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FLORIDA PERSONAL LINES LICENSE EXAM LATEST ACTUAL EXAM 100 QUESTIONS AND CORRECT ANSWERS|AGRADE What level of authority is given to the Office of Insurance Regulation with respect to examination of insurer's activities to determine complia$27.99
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FLORIDA PERSONAL LINES LICENSE EXAM LATEST ACTUAL EXAM 100 QUESTIONS AND CORRECT ANSWERS|AGRADE What level of authority is given to the Office of Insurance Regulation with respect to examination of insurer's activities to determine complia
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FLORIDA PERSONAL
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FLORIDA PERSONAL
FLORIDA PERSONAL LINES LICENSE EXAM LATEST
ACTUAL EXAM 100 QUESTIONS AND
CORRECT ANSWERS|AGRADE
What level of authority is given to the Office of Insurance Regulation with respect to examination of
insurer's activities to determine compliance Unfair Trade Practice laws?
FLORIDA PERSONAL LI...
FLORIDA PERSONAL LINES LICENSE EXAM LATEST
2023-2024 ACTUAL EXAM 100 QUESTIONS AND
CORRECT ANSWERS|AGRADE
What level of authority is given to the Office of Insurance Regulation with respect to examination of
insurer's activities to determine compliance Unfair Trade Practice laws?
a)Civil
b)Absolute
c)Voluntary
d)Limited - ANSWER-b)Absolute
Florida statutes provide the Office of Insurance Regulation with an absolute right to examine the affairs
of every person (insurers and licensees) involved in the business of insurance to see if they are engaged
in any unfair trade practices.
Bob insists that the insurer owes him $10,000 for liability damages, while his insurer asserts that they
owe him no more than $7,000. Which of the following would most likely describe the type of claim
settlement that they might pursue?
a)Appraisal hearing
b)Arbitration
c)Small claims court
d)Independent audit - ANSWER-b)Arbitration
When an insured and insurer cannot agree on how to settle a claim, arbitration is often used. The
settlement is submitted to an arbitrator(s) whose decision may or may not be binding on both parties
dependent on state law.
For cancellation of a commercial property policy during the first 90 days, for a reason other than
nonpayment of premium, the insurer must give the insured advance written notice of at least how many
days?
a)10 days
b)20 days
c)30 days
d)45 days - ANSWER-b)20 days
,Cancellation of a policy by the insurer during the first 90 days requires that it gives the insured advance
written notice of 20 days and state the reason(s) for the cancellation.
Which of the following is a method of claim settlement used in casualty insurance when the insured and
insurer cannot agree on how to settle a claim?
a)Appraisal
b)Arbitration
c)Proof of loss
d)Restoration - ANSWER-b)Arbitration
Arbitration is a method of casualty claim settlement used when the insured and insurer cannot agree on
how to settle a claim. The arbitrator's decision is binding to both parties.
Several insureds have become liable because of a single loss. How will the policy's limit of liability be
affected?
a)No more than the per occurrence limit applies, no matter how many insureds are involved.
b)Pro rata liability applies.
c)A homeowners policy can have no more than one insured.
d)The full limit applies to each insured individually. - ANSWER-a)No more than the per occurrence limit
applies, no matter how many insureds are involved.
The insurance applies separately to each insured. This condition does not increase the insurer's liability
for any one occurrence.
Which of the following is true regarding branch agency licensing?
a)The branch must secure an agency license.
b)There are no special licensing requirements.
c)Agent in charge must be licensed.
d)All its agents must be licensed. - ANSWER-c)Agent in charge must be licensed.
Each branch location established by an agent, agency, firm, corporation, or association must be in the
active full-time charge of a licensed general lines, or life and/or health agent who is appointed to
represent one or more insurers.
,How can an agent determine if an insurer is authorized to transact insurance in the state of Florida?
a)Ask the insurer to provide documentation
b)Review the company's annual report
c)Obtain a copy of the company's business plan
d)Visit the OIR website and conduct a company search - ANSWER-d)Visit the OIR website and conduct a
company search
All of the following are true regarding deposit premium EXCEPT
a)It could be adjusted by the audit.
b)It must be paid in advance.
c)It is an estimated premium paid at the policy issue.
d)It is 50% of the actual premium. - ANSWER-D.)It is 50% of the actual premium.
Deposit premium is an estimated premium paid in advance at the time the policy is issued that may be
adjusted by the audit based on actual exposures.
All of the following are considered parts of the policy structure EXCEPT
a)Insuring clause.
b)Conditions.
c)Provisions.
d)Exclusions. - ANSWER-c)Provisions.
Provisions is a broad term used to refer to the sections or clauses of an insurance policy that
communicate the policy's benefits, conditions, etc. The essential parts of the policy are declarations,
insuring clause, conditions and exclusions.
Al, permanently injured by Jim in an accident, has total damages of $60,000. Al has PIP and Uninsured
Motorist coverage of $100,000. Jim has the minimum limit of liability required by Florida. How much
would Al collect under U/M?
a)$50,000
b)$40,000
c)$20,000
d)$60,000 - ANSWER-b)$40,000
, U/M is not intended to duplicate payments otherwise available. Al could recover $10,000 from PIP,
$10,000 (the per person limit under Jim's policy), and $40,000 from his U/M coverage.
What is the deductible of a personal liability umbrella policy called?
a)The PIL
b)The CGL
c)The CPP
d)The SIR - ANSWER-d)The SIR
The self-insured retention (SIR) is an initial part of a loss the insured pays before the umbrella pays if no
other policy covers the loss.
Which of the following entities has the authority to make changes to an insurance policy?
Only an executive officer of the company, not an agent, has authority to make any changes to the policy.
The mobilehome endorsement alters the homeowners policy to cover a mobilehome and other
structures on land.
a)Leased by the owner of the land.
b)Owned or leased by the resident of the mobilehome.
c)Owned or leased by a landlord who does not reside on the premises.
d)Owned by a landlord who does not use the mobilehome located on it. - ANSWER-b)Owned or leased
by the resident of the mobilehome.
The mobilehome endorsement alters the homeowners policy to cover a mobilehome and other
structures on land owned or leased by the resident of the mobilehome.
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