FLORIDA 2-20 AGENTS LICENSE EXAM AND PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE 1300+ QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
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FLORIDA 2-20 AGENTS LICENSE
Institution
FLORIDA 2-20 AGENTS LICENSE
FLORIDA 2-20 AGENTS LICENSE EXAM AND
PRACTICE EXAM NEWEST ACTUAL EXAM
COMPLETE 1300+ QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
The Florida Surplus Service Lines Office (FSLSO) was created to -
CORRECT ANSWER oversee the surplus lines industry in the stat...
FLORIDA 2-20 AGENTS LICENSE EXAM AND
PRACTICE EXAM NEWEST ACTUAL EXAM
COMPLETE 1300+ QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
The Florida Surplus Service Lines Office (FSLSO) was created to -
CORRECT ANSWER oversee the surplus lines industry in the state
Which of the following is NOT a required qualification for a General
Lines Agent: - CORRECT ANSWER Seeking the license only to write
controlled business
The Department of Financial Services performs the following, EXCEPT:
- CORRECT ANSWER Pays insurance claims
Once license, you have how long to obtain an appointment? - CORRECT
ANSWER 48 months
Which of the following is NOT a duty of the Office of Insurance
Regulation? - CORRECT ANSWER Submit rate filings and underwriting
rules for approval
Which one of the following statements is correct? - CORRECT ANSWER
Contractors must usually provide evidence of liability insurance before
a construction contract is granted.
From a risk management viewpoint, insurance is used to - CORRECT
ANSWER Transfer the cost of losses.
Liability coverage for loss exposures arising from a business
organization's premises and operations, its products, or its completed
work is typically provided by - CORRECT ANSWER Commercial general
liability insurance.
,Which one of the following statements is correct regarding the
benefits provided by insurance? - CORRECT ANSWER Insurance helps
reduce the financial burden to society by compensating accident
victims.
Insurance is not the only risk management transfer technique. When
circumstances are appropriate, transfer can be accomplished through
- CORRECT ANSWER Noninsurance transfer techniques.
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? -
CORRECT ANSWER Large number of similar exposure units
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 - CORRECT ANSWER Personal liability
insurance.
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 - CORRECT ANSWER
Risk transfer.
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 - CORRECT ANSWER Society
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 - CORRECT ANSWER The potential for financial
ruin.
The process of restoring an individual or organization to a pre-loss
financial condition is the process of - CORRECT ANSWER
Indemnification
Sometimes the existence of insurance encourages losses. The result
of this phenomenon is that it - CORRECT ANSWER Increases the total
cost of insurance
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 - CORRECT ANSWER Disability
insurance.
Which of the following is/are not a "your covered auto" under a
Personal Auto Policy for Liability? - CORRECT ANSWER The 1990 Chevy
22 days after you purchase it as an additional vehicle for your son who
just got his license.
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? - CORRECT ANSWER $0
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)? - CORRECT ANSWER
No, because Keith is involved in a share-the-expense car pool.
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, - CORRECT ANSWER Each insurer pays its
, pro rata share based on the proportion that its limit of liability bears to
the total of applicable limits.
The Insuring Agreement in Part A - Liability Coverage of the Personal
Auto Policy contains descriptions of all of the following EXCEPT: -
CORRECT ANSWER Limit of Liability
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? - CORRECT ANSWER $1,700
Under the HO-3—Special Form (HO-3) Section I—Conditions, the Loss
Settlement condition - CORRECT ANSWER Establishes the process for
determining the amount to be paid for a property loss.
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 - CORRECT ANSWER Excluded.
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? - CORRECT ANSWER 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.
Which one of the following has special limits of liability within
Coverage C of the HO-3—Special Form (HO-3)? - CORRECT ANSWER
Theft of firearms
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 - CORRECT ANSWER
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