FINAL EXAM 2-20 EXAM QUESTIONS WITH 100% CORRECT ANSWERS 2023

The General Lines state exam consists of _______ questions with a ______ hour time limit. - ANSWER- 160; 3 For a General Lines License, the applicant the he or she is how man years of age? - ANSWER- 18 When more than 50% of an agent's income comes from business from an agent or their family, this is know as what type of business? - ANSWER- Controlled business If an agent's license has gone more than 48 months without an appointment he or she must apply once again as what? - ANSWER- First time applicant A designated customer service representative in Florida can only be appointed by who or what? - ANSWER- A General lines agent Once your adjuster license has gone beyond __________ months without an appointment, you will have to qualify as a first time applicant. - ANSWER- 48 What elected official is a member of the Florida cabinet, and serves as the head of the Department of Financial Services? - ANSWER- Chief financial officer Who directly oversees the Division of Insurance Agent and Agency Services? - ANSWER- Chief financial officer Insurance company regulation is administered by which office? - ANSWERCommission of Office of Insurance Regulation Which office provides oversight to Florida's financial service providers? - ANSWEROffice of financial regulation What is the best definition of risk? - ANSWER- The chance of financial loss What is temporary insurance which can be made through oral or written agreement? - ANSWER- Binder What type of insurance best describes when payments are made on behalf of the insured to another party? - ANSWER- Liability insurance John is shopping for auto insurance and is offered an insurance policy which he does not agree with. The insurance representative tells him that the terms of the insurancecontract are non-negotiable. This type of insurance contract is known as a(n) - ANSWER- Contract of adhesion Wind, theft, lightning, fire, and flood are all examples of what? - ANSWER- Peril Intentionally destroying your car to collect money from the insurance is classified as what type of hazard? - ANSWER- Moral John was involved in an automobile accident that was not his fault. John then transferred his rights to his insurance company to collect damages for the claim they just paid. This is a perfect example of what insurance concept? - ANSWERSubrogation If an insurance company broadens coverage in similar policies then those who are already insured under similar policies would receive said benefits of the broadened coverage without additional premium. This insurance concept is best known as - ANSWER- Liberalization A policy condition that is based on information you provided to the insurer during the application for insurance, or a policy condition that was inserted by the insurer is known as a(n) - ANSWER- Warranty If Ashley states that she has an anti-theft alarm on her vehicle when she in fact does not have an alarm. Misleading the insurer in such a way is known as - ANSWERMisrepresentation To comply with Florida's Financial Responsibility Law what are the coverages required? - ANSWER- Bodily Injury Liability & Property Damage Liability Pick the correct transportation mode that is considered a "defined motor vehicle" according to the Florida No Fault Law. - ANSWER- 18 Wheel Tractor Trailer The following are all penalties for non-compliance with Florida's No Fault Law with the exception of which one? - ANSWER- Impounding of Auto If John has an accident and his PIP deductible is $1,000, how much will PIP pay if his medical bills total to $6,000. - ANSWER- $4,000 John and David are best friends who are not related, live together and jointly own one vehicle. This means they are ineligible for a Personal Auto Policy? True or false? - ANSWER- False Which of the options below, under the Personal Auto Policy, is not considered a supplementary payment? - ANSWER- $300 on bail bonds