FLORIDA 2-20 AGENTS LICENSE FINAL EXAM AND
STUDY GUIDE 2024 NEWEST ACTUAL EXAM COMPLETE
400 QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
"Additional Coverage", under a Commercial Property policy include all of the
following except: - ANSWER: Newly acquired locations for up to 60 days
$30,000 - ANSWER: A combined single limit that will pay for liability and property
damages up to the stated amount.
10/20/10 limit breakdown - ANSWER: 10 = $10,000 Liability per person injured -- If
only one person is injured, this is the most that will pay out.
20 = $20,000 COMBINED TOTAL Liability for all injuries -- If 2 or more persons are
injured, this is the most that will pay out.
10 = $10,000 Property Damage
10% for a self-storage facility does not apply to personal property that is moved from
the residence premises because: - ANSWER: It's being repaired
3 eligibility requirements for the RCBAP flood policy - ANSWER: one or more
residential units, 25% mercantile floor area, 75% owner occupied.
3 optional coverages under Building and Personal Property coverage form - ANSWER:
- agreed value
- building ordinance coverage
- peak season coverage
- Value Reporting, Inflation Guard, and Replacement Cost are additional optional
coverages
45 day notice for - ANSWER: non renewal and cancellation
A _____________ is required in order for an insurer to transact insurance in Florida.
- ANSWER: Certificate if Authority
A bond that guarantees that supplies needed for a construction project will be
delivered on time and at the agreed upon price is defined as: - ANSWER: supply
contract bond
A bond that guarantees that supplies needed for a construction project will be
delivered on time and at the agreed upon price is defined as: - ANSWER: Supply
Contract Bond
A claim under an ISO Commercial Crime Coverage Form is subject to the Valuation—
Settlement condition. Which one of the following is true regarding this Valuation—
,Settlement condition? - ANSWER: Damaged property is valued at replacement cost
or the insurer can repair or replace the property
A Commercial Package Policy (CPP) premium may be modified by a package
modification factor. This factor - ANSWER: Is a discount justified by the greater
efficiency in providing a package policy.
A Commercial Package policy may include the following coverage types EXCEPT: -
ANSWER: Health
A condominium unit owner would use which form? - ANSWER: HO-6
A contract whereby one undertakes to indemnify another or pay or allow a specified
amount or a determinable benefit upon determinable contingencies is defined as -
ANSWER: Insurance
A coverage that is similar to premises and operations coverage in the Commercial
General Liability Policy covering bodily injury and property damage liability for
aviation risks is defined as: - ANSWER: Airport and Air Meet Liability
A coverage that is similar to premises and operations coverage in the Commercial
General Liability Policy covering bodily injury and property damage liability for
aviation risks is defined as: - ANSWER: Airport and Air Meet Liability
A description of the property insured, a list of mortgagees, and the applicable
coinsurance percentage(s) are shown on which one of the following documents? -
ANSWER: Commercial property declarations
A disabled person who is capable of performing some type of gainful work would be
classified as: - ANSWER: Permanent Impairment
A Florida insured has a Personal Auto Policy providing PIP coverage with a $1,000
deductible. The insured is injured in his vehicle and sustains $15,000 in medical bills.
How much will his policy pay under PIP? - ANSWER: $10,000
A homeowners policy premium is determined by first developing the base premium.
The base premium is influenced by certain factors, including which one of the
following? - ANSWER: Dwelling location
A licensed insurance agent may share commissions with which of the following? -
ANSWER: Non-Resident Agent
Customer Representative
Life Insurance Agen
,A loss caused by Jettison, which is settled by each paying their proportionate share of
the loss, is defined as: - ANSWER: general average
A loss caused by Jettison, which is settled by each paying their proportionate share of
the loss, is defined as: - ANSWER: General Average
A peril that is unique to policies covering dry cleaners is defined as: - ANSWER:
Confusion of Goods
A peril that is unique to policies covering dry cleaners is defined as: - ANSWER:
Confusion of Goods
A person who holds property of others for a special purpose and returns it at some
future time is defined as a(n): - ANSWER: Bailee
A plan in which the employer would, from its own funds, bear the financial
responsibility for the covered health claims of its own participating employees is
defined as: - ANSWER: Self-Insured
A plan in which the employer would, from its own funds, bear the financial
responsibility for the covered health claims of its own participating employees is
defined as: - ANSWER: Self-Insured
A policy condition, either based on information in the insureds application or
inserted by the insurer, is defined as: - ANSWER: Warranty
A policy condition, either based on information in the insureds application or
inserted by the insurer, is defined as: - ANSWER: Warranty
A policy with Citizens may be replaced with a policy from an authorized insurer at
any time during the policy period with a ________day notice. - ANSWER: 60
A process wherein the Surety and Principal exercise joint control over assets is
defined as: - ANSWER: joint control
A process wherein the Surety and Principal exercise joint control over assets is
defined as: - ANSWER: Joint Control
a quality withing an object tending to damage or destroy itself - ANSWER: inherent
vice
A selected group of hospitals and medical practitioners in a given area that have
joined together in an effort to reduce medical costs is defined as: - ANSWER: PPO
A selected group of hospitals and medical practitioners in a given area that have
joined together in an effort to reduce medical costs is defined as: - ANSWER: PPO
, 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 - ANSWER: Disability insurance.
