FLORIDA PROPERTY & CASUALTY INSURANCE, GLOSSARY FOR 220 LICENSE, FLORIDA 2-20 AGENTS LICENSE EXAM QUESTIONS TEST BANK TESTED AND VERIFIED| ACCURATE FOR GUARANTEED PASS| GRADED A+| CONTAINS 1000+ Q&A 

FLORIDA PROPERTY & CASUALTY INSURANCE,

GLOSSARY FOR 220 LICENSE, FLORIDA 2-20 AGENTS

LICENSE EXAM QUESTIONS TEST BANK TESTED AND

VERIFIED| ACCURATE FOR GUARANTEED PASS| GRADED

A+| CONTAINS 1000+ Q&A

Which of the following events would be covered under an HO-3? I. A sewer line became

clogged and the toilet in the house backed up and overflowed, damaging the carpet. II. Wind

blew a front door open and rain damaged the carpet. III. The neighbor's German Shepard

damaged the garage doorframe while trying to get in the insured's garage to eat the dog food

stored there.

II and III only

All of the following are located on a Boiler and Machinery Coverage form EXCEPT:

Exhibits

The Motor Truck Cargo Policy:

Insures a truck carrier for liability arising out of the transportation of cargo.

All of the following are types of property that can be covered under a Personal Articles Floater

EXCEPT:

Firearms

What is the standard deductible for Employee Theft coverage?

$500

The Forgery or Alteration coverage under a Businessowners Policy is:

$2,000

How many hours of continuing education is a newly licensed agent required to have for their first

Continuing Education compliance period?

24

Which of the following is NOT true regarding sole proprietors and partners in the nonconstruction industry as they relate to Workers Compensation?

A maximum of three can elect to be covered

Which of the following is not a way to purchase Uninsured Motorist Coverage?

More than your bodily injury limits

Camden's Wood Shop will be dropping off new cabinets at a jobsite on Monday, but will not

actually install them until Tuesday. What kind of policy will they need to cover any loss to the

cabinets?

Installation Floater

This Hospital Form applies with "medical incident" defined as an act or omission in furnishing

of professional services related to making of a blood donation under the supervision of the

insured:

Blood Banks

Which of the following is not a valid deductible for hurricane in the Dwelling program?

1%

If a loss occurs under the Building and Personal Property Coverage Form with the optional

replacement cost provision, how long does the insured have to give intent to replace the damaged

item in order to receive replacement cost adjustment?

180

Which of the following is NOT a common deductible in an Aircraft Hull Policy?

2%

How many insuring agreements are there in a Commercial Crime Policy?

7

Barry was driving his car in Florida where he has lived all his life when he is hit by an at-fault

driver. Barry has $10,000 in medical bills, basic PIP with a $1,000 deductible and no medical

payments coverage. How much will the at-fault driver have to pay for Barry's injuries?

$2,800

- $10,000 - $1,000 = $9,000 x 80% = $7,200, the amount paid out by PIP. Barry can hold the atfault driver responsible for the difference of PIPs maximum limit of $10,000 and the $7,200,

which is $2,800

During a break-in at a business, the safe is removed from the location. This is defined as:

Safe Burglary

The Boiler and Machinery Policy provides automatic coverage for boilers at newly acquired

locations for:

90 days

Which of the following statements is false regarding Co-Payment:

Subject to a minimum amount

Which statement below best describes the insured's position under the Florida No-Fault Law

when the total medical and work loss bill exceeds the PIP benefits without exceeding a

threshold?

Insured can sue for the economic loss not paid or payable under PIP; no suit for intangible

damages such as pain and suffering

The FAJUA is composed of:

All companies licensed to write auto insurance in Florida

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:

Airport and Air Meet Liability

Homeowners HO-3 policy - severe theft loss. Coverage A limit is $100,000. Insured losses

include $25,000 furniture, clothing and other ordinary personal property plus $5,000 damage to

guns and $5,000 damage to jewelry, furs. Insured will recover:

$29,000 less any deductible

Each of the following divisions falls under The Department of Financial Services EXCEPT?

The Division of Consumer Activities

Which of the following provides for loss of money and securities outside the premises in the

care, custody and control of a messenger or armored car service resulting from theft,

disappearance, or destruction?

Outside the Premises

What is the standard All Perils deductible in the Commercial Property Policy?

$500

Which of the following best describes a "Controlled" Inland Marine Form?

Standard provisions form is written according to filed rules and rates

Under a Personal Articles Floater, which of the following is covered as valued property?

Fine Arts

Under the Dwelling Program forms, vandalism is not covered after the building has been vacant

for how many days?

60 days

Under a Commercial General Liability Contract, how many days notice of cancellation must the

insurer provide for non-payment of premium?

10

Under Additional Coverages, how much applies for loss assessments imposed by an association

against the insured for damage to property caused by a peril insured against under Coverage A?

$1,000

The following are basic characteristics of a Property or Liability Insurance Contract EXCEPT:

Loss Settlement Contract

Rob has PIP with a $1,000 deductible. He has an auto accident causing $6,000 in medical bills.

How much will his PIP pay?

$4,000

- $6,000 - $1,000 deductible = $5,000 x 80% = $4,000

QRS Construction Company wants to provide the local school district with a price for building a

new grammar school. In order to accept the price, the school board needs a bond that would pay

the difference between QRS's price and the next highest price. What kind of bond does QRS

need to provide to the school district?

Bid bond

- The Bid Bond is required to accompany a bid for a contract which will require that the

successful bidder furnish further bond if awarded the job. The guarantee is that if the bid is

accepted, the bidder will enter into the contract and will satisfy further bonding requirements for

the job

Which of the following guarantees the payment of materials in full upon completion of the

work?

Payment Bond

Established in 1973, this association was created for applicants who are unable to obtain

automobile insurance in the private market:

FAJUA

The typical coverage for rental reimbursement on a Mechanical Breakdown policy is:

$15 per day/$75 maximum

Which of the following is not a type of insurance that can be transacted with a "General Lines"

insurance license?

Life insurance written by carrier who is also represented for Property and Casualty

Another name for a "Cost Plus" plan is:

Retrospective Rating Plan