FLORIDA 2-20 AGENTS LICENSE ACTUAL
UPDATED EXAM WITH EXPERTLY AND
CORRECTLY ANSWERED QUESTIONS| ACE
YOUR GRADES!!!
Tom and Martha insure their house with an unendorsed HO-3—Special
Form (HO-3) with a Coverage A—Dwelling limit of $300,000, which is the
replacement cost of the house. A thief breaks into the house while Tom and
Martha are on vacation and steals the following items: •$500 cash•$50,000
stock certificates. Ignoring any deductible that may apply, how much, if any,
will Tom and Martha's insurer pay for the loss of the items? - Correct
Answer-$1,700
Under the HO-3—Special Form (HO-3) Section I—Conditions, the Loss
Settlement condition - Correct Answer-Establishes the process for
determining the amount to be paid for a property loss.
Property described in Coverages A, B, and C of an HO-3—Special Form
(HO-3) that is destroyed, confiscated, or seized by order of any
governmental or public authority is - Correct Answer-Excluded.
Adam and his insurer disagree on the amount of a loss covered by his
homeowners policy. Adam wants the insurer to pay $10,000 toward the
loss. The insurer's representative feels that the loss should be valued at
$5,000. How could the appraisal process resolve this situation? - Correct
Answer-Adam and the insurer will each select an appraiser, and the two
,appraisers will submit their differences to an impartial umpire who will reach
a resolution.
Which one of the following has special limits of liability within Coverage C
of the HO-3—Special Form (HO-3)? - Correct Answer-Theft of firearms
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 - Correct Answer-Excluded because the
power failure occurred off the residence premises.
If law enforcement officials seize an insured's personal computer to search
for files that might be related to a crime, the insured under an HO-3—
Special Form (HO-3) may be unsuccessful in claiming a theft loss on the
computer due to the - Correct Answer-Governmental Action exclusion.
Sam and Sophia insure their house with an unendorsed HO-3—Special
Form (HO-3) policy. Sam stores a small fishing boat and trailer behind the
house. While they are out for the evening, a fire destroys most of their
kitchen and completely destroys the boat and trailer. Assuming Sam's boat
and trailer are valued at $4,000 and ignoring any deductible that may apply,
what amount will their HO-3 insurer pay for the loss of the boat and trailer?
- Correct Answer-$1,500
The Florida Surplus Service Lines Office (FSLSO) was created to - Correct
Answer-oversee the surplus lines industry in the state
,Which of the following is NOT a required qualification for a General Lines
Agent: - Correct Answer-Seeking the license only to write controlled
business
The Department of Financial Services performs the following, EXCEPT: -
Correct Answer-Pays insurance claims
Once license, you have how long to obtain an appointment? - Correct
Answer-48 months
Which of the following is NOT a duty of the Office of Insurance Regulation?
- Correct Answer-Submit rate filings and underwriting rules for approval
Which one of the following statements is correct? - Correct Answer-
Contractors must usually provide evidence of liability insurance before a
construction contract is granted.
From a risk management viewpoint, insurance is used to - Correct Answer-
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 Answer-Commercial general liability insurance.
Which one of the following statements is correct regarding the benefits
provided by insurance? - Correct Answer-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 Answer-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 Answer-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 Answer-Personal liability insurance.
UPDATED EXAM WITH EXPERTLY AND
CORRECTLY ANSWERED QUESTIONS| ACE
YOUR GRADES!!!
Tom and Martha insure their house with an unendorsed HO-3—Special
Form (HO-3) with a Coverage A—Dwelling limit of $300,000, which is the
replacement cost of the house. A thief breaks into the house while Tom and
Martha are on vacation and steals the following items: •$500 cash•$50,000
stock certificates. Ignoring any deductible that may apply, how much, if any,
will Tom and Martha's insurer pay for the loss of the items? - Correct
Answer-$1,700
Under the HO-3—Special Form (HO-3) Section I—Conditions, the Loss
Settlement condition - Correct Answer-Establishes the process for
determining the amount to be paid for a property loss.
Property described in Coverages A, B, and C of an HO-3—Special Form
(HO-3) that is destroyed, confiscated, or seized by order of any
governmental or public authority is - Correct Answer-Excluded.
Adam and his insurer disagree on the amount of a loss covered by his
homeowners policy. Adam wants the insurer to pay $10,000 toward the
loss. The insurer's representative feels that the loss should be valued at
$5,000. How could the appraisal process resolve this situation? - Correct
Answer-Adam and the insurer will each select an appraiser, and the two
,appraisers will submit their differences to an impartial umpire who will reach
a resolution.
Which one of the following has special limits of liability within Coverage C
of the HO-3—Special Form (HO-3)? - Correct Answer-Theft of firearms
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 - Correct Answer-Excluded because the
power failure occurred off the residence premises.
If law enforcement officials seize an insured's personal computer to search
for files that might be related to a crime, the insured under an HO-3—
Special Form (HO-3) may be unsuccessful in claiming a theft loss on the
computer due to the - Correct Answer-Governmental Action exclusion.
Sam and Sophia insure their house with an unendorsed HO-3—Special
Form (HO-3) policy. Sam stores a small fishing boat and trailer behind the
house. While they are out for the evening, a fire destroys most of their
kitchen and completely destroys the boat and trailer. Assuming Sam's boat
and trailer are valued at $4,000 and ignoring any deductible that may apply,
what amount will their HO-3 insurer pay for the loss of the boat and trailer?
- Correct Answer-$1,500
The Florida Surplus Service Lines Office (FSLSO) was created to - Correct
Answer-oversee the surplus lines industry in the state
,Which of the following is NOT a required qualification for a General Lines
Agent: - Correct Answer-Seeking the license only to write controlled
business
The Department of Financial Services performs the following, EXCEPT: -
Correct Answer-Pays insurance claims
Once license, you have how long to obtain an appointment? - Correct
Answer-48 months
Which of the following is NOT a duty of the Office of Insurance Regulation?
- Correct Answer-Submit rate filings and underwriting rules for approval
Which one of the following statements is correct? - Correct Answer-
Contractors must usually provide evidence of liability insurance before a
construction contract is granted.
From a risk management viewpoint, insurance is used to - Correct Answer-
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 Answer-Commercial general liability insurance.
Which one of the following statements is correct regarding the benefits
provided by insurance? - Correct Answer-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 Answer-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 Answer-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 Answer-Personal liability insurance.
