MAP CERTIFICATION TEST LATEST REAL EXAM 100
QUESTIONS AND CORRECT ANSWERS|ALREADY
GRADED A+
Under Homeowner's Section II, Damage of Property to Others pays up to:
A) $1,000
B)$5,000
C)$1,500
D)$10,000 - ANSWER: A) $1,000
Which of the following is incorrect with regard to commissions and compensation?
A) An agent may not share a commission with anyone who does not have a license
and appointment for the type of insurance sold.
B) An insurer and producer must keep a copy of their producer compensation
agreement for 3 years.
C) Commissions are a percentage of the first year premium, and thereafter, a
percentage of subsequent renewal premiums.
D) Commissions may be shared with a person who is licensed and appointed in a
different line of business. - ANSWER: D) Commissions may be shared with a person
who is licensed and appointed in a different line of business.
All of the following are correct regarding the Florida Insurance Guaranty Association,
except:
A)The association's liability does not exceed $300,000 per claim.
B) The association is responsible for penalties and interest.
C) All insurers authorized to conduct business in Florida must be members.
D) The association is divided into 2 separate accounts. - ANSWER: B) The association
is responsible for penalties and interest.
Catastrophic Ground Cover Collapse is a geological activity that results in all of the
following, except:
A) The abrupt collapse of the ground cover.
B) Structural damage to the covered building.
C) A depression in the ground cover visible to the naked eye.
D) Damage consisting merely of the settling or cracking of a foundation, structure, or
building. - ANSWER: D) Damage consisting merely of the settling or cracking of a
foundation, structure, or building.
An agreement between 2 parties enforceable by law describes:
A) A representation
B) Legal Purpose
C) An Insurance Contract
D) A warranty - ANSWER: C) An insurance contract
The price a willing buyer will pay for a property from a willing seller is:
A)Market Value
, B)Actual Appraised Value
C) A Valued Policy
D) Actual Cash Value - ANSWER: A) Market Value
The Department of Financial Services has the power to do all of the following,
except:
A) Oversee the insurance industry based on the Insurance Code
B)Regulate the state Medicaid program
C) Regulate policy forms and rates
D) Guard against unauthorized insurance activities. - ANSWER: B) Regulate the state
Medicaid program.
Which of the following is an example of a peril?
A) Unlocked front door to a home
B) Earthquake
C) Gasoline stored on the premises - ANSWER: B) Earthquake
The federal act that protects consumer privacy by ensuring that data collected is
confidential, accurate and used for a proper and specific purpose is the:
A) Terrorism Risk Insurance Act
B) Fair Credit Reporting Act
C) Gramm-Leach Bailee Act
D) USA patriot act - ANSWER: B) Fair credit reporting act
Which peril is covered under the Dwelling Form DP-1?
A) Freezing
B) Weight of ice, snow or sleet
C) Lightning
D) Falling Objects - ANSWER: C) Lightning
Which provision requires the insured to maintain a certain limit of insurance?
A) Insuring Agreement
B) Limit of Liability
C) Replacement Cost
D) Coinsurance - ANSWER: B) Limit of Liability
An uncontrollable fire is a:
A) Friendly fire
B) Mysterious Disappearance
C) Binder
D) Hostile Fire - ANSWER: D) Hostile Fire
What is another name for the Homeowners Form HO-5?
A) Special Form
B) Comprehensive Form
C) Modified Coverage Form
D) Broad Form - ANSWER: B) Comprehensive Form
QUESTIONS AND CORRECT ANSWERS|ALREADY
GRADED A+
Under Homeowner's Section II, Damage of Property to Others pays up to:
A) $1,000
B)$5,000
C)$1,500
D)$10,000 - ANSWER: A) $1,000
Which of the following is incorrect with regard to commissions and compensation?
A) An agent may not share a commission with anyone who does not have a license
and appointment for the type of insurance sold.
B) An insurer and producer must keep a copy of their producer compensation
agreement for 3 years.
C) Commissions are a percentage of the first year premium, and thereafter, a
percentage of subsequent renewal premiums.
D) Commissions may be shared with a person who is licensed and appointed in a
different line of business. - ANSWER: D) Commissions may be shared with a person
who is licensed and appointed in a different line of business.
All of the following are correct regarding the Florida Insurance Guaranty Association,
except:
A)The association's liability does not exceed $300,000 per claim.
B) The association is responsible for penalties and interest.
C) All insurers authorized to conduct business in Florida must be members.
D) The association is divided into 2 separate accounts. - ANSWER: B) The association
is responsible for penalties and interest.
Catastrophic Ground Cover Collapse is a geological activity that results in all of the
following, except:
A) The abrupt collapse of the ground cover.
B) Structural damage to the covered building.
C) A depression in the ground cover visible to the naked eye.
D) Damage consisting merely of the settling or cracking of a foundation, structure, or
building. - ANSWER: D) Damage consisting merely of the settling or cracking of a
foundation, structure, or building.
An agreement between 2 parties enforceable by law describes:
A) A representation
B) Legal Purpose
C) An Insurance Contract
D) A warranty - ANSWER: C) An insurance contract
The price a willing buyer will pay for a property from a willing seller is:
A)Market Value
, B)Actual Appraised Value
C) A Valued Policy
D) Actual Cash Value - ANSWER: A) Market Value
The Department of Financial Services has the power to do all of the following,
except:
A) Oversee the insurance industry based on the Insurance Code
B)Regulate the state Medicaid program
C) Regulate policy forms and rates
D) Guard against unauthorized insurance activities. - ANSWER: B) Regulate the state
Medicaid program.
Which of the following is an example of a peril?
A) Unlocked front door to a home
B) Earthquake
C) Gasoline stored on the premises - ANSWER: B) Earthquake
The federal act that protects consumer privacy by ensuring that data collected is
confidential, accurate and used for a proper and specific purpose is the:
A) Terrorism Risk Insurance Act
B) Fair Credit Reporting Act
C) Gramm-Leach Bailee Act
D) USA patriot act - ANSWER: B) Fair credit reporting act
Which peril is covered under the Dwelling Form DP-1?
A) Freezing
B) Weight of ice, snow or sleet
C) Lightning
D) Falling Objects - ANSWER: C) Lightning
Which provision requires the insured to maintain a certain limit of insurance?
A) Insuring Agreement
B) Limit of Liability
C) Replacement Cost
D) Coinsurance - ANSWER: B) Limit of Liability
An uncontrollable fire is a:
A) Friendly fire
B) Mysterious Disappearance
C) Binder
D) Hostile Fire - ANSWER: D) Hostile Fire
What is another name for the Homeowners Form HO-5?
A) Special Form
B) Comprehensive Form
C) Modified Coverage Form
D) Broad Form - ANSWER: B) Comprehensive Form
