Florida Property & Casualty Insurance
Exam Questions and Answers (Solved
Papers)
The FAJUA is composed of: - Correct Answers ✅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: - Correct Answers ✅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: - Correct Answers ✅$29,000 less any
deductible
Each of the following divisions falls under The Department of
Financial Services EXCEPT? - Correct Answers ✅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? - Correct Answers
✅Outside the Premises
,Florida Property & Casualty Insurance
Exam Questions and Answers (Solved
Papers)
What is the standard All Perils deductible in the Commercial
Property Policy? - Correct Answers ✅$500
Which of the following best describes a "Controlled" Inland
Marine Form? - Correct Answers ✅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? - Correct Answers ✅Fine Arts
Under the Dwelling Program forms, vandalism is not covered
after the building has been vacant for how many days? -
Correct Answers ✅60 days
Under a Commercial General Liability Contract, how many
days notice of cancellation must the insurer provide for non-
payment of premium? - Correct Answers ✅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? - Correct Answers ✅$1,000
,Florida Property & Casualty Insurance
Exam Questions and Answers (Solved
Papers)
The following are basic characteristics of a Property or
Liability Insurance Contract EXCEPT: - Correct Answers
✅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? - Correct Answers ✅$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? - Correct Answers ✅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? - Correct Answers
✅Payment Bond
, Florida Property & Casualty Insurance
Exam Questions and Answers (Solved
Papers)
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. - Correct Answers ✅II and III only
All of the following are located on a Boiler and Machinery
Coverage form EXCEPT: - Correct Answers ✅Exhibits
The Motor Truck Cargo Policy: - Correct Answers ✅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: - Correct Answers
✅Firearms
What is the standard deductible for Employee Theft
coverage? - Correct Answers ✅$500
The Forgery or Alteration coverage under a Businessowners
Policy is: - Correct Answers ✅$2,000
Exam Questions and Answers (Solved
Papers)
The FAJUA is composed of: - Correct Answers ✅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: - Correct Answers ✅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: - Correct Answers ✅$29,000 less any
deductible
Each of the following divisions falls under The Department of
Financial Services EXCEPT? - Correct Answers ✅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? - Correct Answers
✅Outside the Premises
,Florida Property & Casualty Insurance
Exam Questions and Answers (Solved
Papers)
What is the standard All Perils deductible in the Commercial
Property Policy? - Correct Answers ✅$500
Which of the following best describes a "Controlled" Inland
Marine Form? - Correct Answers ✅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? - Correct Answers ✅Fine Arts
Under the Dwelling Program forms, vandalism is not covered
after the building has been vacant for how many days? -
Correct Answers ✅60 days
Under a Commercial General Liability Contract, how many
days notice of cancellation must the insurer provide for non-
payment of premium? - Correct Answers ✅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? - Correct Answers ✅$1,000
,Florida Property & Casualty Insurance
Exam Questions and Answers (Solved
Papers)
The following are basic characteristics of a Property or
Liability Insurance Contract EXCEPT: - Correct Answers
✅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? - Correct Answers ✅$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? - Correct Answers ✅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? - Correct Answers
✅Payment Bond
, Florida Property & Casualty Insurance
Exam Questions and Answers (Solved
Papers)
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. - Correct Answers ✅II and III only
All of the following are located on a Boiler and Machinery
Coverage form EXCEPT: - Correct Answers ✅Exhibits
The Motor Truck Cargo Policy: - Correct Answers ✅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: - Correct Answers
✅Firearms
What is the standard deductible for Employee Theft
coverage? - Correct Answers ✅$500
The Forgery or Alteration coverage under a Businessowners
Policy is: - Correct Answers ✅$2,000
