220 Florida Insurance Verified Multiple Choice
and Conceptual Actual Emended Exam Questions
With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
1. Commercial Package Policies can combine 2 or more of the following
coverages with the exception which one? - ANSWER CAN NOT
COMBINE:
BOP (business-owners policy)
Workers comp
Ocean Marine
2. The Cause of Loss - Basic Form provides coverage for all of the following
perils with the exception of which one? - ANSWER Rupture or Bursting
of Water Pipes or leakage/steam from appliances or systems
3. A business income coverage extension provides what dollar amount in
automatic coverage for 30 days at each newly acquired location? - ANSWER
100,000$
4. In the Cause of Loss Basic Form _____________________ is excluded, but
resultant damage from a covered cause of loss is covered. - ANSWER
mechanical breakdown
,5. In a Builders Risk Coverage Form the proper amount of insurance for
coverage of losses without penalty is what percentage of the expected
completed value? - ANSWER 100%
6. After a community study that results in a Flood Hazard Boundary Map being
developed, and limited coverage amounts becoming available, the
community is said to be in what NFIP program? - ANSWER Regular
Program
7. The Florida Valued Policy Law applies to which of the following? - ANSWER
Total Losses and Covered Perils?
8. Which of the coverages below, if rejected, requires a handwritten and
signed note by the insured stating very specific verbiage where they
acknowledge that their insurance company will not pay for that type of
loss? - ANSWER Windstorm Coverage
9. John always seemed prone to accidents. What type of hazard does this
present? - ANSWER Morale
10.What is the principle of insurance which provides that when a loss occurs,
the insured should be restored to the approximate financial condition
occupied before the loss occurred, no better, no worse. - ANSWER
Indemnity
,11.What is known as the maximum amount of insurance the insurance
company will pay on your behalf for a particular loss, or for a loss during a
period of time. - ANSWER Limits of Liability
12.What method is used to provide equity in premiums by granting lower rates
to those insureds who accept the responsibility of insuring for amounts
which reflect a high percentage of the value of the subject property. -
ANSWER Coinsurance
13.In property insurance, specifically homeowners, the insurer must give the
insured written notice of non-renewal at least how many days before the
effective date of the non-renewal. - ANSWER 120 Days
14.What type of liability does not require proving negligence? (absolute,
vicarious, proximate or medical) - ANSWER Absolute Liability
15.John had surgery in a hospital. After a week or so he started feeling a sharp
pain in his abdomen. Upon further x-rays it turns out some surgical clamps
were left inside. John can sue the doctor for malpractice but he can also sue
the hospital because the doctor was working as an employee of the
hospital. The concept under which John can sue the hospital is known as
what type of liability? (absolute, vicarious, proximate or medical) - ANSWER
Vicarious
16.What document, often in affidavit form, states details and amounts
claimed? - ANSWER Proof of Loss
, 17.An insurer has a responsibility to respond promptly after having received
what? - ANSWER
18.Which of the following is not a fundamental contract element of virtually all
property and liability insurance contracts? - ANSWER
19.In the crime application John states that no prior crime losses had been
experienced, when in fact there had been prior crime losses. The insurance
company can now void the contract if it found that the statement made was
incorrect, material and intentionally made with the intent to deceive. In this
case, what word best describes what John did? (concealment,
misrepresentation, falsification, fraud) - ANSWER Fraud
20.What government official, in consultation with the Secretary of Homeland
Security must certify an act before the Terrorism Insurance Act can certify it
as "an act of terrorism"? - ANSWER The Attorney General
21.John's catering company catered an event. The next day many of the
attendees became ill and were diagnosed with food poisoning. Which
liability exposure from his Commercial General Liability Policy would
provide coverage for such an event? - ANSWER Bodily Injury
(products/completed Operations Exposure)
22.Which of the following is a basic limit under the CGL? - ANSWER
100,000$
and Conceptual Actual Emended Exam Questions
With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
1. Commercial Package Policies can combine 2 or more of the following
coverages with the exception which one? - ANSWER CAN NOT
COMBINE:
BOP (business-owners policy)
Workers comp
Ocean Marine
2. The Cause of Loss - Basic Form provides coverage for all of the following
perils with the exception of which one? - ANSWER Rupture or Bursting
of Water Pipes or leakage/steam from appliances or systems
3. A business income coverage extension provides what dollar amount in
automatic coverage for 30 days at each newly acquired location? - ANSWER
100,000$
4. In the Cause of Loss Basic Form _____________________ is excluded, but
resultant damage from a covered cause of loss is covered. - ANSWER
mechanical breakdown
,5. In a Builders Risk Coverage Form the proper amount of insurance for
coverage of losses without penalty is what percentage of the expected
completed value? - ANSWER 100%
6. After a community study that results in a Flood Hazard Boundary Map being
developed, and limited coverage amounts becoming available, the
community is said to be in what NFIP program? - ANSWER Regular
Program
7. The Florida Valued Policy Law applies to which of the following? - ANSWER
Total Losses and Covered Perils?
8. Which of the coverages below, if rejected, requires a handwritten and
signed note by the insured stating very specific verbiage where they
acknowledge that their insurance company will not pay for that type of
loss? - ANSWER Windstorm Coverage
9. John always seemed prone to accidents. What type of hazard does this
present? - ANSWER Morale
10.What is the principle of insurance which provides that when a loss occurs,
the insured should be restored to the approximate financial condition
occupied before the loss occurred, no better, no worse. - ANSWER
Indemnity
,11.What is known as the maximum amount of insurance the insurance
company will pay on your behalf for a particular loss, or for a loss during a
period of time. - ANSWER Limits of Liability
12.What method is used to provide equity in premiums by granting lower rates
to those insureds who accept the responsibility of insuring for amounts
which reflect a high percentage of the value of the subject property. -
ANSWER Coinsurance
13.In property insurance, specifically homeowners, the insurer must give the
insured written notice of non-renewal at least how many days before the
effective date of the non-renewal. - ANSWER 120 Days
14.What type of liability does not require proving negligence? (absolute,
vicarious, proximate or medical) - ANSWER Absolute Liability
15.John had surgery in a hospital. After a week or so he started feeling a sharp
pain in his abdomen. Upon further x-rays it turns out some surgical clamps
were left inside. John can sue the doctor for malpractice but he can also sue
the hospital because the doctor was working as an employee of the
hospital. The concept under which John can sue the hospital is known as
what type of liability? (absolute, vicarious, proximate or medical) - ANSWER
Vicarious
16.What document, often in affidavit form, states details and amounts
claimed? - ANSWER Proof of Loss
, 17.An insurer has a responsibility to respond promptly after having received
what? - ANSWER
18.Which of the following is not a fundamental contract element of virtually all
property and liability insurance contracts? - ANSWER
19.In the crime application John states that no prior crime losses had been
experienced, when in fact there had been prior crime losses. The insurance
company can now void the contract if it found that the statement made was
incorrect, material and intentionally made with the intent to deceive. In this
case, what word best describes what John did? (concealment,
misrepresentation, falsification, fraud) - ANSWER Fraud
20.What government official, in consultation with the Secretary of Homeland
Security must certify an act before the Terrorism Insurance Act can certify it
as "an act of terrorism"? - ANSWER The Attorney General
21.John's catering company catered an event. The next day many of the
attendees became ill and were diagnosed with food poisoning. Which
liability exposure from his Commercial General Liability Policy would
provide coverage for such an event? - ANSWER Bodily Injury
(products/completed Operations Exposure)
22.Which of the following is a basic limit under the CGL? - ANSWER
100,000$
