FLORIDA 2-20 AGENTS LICENSE FINAL EXAM AND STUDY GUIDE NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+.pdf

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20 AGENTS LICENSE ACTUAL UPDATED EXAM W
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ITH EXPERTLY AND CORRECTLY ANSWERED QU
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ESTIONS| ACE YOUR GRADES!!! n n n




Tom and Martha insure their house with an unendorsed HO-3—
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Special Form (HO-3) with a Coverage A—
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Dwelling limit of $300,000, which is the replacement cost of the house. A thief
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breaks into the house while Tom and Martha are on vacation and steals the fo
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llowing items: •$500 cash•$50,000 stock certificates. Ignoring any deductible
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that may apply, how much, if any, will Tom and Martha's insurer pay for the lo
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ss of the items? - Correct Answer-$1,700
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Under the HO-3—Special Form (HO-3) Section I—
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Conditions, the Loss Settlement condition - Correct Answer-
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Establishes the process for determining the amount to be paid for a property l
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oss.




Property described in Coverages A, B, and C of an HO-3—
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Special Form (HO- n n


3) that is destroyed, confiscated, or seized by order of any governmental o
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r public authority is - Correct Answer-Excluded.
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Adam and his insurer disagree on the amount of a loss covered by his homeo
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wners policy. Adam wants the insurer to pay $10,000 toward the loss. The ins
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urer's representative feels that the loss should be valued at
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$5,000. How could the appraisal process resolve this situation? -
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Correct Answer-
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Adam and the insurer will each select an appraiser, and the two
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,appraisers will submit their differences to an impartial umpire who will reach a
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resolution.




Which one of the following has special limits of liability within Coverage C of t
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he HO-3—Special Form (HO-3)? - Correct Answer-Theft of firearms
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A storm causes power lines to break ten miles from the insured's premises. T
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he loss of electrical power causes food in the insured's freezer to thaw and s
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poil. Coverage for this loss is - Correct Answer-
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Excluded because the power failure occurred off the residence premises.
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If law enforcement officials seize an insured's personal computer to search for
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nfiles that might be related to a crime, the insured under an HO-3—
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nSpecial Form (HO- n n


3) may be unsuccessful in claiming a theft loss on the computer due to the -
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nCorrect Answer-Governmental Action exclusion.
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Sam and Sophia insure their house with an unendorsed HO-3—
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Special Form (HO- n n


3) policy. Sam stores a small fishing boat and trailer behind the house. While t
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hey are out for the evening, a fire destroys most of their kitchen and completel
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y destroys the boat and trailer. Assuming Sam's boat and trailer are valued at
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$4,000 and ignoring any deductible that may apply, what amount will their HO
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-3 insurer pay for the loss of the boat and trailer?
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- Correct Answer-$1,500
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The Florida Surplus Service Lines Office (FSLSO) was created to -
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Correct Answer-oversee the surplus lines industry in the state
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,Which of the following is NOT a required qualification for a General Lines Age
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nt: - Correct Answer-Seeking the license only to write controlled business
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The Department of Financial Services performs the following, EXCEPT: -
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Correct Answer-Pays insurance claims
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Once license, you have how long to obtain an appointment? -
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Correct Answer-48 months
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Which of the following is NOT a duty of the Office of Insurance Regulation?
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- Correct Answer-Submit rate filings and underwriting rules for approval
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Which one of the following statements is correct? - Correct Answer-
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Contractors must usually provide evidence of liability insurance before a con
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struction contract is granted.n n n




From a risk management viewpoint, insurance is used to - Correct Answer-
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Transfer the cost of losses.
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, Liability coverage for loss exposures arising from a business organization's p
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remises and operations, its products, or its completed work is typically provid
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ed by - Correct Answer-Commercial general liability insurance.
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Which one of the following statements is correct regarding the benefits provid
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ed by insurance? - Correct Answer-
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Insurance helps reduce the financial burden to society by compensating acci
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dent victims.
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Insurance is not the only risk management transfer technique. When circums
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tances are appropriate, transfer can be accomplished through -
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nCorrect Answer-Noninsurance transfer techniques.
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Oscar's custom- n


built vehicle looks like a sausage sandwich on wheels. He plans to drive it to s
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pecial events at schools around the country where it will serve as a mobile bill
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board to promote his product. Oscar is surprised to learn that insurers are relu
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ctant to insure his vehicle because it fails to meet one of the ideal characteristi
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cs of an insurable risk. Which characteristic is Oscar's vehicle least likely to m
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eet? - Correct Answer-Large number of similar exposure units
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Liability coverage to individuals and families for bodily injury and property da
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mage arising from the insured's personal premises or activities is typically pr
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ovided by - Correct Answer-Personal liability insurance.
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