A special limit applies to articles whose principal value is precious metals, precious or
semiprecious stones, pearls or furs, and to the physical or intrinsic value of
manuscripts, drawings or records. It is: - ANSWER: $5,000 per occurrence
A special limit applies to articles whose principal value is precious metals, precious or
semiprecious stones, pearls or furs, and to the physical or intrinsic value of
manuscripts, drawings or records. It is: - ANSWER: 5k per occurance
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.
A term used to indicate a partial loss resulting from a sacrifice of cargo to save
remaining property (jettison) Each party then shares in the loss in proportion to their
total interest in property being transported - ANSWER: General Average
A written contract that includes all clauses, riders, endorsements and papers is
called: - ANSWER: Policy
Abandonment Clause: - ANSWER: A clause often contained in property insurance
policies stating that the insured cannot abandon damaged property to the insurer
and demand to reimbursed for its full value.
ABC Health Insurer does not renew your policy since renewals are being declined on
all similar policies within the state of Florida. What type of policy is this? - ANSWER:
Conditionally Renewable
ABC Health Insurer does not renew your policy since renewals are being declined on
all similar policies within the state of Florida. What type of policy is this? - ANSWER:
Conditionally Renewable
ABC, Inc., is a large, national retailer that sells a variety of consumer goods. ABC
carries a Commercial Package Policy that includes Insurance Services Office's
Commercial Crime Coverage Form (Loss Sustained) with the following insuring
agreements: Employee Theft; Forgery or Alteration; Inside the Premises—Theft of
Money and Securities; and Inside the Premises—Robbery or Safe Burglary of Other
Property. The limit of insurance for each one of these insuring agreements is
$100,000 and the deductible per occurrence for each one of these insuring
agreements is $1,000. The policy year is 20X1. During 20X1, two employees, Beth
and Jim, in collusion, stole money and merchandise from ABC. Beth and Jim stole
money on May 1, 20X1 and August 13, 20X1. They also stole merchandise on January
STUDY GUIDE 2024 NEWEST ACTUAL EXAM COMPLETE
400 QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
"Additional Coverage", under a Commercial Property policy include all of the
following except: - ANSWER: Newly acquired locations for up to 60 days
$30,000 - ANSWER: A combined single limit that will pay for liability and property
damages up to the stated amount.
10/20/10 limit breakdown - ANSWER: 10 = $10,000 Liability per person injured -- If
only one person is injured, this is the most that will pay out.
20 = $20,000 COMBINED TOTAL Liability for all injuries -- If 2 or more persons are
injured, this is the most that will pay out.
10 = $10,000 Property Damage
10% for a self-storage facility does not apply to personal property that is moved from
the residence premises because: - ANSWER: It's being repaired
3 eligibility requirements for the RCBAP flood policy - ANSWER: one or more
residential units, 25% mercantile floor area, 75% owner occupied.
3 optional coverages under Building and Personal Property coverage form - ANSWER:
- agreed value
- building ordinance coverage
- peak season coverage
- Value Reporting, Inflation Guard, and Replacement Cost are additional optional
coverages
45 day notice for - ANSWER: non renewal and cancellation
A _____________ is required in order for an insurer to transact insurance in Florida.
- ANSWER: Certificate if Authority
A bond that guarantees that supplies needed for a construction project will be
delivered on time and at the agreed upon price is defined as: - ANSWER: supply
contract bond
A bond that guarantees that supplies needed for a construction project will be
delivered on time and at the agreed upon price is defined as: - ANSWER: Supply
Contract Bond
A claim under an ISO Commercial Crime Coverage Form is subject to the Valuation—
Settlement condition. Which one of the following is true regarding this Valuation—
,Settlement condition? - ANSWER: Damaged property is valued at replacement cost
or the insurer can repair or replace the property
A Commercial Package Policy (CPP) premium may be modified by a package
modification factor. This factor - ANSWER: Is a discount justified by the greater
efficiency in providing a package policy.
