Florida 2-20 Agents License Exam |\ |\ |\ |\ |\
Questions with answers |\ |\
The Florida Surplus Service Lines Office (FSLSO) was
|\ |\ |\ |\ |\ |\ |\ |\
created to - CORRECT ANSWERS ✔✔oversee the surplus
|\ |\ |\ |\ |\ |\ |\ |\
lines industry in the state
|\ |\ |\ |\
Which of the following is NOT a required qualification for a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
General Lines Agent: - CORRECT ANSWERS ✔✔Seeking
|\ |\ |\ |\ |\ |\ |\ |\
the license only to write controlled business
|\ |\ |\ |\ |\ |\
The Department of Financial Services performs the
|\ |\ |\ |\ |\ |\ |\
following, EXCEPT: - CORRECT ANSWERS ✔✔Pays |\ |\ |\ |\ |\ |\
insurance claims |\
Once license, you have how long to obtain an
|\ |\ |\ |\ |\ |\ |\ |\ |\
appointment? - CORRECT ANSWERS ✔✔48 months |\ |\ |\ |\ |\
Which of the following is NOT a duty of the Office of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Insurance Regulation? - CORRECT ANSWERS ✔✔Submit
|\ |\ |\ |\ |\ |\
rate filings and underwriting rules for approval
|\ |\ |\ |\ |\ |\
Which one of the following statements is correct? -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Contractors must usually provide
|\ |\ |\ |\ |\ |\
,evidence of liability insurance before a construction
|\ |\ |\ |\ |\ |\ |\
contract is granted. |\ |\
From a risk management viewpoint, insurance is used to -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔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 ANSWERS ✔✔Commercial general liability |\ |\ |\ |\ |\
insurance.
Which one of the following statements is correct
|\ |\ |\ |\ |\ |\ |\ |\
regarding the benefits provided by insurance? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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 ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔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
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔The potential for financial ruin. |\ |\ |\ |\ |\ |\
The process of restoring an individual or organization to a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
pre-loss financial condition is the process of - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Indemnification |\
Sometimes the existence of insurance encourages losses. |\ |\ |\ |\ |\ |\
The result of this phenomenon is that it - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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 ANSWERS ✔✔Disability insurance. |\ |\ |\ |\ |\
Which of the following is/are not a "your covered auto"
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
under a Personal Auto Policy for Liability? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Questions with answers |\ |\
The Florida Surplus Service Lines Office (FSLSO) was
|\ |\ |\ |\ |\ |\ |\ |\
created to - CORRECT ANSWERS ✔✔oversee the surplus
|\ |\ |\ |\ |\ |\ |\ |\
lines industry in the state
|\ |\ |\ |\
Which of the following is NOT a required qualification for a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
General Lines Agent: - CORRECT ANSWERS ✔✔Seeking
|\ |\ |\ |\ |\ |\ |\ |\
the license only to write controlled business
|\ |\ |\ |\ |\ |\
The Department of Financial Services performs the
|\ |\ |\ |\ |\ |\ |\
following, EXCEPT: - CORRECT ANSWERS ✔✔Pays |\ |\ |\ |\ |\ |\
insurance claims |\
Once license, you have how long to obtain an
|\ |\ |\ |\ |\ |\ |\ |\ |\
appointment? - CORRECT ANSWERS ✔✔48 months |\ |\ |\ |\ |\
Which of the following is NOT a duty of the Office of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Insurance Regulation? - CORRECT ANSWERS ✔✔Submit
|\ |\ |\ |\ |\ |\
rate filings and underwriting rules for approval
|\ |\ |\ |\ |\ |\
Which one of the following statements is correct? -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Contractors must usually provide
|\ |\ |\ |\ |\ |\
,evidence of liability insurance before a construction
|\ |\ |\ |\ |\ |\ |\
contract is granted. |\ |\
From a risk management viewpoint, insurance is used to -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔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 ANSWERS ✔✔Commercial general liability |\ |\ |\ |\ |\
insurance.
Which one of the following statements is correct
|\ |\ |\ |\ |\ |\ |\ |\
regarding the benefits provided by insurance? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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 ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔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
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔The potential for financial ruin. |\ |\ |\ |\ |\ |\
The process of restoring an individual or organization to a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
pre-loss financial condition is the process of - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Indemnification |\
Sometimes the existence of insurance encourages losses. |\ |\ |\ |\ |\ |\
The result of this phenomenon is that it - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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 ANSWERS ✔✔Disability insurance. |\ |\ |\ |\ |\
Which of the following is/are not a "your covered auto"
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
under a Personal Auto Policy for Liability? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
