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AGENT LICENSE FLORIDA 2-20 ACTUAL EXAM REAL QUESTIONS AND WELL ELABORATED ANNSWERS (VERIFIED SOLUTIONS) LATEST UPDATED VERSION |ALREADY GRADED A+ (REVISED EXAM)$20.49
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AGENT LICENSE FLORIDA 2-20 ACTUAL EXAM REAL QUESTIONS AND WELL ELABORATED ANNSWERS (VERIFIED SOLUTIONS) LATEST UPDATED VERSION |ALREADY GRADED A+ (REVISED EXAM)
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AGENT LICENSE FLORIDA 2-20
Institution
AGENT LICENSE FLORIDA 2-20
AGENT LICENSE FLORIDA 2-20 ACTUAL EXAM REAL QUESTIONS AND WELL ELABORATED ANNSWERS (VERIFIED SOLUTIONS) LATEST UPDATED VERSION |ALREADY GRADED A+ (REVISED EXAM)
AGENT LICENSE FLORIDA 2-20 ACTUAL EXAM 2024-2025
REAL QUESTIONS AND WELL ELABORATED ANNSWERS
(VERIFIED SOLUTIONS) LATEST UPDATED VERSION
|ALREADY GRADED A+ (REVISED EXAM)
Which of the following is NOT a required qualification for a General
Lines Agent: - Answer-Seeking the license only to write controlled
business
The Department of Financial Services performs the following, EXCEPT: -
Answer-Pays insurance claims
Once license, you have how long to obtain an appointment? - Answer-
48 months
Which of the following is NOT a duty of the Office of Insurance
Regulation? - Answer-Submit rate filings and underwriting rules for
approval
Which one of the following statements is 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 - 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 - Answer-Commercial general liability
insurance.
Which one of the following statements is correct regarding the benefits
provided by insurance? - 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 -
Answer-Noninsurance transfer techniques.
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, - 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: -
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? - Answer-$1,700
Under the HO-3—Special Form (HO-3) Section I—Conditions, the Loss
Settlement condition - 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 - 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? -
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)? - 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 - Answer-Excluded
because the power failure occurred off the residence premises.
, If law enforcement officials seize an insured's personal computer to
search for files that might be related to a crime, the insured under an
HO-3—Special Form (HO-3) may be unsuccessful in claiming a theft loss
on the computer due to the - Answer-Governmental Action exclusion.
Sam and Sophia insure their house with an unendorsed HO-3—Special
Form (HO-3) policy. Sam stores a small fishing boat and trailer behind
the house. While they are out for the evening, a fire destroys most of
their kitchen and completely destroys the boat and trailer. Assuming
Sam's boat and trailer are valued at $4,000 and ignoring any deductible
that may apply, what amount will their HO-3 insurer pay for the loss of
the boat and trailer? - Answer-$1,500
The Florida Valued Policy Law applies to: - Answer-mobile homes
For a Dwelling Flood policy, which is correct: - Answer-Primary
residences are covered at replacement cost on building losses.
Sally insures her house with an unendorsed HO-3—Special Form (HO-3)
with a Coverage A—Dwelling limit of $275,000, which is the
replacement cost of the house. A fire destroys the house including a
collection of blueprints belonging to Sally's employer, valued at
$10,000. Sally was storing the blueprints at her home while her office
was changing locations. Assuming no deductible applies, how much, if
any, will Sally's HO-3 insurer pay to replace the blueprints? - Answer-$0
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