A Commercial Package policy may include the following coverage types EXCEPT: -
ANSWER: Health
A condominium unit owner would use which form? - ANSWER: HO-6
A contract whereby one undertakes to indemnify another or pay or allow a specified
amount or a determinable benefit upon determinable contingencies is defined as -
ANSWER: Insurance
A coverage that is similar to premises and operations coverage in the Commercial
General Liability Policy covering bodily injury and property damage liability for
aviation risks is defined as: - ANSWER: Airport and Air Meet Liability
A coverage that is similar to premises and operations coverage in the Commercial
General Liability Policy covering bodily injury and property damage liability for
aviation risks is defined as: - ANSWER: Airport and Air Meet Liability
A description of the property insured, a list of mortgagees, and the applicable
coinsurance percentage(s) are shown on which one of the following documents? -
ANSWER: Commercial property declarations
A disabled person who is capable of performing some type of gainful work would be
classified as: - ANSWER: Permanent Impairment
A Florida insured has a Personal Auto Policy providing PIP coverage with a $1,000
deductible. The insured is injured in his vehicle and sustains $15,000 in medical bills.
How much will his policy pay under PIP? - ANSWER: $10,000
A homeowners policy premium is determined by first developing the base premium.
The base premium is influenced by certain factors, including which one of the
following? - ANSWER: Dwelling location
A licensed insurance agent may share commissions with which of the following? -
ANSWER: Non-Resident Agent
Customer Representative
Life Insurance Agen
,A loss caused by Jettison, which is settled by each paying their proportionate share of
the loss, is defined as: - ANSWER: general average
A loss caused by Jettison, which is settled by each paying their proportionate share of
the loss, is defined as: - ANSWER: General Average
A peril that is unique to policies covering dry cleaners is defined as: - ANSWER:
Confusion of Goods
A peril that is unique to policies covering dry cleaners is defined as: - ANSWER:
Confusion of Goods
A person who holds property of others for a special purpose and returns it at some
future time is defined as a(n): - ANSWER: Bailee
A plan in which the employer would, from its own funds, bear the financial
responsibility for the covered health claims of its own participating employees is
defined as: - ANSWER: Self-Insured
A plan in which the employer would, from its own funds, bear the financial
responsibility for the covered health claims of its own participating employees is
defined as: - ANSWER: Self-Insured
A policy condition, either based on information in the insureds application or
inserted by the insurer, is defined as: - ANSWER: Warranty
A policy condition, either based on information in the insureds application or
inserted by the insurer, is defined as: - ANSWER: Warranty
A policy with Citizens may be replaced with a policy from an authorized insurer at
any time during the policy period with a ________day notice. - ANSWER: 60
A process wherein the Surety and Principal exercise joint control over assets is
defined as: - ANSWER: joint control
A process wherein the Surety and Principal exercise joint control over assets is
defined as: - ANSWER: Joint Control
a quality withing an object tending to damage or destroy itself - ANSWER: inherent
vice
A selected group of hospitals and medical practitioners in a given area that have
joined together in an effort to reduce medical costs is defined as: - ANSWER: PPO
A selected group of hospitals and medical practitioners in a given area that have
joined together in an effort to reduce medical costs is defined as: - ANSWER: PPO
, 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 - ANSWER: Disability insurance.
A special limit applies to articles whose principal value is precious metals, precious or
semiprecious stones, pearls or furs, and to the physical or intrinsic value of
manuscripts, drawings or records. It is: - ANSWER: $5,000 per occurrence
A special limit applies to articles whose principal value is precious metals, precious or
semiprecious stones, pearls or furs, and to the physical or intrinsic value of
manuscripts, drawings or records. It is: - ANSWER: 5k per occurance
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.
A term used to indicate a partial loss resulting from a sacrifice of cargo to save
remaining property (jettison) Each party then shares in the loss in proportion to their
total interest in property being transported - ANSWER: General Average
A written contract that includes all clauses, riders, endorsements and papers is
called: - ANSWER: Policy
Abandonment Clause: - ANSWER: A clause often contained in property insurance
policies stating that the insured cannot abandon damaged property to the insurer
and demand to reimbursed for its full value.
ABC Health Insurer does not renew your policy since renewals are being declined on
all similar policies within the state of Florida. What type of policy is this? - ANSWER:
Conditionally Renewable
ABC Health Insurer does not renew your policy since renewals are being declined on
all similar policies within the state of Florida. What type of policy is this? - ANSWER:
Conditionally Renewable
ABC, Inc., is a large, national retailer that sells a variety of consumer goods. ABC
carries a Commercial Package Policy that includes Insurance Services Office's
Commercial Crime Coverage Form (Loss Sustained) with the following insuring
agreements: Employee Theft; Forgery or Alteration; Inside the Premises—Theft of
Money and Securities; and Inside the Premises—Robbery or Safe Burglary of Other
Property. The limit of insurance for each one of these insuring agreements is
$100,000 and the deductible per occurrence for each one of these insuring
agreements is $1,000. The policy year is 20X1. During 20X1, two employees, Beth
and Jim, in collusion, stole money and merchandise from ABC. Beth and Jim stole
money on May 1, 20X1 and August 13, 20X1. They also stole merchandise on January
