FLORIDA 2-20 STATE EXAM PRACTICE | 145 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS 100% CORRECT | UPDATE 2024 A. Prevents money laundering B. Regulates consumer reports C. Protects customer privacy D. Regulates telemarketing Answer B. - ANSWER☑️ The Federal Fair Credit Reporting Act A. General B. Special (specific) C. Tort D. Normal Answer A. - ANSWER☑️ What type of compensatory damages will pay for pain and suffering and disfigurement? A. The additional premium required for the mortgage endorsement must be paid by the mortgagee B. Losses will be paid to the mortgagee and the mortgager as they're interest appears C. Coverage is suspended if the building is mortgaged in the insurer is not told of this indebtedness D. The mortgagee must settle with the mortgagor in the event of a loss Answer B. - ANSWER☑️ And insured's home is mortgaged by the local bank. He is required to carry insurance on the home showing the bank as the mortgagee. Which of the following is true if the home is damaged by a covered peril? A. $0 B. $30,000 C. $32,000 D. $40,000 Answer B. - ANSWER☑️ And insured's building has an actual cash value of $200,000, and he has ensured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? A. Stock Company B. Reciprocal association C. Fraternal benefit society D. Mutual company Answer C. - ANSWER☑️ Which of the following entities is not an insurer but an organization formed to provide insurance benefits for members of an affiliated lodge or religious organization? A. The parties must pursue a lawsuit B. The policyholder is allowed to hire an appraiser, and the insurer will pay the amount determined C. Beachside selects it's own appraiser, and the appraisers select an umpire to settle any differences between the appraisers D. The insured is required to except but the insurer is willing to pay Answer C. - ANSWER☑️ According to the appraisal condition of a homeowners policy, what procedure may be followed if the insured and the insured do not agree as to the size of a loss? A. The parties must pursue a lawsuit. B. The policyholder is allowed to hire an appraiser, and the insurer will pay the amount determined. C. Each side selects its own appraiser, and the appraisers select an umpire to settle any differences between the appraisers. D. The insured is required to accept what the insurer is willing to pay. Answer C. - ANSWER☑️ According to the appraisal condition of a homeowners policy, what procedure may be followed if the insurer and insured do not agree as to the size of a loss? A. Peril B. Hazard C. Accident D. Occurrence Answer D. - ANSWER☑️ Losses caused by continuous or repeated exposure to conditions resulting in injury persons or damage to property that is neither intended nor expected is the definition of which of the following terms? A. General B. Special (specific) C. Tort D. Normal Answer A. - ANSWER☑️ What type of compensatory damages will pay for pain and suffering and disfigurement? A. 1 Month B. 90 days. C. 1 week. D. 2 weeks. Answer D. - ANSWER☑️ Under the additional living expenses coverage, if a civil authority prohibits the insured from using the dwelling because of direct damage to a neighboring location from a peril covered in the insured's policy, loss would be covered for up to A. Named Nonowner coverage B. Other Than Collision coverage C. Extended Nonowned coverage for Named Insured D. Towing and Labor Costs Answer B. - ANSWER☑️ Rental Reimbursement is only available if the policy includeswhich coverage? A. Liability coverage. B. Physical damage coverage. C. Medical payments coverage. D. Duties after an accident or loss. Answer B. - ANSWER☑️ All of the following are parts of a personal auto policy EXCEPT A. Foundation cracks B. Weight of snow. C. Hidden insect or vermin damage. D. Weight of too many people attending an event hosted in the house. Answer A. - ANSWER☑️ The homeowners policy covers collapse caused by all of the following EXCEPT A. Medical payments B. Comprehensive coverage C. Collision coverage D. Liability coverage Answer D. - ANSWER☑️ Which of the following personal auto coverages would pay for the insured's travel expenses and loss of earnings while involved in the settlement process of a covered loss? A. Conditions. B. Exclusions. C. Declarations. D. Insuring agreement. Answer D. - ANSWER☑️ The part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured is called the A. Guaranteed dividends B. A partial premium refund C. An increase in insurance over time D. Lower premiums Answer B. - ANSWER☑️ In a participation plan, the insured may be eligible for which of the following?
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