Florida General Lines 2-20 Exam with Complete Solutions

Types of Dwelling Properties - ANSWER-1. 1 to 4 family 2. Rented to Others 3. Owned by Corp. or Partnerships 4. Low Valued 5. Mobile Homes Standard Dwelling Property Deductible - ANSWER-$500 Dwelling Property Coverage A - ANSWER-Dwelling - Including permanently installed building equipment and outdoor equipment to service property. No land. Dwelling Property Coverage B - ANSWER-Other Structures (Detached) Dwelling Property Coverage C - ANSWER-Personal Property - Belonging to insured, family members, guest or servant Dwelling Property Coverage D - ANSWER-Fair Rental Value - Rental monies which the insured is entitled due to covered loss until property is restored. Dwelling Property Broad Form - ANSWER-Includes coverages in DP-1(Basic) plus Coverage E - Additional Living Expense Additional Perils not on DP-1 - ANSWER-CAP BOBBIE Biggert-Waters Reform Act - ANSWER-Led to the passage of the Homeowner Flood Insurance Affordability Act of 2014. Intent was to provide lower premiums due to previous legislation. HO-2 - ANSWER-Coverages: A - Dwelling B - Other Structures C - Personal Property D - Loss of Use Perils covered A&B&C- Fire, lightning, WHARVES, CAP BOBBIE, plus theft HO-3 - ANSWER-Coverages: A - Dwelling B - Other Structures C - Personal Property D - Loss of Use Perils covered-All Risk A&B - Spoilage- Contents - Fire, lightning, WHARVES, CAP BOBBIE, plus theft HO-4 - ANSWER-Renters Coverage C - Personal Property D - Loss of Use Perils Covered- Contents - Fire, lightning, WHARVES, CAP BOBBIE plus theft HO-6 - ANSWER-Condo Coverage A - Dwelling C - Personal Property D - Loss of Use Perils covered- A&C - Fire, lightning, WHARVES, CAP BOBBIE, plus theft Inland Marine Coverage - ANSWER-6 categories - Imports/Exports, Domestic Shipments, Instrumentalities of Transportation or Communitcation, Personal Property Floaters Risks, Commercial Property Floater Risks Inland Marine Controlled Coverage - ANSWER-Coverages which are standerdized forms promulgated by the Bureau (ISO) Controlled IM Coverage - Specific - ANSWER-Covered under this category of IM - Cameras, fine arts, Golfer's equipment, jewelry & furs, musical instruments Controlled IM Coverage - General - ANSWER-Covered under this category of IM - Personal effects floater or personal property floaters - i.e. Firearms Department of Financial Services - ANSWER-Headed by CFO aka Treasurer Primary responsibilities - 1. Issuing Licenses 2. Supervising claims activities of companies so policyholders receive prompt payment 3. Investigate charges of unethical conduct Office of Insurance Regulations - ANSWER-Responsible for 1. Licensing (Issuing "Certificates of Authority") 2. rates (approval) 3. policy forms 4. Market conditions 5. Claims 6. solvency Commisioner of Insurance Regulation Office of Financial Regulation - ANSWER-Responsible for activities relation to the regulation of banks, credit unions, other financial institutions, finance companies, and the securities industry.