Florida 4-40 Exam 2024
Insured has personal property at two locations. At the time policy is written,
the property at location 1 is valued at $100,000. The property at location 2 is
valued at $300,000.
Insured purchases $400,000 blanket insurance. Later, they have a $137,000
loss from a covered peril at location 1. How much will the policy pay? correct
answers$137,000
If licensee fails to be appointed they are subject to losing their license.
What period of time will trigger the termination of a license for failure to
maintain an appointment? correct answers48 months
Fraudulent activity is more likely under which: correct answersHard
markets.
According to the Law of Large Numbers: correct answersLarger data sets
can be used to make more accurate predictions.
Bob tells his clients that a competitor is "a liar and a thief, not to mention
incompetent." Over time, this results in a substantial reduction of the
competitor's business. The competitor can bring a complaint against Bob
for which: correct answersDefamation.
Breaking and Entering with visible signs of forceful entry refers
to: correct answersBurglary
An insurance deductible: correct answersIs paid out of pocket by the
insured, but does not reduce the limit of insurance available.
Which best describes an insurance deductible? correct answersA part of
an insured loss which the policyholder agrees to pay out of pocket.
Making fraudulent omissions or incomplete comparisons about a policy to
induce a person to buy insurance with another company is known as:
correct answersTwisting
Charles has the authority to issue Certificates of Liability Insurance and
Evidences of Property Insurance for Safety Mutual Insurance Company.
Which of the following is an acceptable practice, for which Charles does not
need any other approval from the insurer? correct answersList coverage
forms or endorsements that are part of the policy, and send copies of those
forms if requested.
If a licensee changes their name, residence address or business address,
they must notify the Department of Insurance within: correct answers30
Days
, Which of the following describes an insurable risk? correct answersThe
chance that an employee of a company might defraud that company's
customers.
Statute of Limitations is defined as: correct answersTime within which a
legal right must be exercised.
Knowingly making a false or fraudulent statement on an application is known
as: correct answersMisrepresentation.
The continuing education statutes require a minimum of: correct
answersat least 4 hours on subjects specific to the license such as
ethics and statutory updates.
Bethod has the authority to issue Certificates of Liability Insurance for
Safety Mutual Insurance Company. Which of the following is not an
acceptable practice? correct answersProvide a plain-language summary on
the certificate describing what the policy forms cover.
When an applicant's credit score is used for insurance underwriting: correct
answersThe applicant has a legal right to disclosure.
Intentionally caused losses come under which property insurance
concept correct answersMoral Hazard
The failure of the insured to reveal a known fact to the insurer, which would
have had an adverse effect on the policy being issued is: correct
answersConcealment
Which of the following best describes the purpose of the coinsurance
provision on a property insurance policy? correct answersTe keep
premiums reasonable for fully- insured policyholders by requiring under-
insured policyholders to pay a percentage of their own losses out of
pocket.
Debra is a 4-40 CSR who gets married. As a result, she changes her last
name and residence address. She must notify the Department of Financial
Services of the change on name and address within: correct answers30 days
A civil wrong, which for insurance purposes must be caused by
negligence refers to which of these: correct answersTort
"The time limit within which a legal right must be exercised" describes
which of the following? correct answersStatute of limitations
Insurance where payment is made on behalf of the insured to another
party is called: correct answersliability coverage
Insured has personal property at two locations. At the time policy is written,
the property at location 1 is valued at $100,000. The property at location 2 is
valued at $300,000.
Insured purchases $400,000 blanket insurance. Later, they have a $137,000
loss from a covered peril at location 1. How much will the policy pay? correct
answers$137,000
If licensee fails to be appointed they are subject to losing their license.
What period of time will trigger the termination of a license for failure to
maintain an appointment? correct answers48 months
Fraudulent activity is more likely under which: correct answersHard
markets.
According to the Law of Large Numbers: correct answersLarger data sets
can be used to make more accurate predictions.
Bob tells his clients that a competitor is "a liar and a thief, not to mention
incompetent." Over time, this results in a substantial reduction of the
competitor's business. The competitor can bring a complaint against Bob
for which: correct answersDefamation.
Breaking and Entering with visible signs of forceful entry refers
to: correct answersBurglary
An insurance deductible: correct answersIs paid out of pocket by the
insured, but does not reduce the limit of insurance available.
Which best describes an insurance deductible? correct answersA part of
an insured loss which the policyholder agrees to pay out of pocket.
Making fraudulent omissions or incomplete comparisons about a policy to
induce a person to buy insurance with another company is known as:
correct answersTwisting
Charles has the authority to issue Certificates of Liability Insurance and
Evidences of Property Insurance for Safety Mutual Insurance Company.
Which of the following is an acceptable practice, for which Charles does not
need any other approval from the insurer? correct answersList coverage
forms or endorsements that are part of the policy, and send copies of those
forms if requested.
If a licensee changes their name, residence address or business address,
they must notify the Department of Insurance within: correct answers30
Days
, Which of the following describes an insurable risk? correct answersThe
chance that an employee of a company might defraud that company's
customers.
Statute of Limitations is defined as: correct answersTime within which a
legal right must be exercised.
Knowingly making a false or fraudulent statement on an application is known
as: correct answersMisrepresentation.
The continuing education statutes require a minimum of: correct
answersat least 4 hours on subjects specific to the license such as
ethics and statutory updates.
Bethod has the authority to issue Certificates of Liability Insurance for
Safety Mutual Insurance Company. Which of the following is not an
acceptable practice? correct answersProvide a plain-language summary on
the certificate describing what the policy forms cover.
When an applicant's credit score is used for insurance underwriting: correct
answersThe applicant has a legal right to disclosure.
Intentionally caused losses come under which property insurance
concept correct answersMoral Hazard
The failure of the insured to reveal a known fact to the insurer, which would
have had an adverse effect on the policy being issued is: correct
answersConcealment
Which of the following best describes the purpose of the coinsurance
provision on a property insurance policy? correct answersTe keep
premiums reasonable for fully- insured policyholders by requiring under-
insured policyholders to pay a percentage of their own losses out of
pocket.
Debra is a 4-40 CSR who gets married. As a result, she changes her last
name and residence address. She must notify the Department of Financial
Services of the change on name and address within: correct answers30 days
A civil wrong, which for insurance purposes must be caused by
negligence refers to which of these: correct answersTort
"The time limit within which a legal right must be exercised" describes
which of the following? correct answersStatute of limitations
Insurance where payment is made on behalf of the insured to another
party is called: correct answersliability coverage
