premises and operations, its eral liability insur-
products, or its completed work is typically provided ance.
by

9. Which one of the following statements is correct re- Insurance helps
garding the benefits provided by insurance? reduce the finan-
cial burden to soci-
ety by compensat-
ing accident vic-
tims.

, Florida 2-20 Agents License Exam Questions with Answers

10. Insurance is not the only risk management trans- Noninsurance
fer technique. When circumstances are appropriate, transfer
transfer can be accomplished through techniques.

11. Oscar's custom-built vehicle looks like a sausage Large number of
sandwich on wheels. He plans to drive it to special similar exposure
events at schools around the country where it will units
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?

12. Liability coverage to individuals and families for bod- Personal liability
ily injury and property damage arising from the in- insurance.
sured's personal premises or activities is typically
provided by

13. Sally is a recent college graduate who lives in the Risk transfer.
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 practi-
cal risk management technique for dealing with her
auto-related loss exposures is

14. One of the costs of insurance is said to be opportuni- Society
ty 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 contri-
butions to

15. Retention is often used in combination with insur- The potential for fi-
ance as a way of treating loss exposures. One of the nancial ruin.
major downsides of individuals using retention alone
is

16. Indemnification

, The process of restoring an individual or organization
to a pre-loss financial condition is the process of

17. Sometimes the existence of insurance encourages Increases the total
losses. The result of this phenomenon is that it cost of insurance

18. A small business owner concerned about something Disability insur-
happening and not being able to work or earn a living ance.
for an extended period of time due to an accident
should purchase

19. Which of the following is/are not a "your covered The 1990 Chevy
auto" under a Personal Auto Policy for Liability? 22 days after you
purchase it as an
additional vehicle
for your son who
just got his li-
cense.

20. Joe has a Personal Auto Policy with one car with $0
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?

21. Keith commutes into the city in his car, and he pro- No, because Kei-
vides a ride to two co-workers who live near him. th is involved
Every other week, the co-workers take turns buying in a share-the-ex-
the gasoline for Keith's car. Does this activity create a pense car pool.
public or livery conveyance situation that would pre-
clude liability coverage under Keith's Personal Auto
Policy (PAP)?

22. An insured covers his owned auto with more than Each insurer pays
one Personal Auto Policy (PAP), each from a different its pro rata share
insurer. In the event of a claim for medical payments based on the pro-
coverage, portion that its limit
of liability bears to

, the total of applic-
able limits.

23. The Insuring Agreement in Part A - Liability Coverage Limit of Liability
of the Personal Auto Policy contains descriptions of
all of the following EXCEPT:

24. Tom and Martha insure their house with an unen- $1,700
dorsed HO-3—Special Form (HO-3) with a Coverage
A—Dwelling limit of $300,000, which is the replace-
ment 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 certifi-
cates. Ignoring any deductible that may apply, how
much, if any, will Tom and Martha's insurer pay for the
loss of the items?

25. Under the HO-3—Special Form (HO-3) Section Establishes the
I—Conditions, the Loss Settlement condition process for deter-
mining the amount
to be paid for a
property loss.

26. Property described in Coverages A, B, and C of an Excluded.
HO-3—Special Form (HO-3) that is destroyed, con-
fiscated, or seized by order of any governmental or
public authority is

27. Adam and his insurer disagree on the amount of a Adam and the in-
loss covered by his homeowners policy. Adam wants surer will each se-
the insurer to pay $10,000 toward the loss. The in- lect an appraiser,
surer's representative feels that the loss should be and the two ap-
valued at $5,000. How could the appraisal process praisers will sub-
resolve this situation? mit their differ-
ences to an im-
partial umpire who
will reach a resolu-
tion.

28. Theft of firearms

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Exam (elaborations)

Florida 2-20 Agents License Exam Questions with Answers

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