Florida 2-20 Agents License Exam-with 100%
verified solutions-2023-2024
The Florida Surplus Service Lines Office (FSLSO) was
created to oversee the surplus lines industry in the state
Which of the following is NOT a required qualificaAon for a General Lines
Agent:
Seeking the license only to write controlled business
The Department of Financial Services performs the following, EXCEPT:
Pays insurance claims
Once license, you have how long to obtain an appointment?
48 months
Which of the following is NOT a duty of the Office of Insurance RegulaAon?
Submit rate filings and underwriAng rules for approval
Which one of the following statements is correct?
Contractors must usually provide evidence of liability insurance before a
construcAon contract is granted.
From a risk management viewpoint, insurance is
used to Transfer the cost of losses.
Liability coverage for loss exposures arising from a business
organizaAon's premises and operaAons, its products, or its completed
work is typically provided by Commercial general liability insurance.
Which one of the following statements is correct regarding the benefits
provided by insurance?
Insurance helps reduce the financial burden to society by compensaAng
accident vicAms.
Florida 2-20 Agents License Exam-with 100% verified solutions-2023-2024
, Insurance is not the only risk management transfer technique. When
circumstances are appropriate, transfer can be accomplished through
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 characterisAcs of an insurable risk. Which
characterisAc is Oscar's vehicle least likely to meet?
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
acAviAes is typically provided by Personal liability insurance.
Sally is a recent college graduate who lives in the suburbs and drives to
work daily in the city. She recognizes that owning a car creates both
property damage and liability exposures for her and at the same Ame she
has the burden of student loans. For someone in Sally's circumstances the
most pracAcal risk management technique for dealing with her
autorelated loss exposures is Risk transfer.
One of the costs of insurance is said to be opportunity costs. This means
that if capital and labor were not being used in the insurance business,
they could be used elsewhere and making other producAve contribuAons
to
Society
RetenAon is oZen used in combinaAon with insurance as a way of
treaAng loss exposures. One of the major downsides of individuals using
retenAon alone is The potenAal for financial ruin.
The process of restoring an individual or organizaAon to a pre-loss
financial condiAon is the process of IndemnificaAon
SomeAmes the existence of insurance encourages losses. The result of
this phenomenon is that it
Increases the total cost of insurance
Florida 2-20 Agents License Exam-with 100% verified solutions-2023-2024
verified solutions-2023-2024
The Florida Surplus Service Lines Office (FSLSO) was
created to oversee the surplus lines industry in the state
Which of the following is NOT a required qualificaAon for a General Lines
Agent:
Seeking the license only to write controlled business
The Department of Financial Services performs the following, EXCEPT:
Pays insurance claims
Once license, you have how long to obtain an appointment?
48 months
Which of the following is NOT a duty of the Office of Insurance RegulaAon?
Submit rate filings and underwriAng rules for approval
Which one of the following statements is correct?
Contractors must usually provide evidence of liability insurance before a
construcAon contract is granted.
From a risk management viewpoint, insurance is
used to Transfer the cost of losses.
Liability coverage for loss exposures arising from a business
organizaAon's premises and operaAons, its products, or its completed
work is typically provided by Commercial general liability insurance.
Which one of the following statements is correct regarding the benefits
provided by insurance?
Insurance helps reduce the financial burden to society by compensaAng
accident vicAms.
Florida 2-20 Agents License Exam-with 100% verified solutions-2023-2024
, Insurance is not the only risk management transfer technique. When
circumstances are appropriate, transfer can be accomplished through
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 characterisAcs of an insurable risk. Which
characterisAc is Oscar's vehicle least likely to meet?
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
acAviAes is typically provided by Personal liability insurance.
Sally is a recent college graduate who lives in the suburbs and drives to
work daily in the city. She recognizes that owning a car creates both
property damage and liability exposures for her and at the same Ame she
has the burden of student loans. For someone in Sally's circumstances the
most pracAcal risk management technique for dealing with her
autorelated loss exposures is Risk transfer.
One of the costs of insurance is said to be opportunity costs. This means
that if capital and labor were not being used in the insurance business,
they could be used elsewhere and making other producAve contribuAons
to
Society
RetenAon is oZen used in combinaAon with insurance as a way of
treaAng loss exposures. One of the major downsides of individuals using
retenAon alone is The potenAal for financial ruin.
The process of restoring an individual or organizaAon to a pre-loss
financial condiAon is the process of IndemnificaAon
SomeAmes the existence of insurance encourages losses. The result of
this phenomenon is that it
Increases the total cost of insurance
Florida 2-20 Agents License Exam-with 100% verified solutions-2023-2024
