FLORIDA 2-20 STATE EXAM PRACTICE
EXAMINATION TEST 2026 FULL QUESTIONS
AND DETAILED SOLUTIONS GRADED A+
⩥ Department of Financial Services (DFS). Answer: 1. Approves
issuance of licenses to agents, CR, and adjusters
2. Supervisions of claims
3. Investigate charges of unethical conduct and take judicial actions
⩥ Office of Insurance Regulation (OIR). Answer: 1. Examines the
qualifications of the insurance companies doing business in FL
2. Examines the financial conditions of companies
3. Approves forms, rules, and rates
⩥ Office of Financial Regulation (OFR). Answer: 1. Provides regulatory
oversight to FL's financial providers
2. Reports to the FL Service Commission
⩥ FL Surplus Lines Service Office. Answer: 1. Oversees the surplus
lines industry
2. Reviews all surplus lines policies and documents
3. Collects surplus lines and taxes and fees
, ⩥ Risk. Answer: Chance of financial loss
⩥ Policy. Answer: Is a written contract for effecting insurance and
includes clauses, riders, endorsements, and papers which are apart of the
contract
⩥ Insurance. Answer: Is a contract where one undertakes to indemnify
another or pay a specified amount determined on contingencies
⩥ Binders. Answer: Temporary insurance which can be made orally or
written. The insurer shall give 5 days' prior notice of cancelling a binder
unless the binder is replace by a policy. No notice is required unless the
binder exceeds 60 days.
⩥ Property Insurance. Answer: Where payment is made directly to the
insured or other named interest
⩥ Liability Insurance. Answer: Where payment is made on behalf of the
insured to another
⩥ Contract of Adhesion. Answer: Parties have unequal bargaining power
such as the insured cannot negotiate the terms of the insurer.
Ambiguities found in the policy are usually found in favor of the
insured.
EXAMINATION TEST 2026 FULL QUESTIONS
AND DETAILED SOLUTIONS GRADED A+
⩥ Department of Financial Services (DFS). Answer: 1. Approves
issuance of licenses to agents, CR, and adjusters
2. Supervisions of claims
3. Investigate charges of unethical conduct and take judicial actions
⩥ Office of Insurance Regulation (OIR). Answer: 1. Examines the
qualifications of the insurance companies doing business in FL
2. Examines the financial conditions of companies
3. Approves forms, rules, and rates
⩥ Office of Financial Regulation (OFR). Answer: 1. Provides regulatory
oversight to FL's financial providers
2. Reports to the FL Service Commission
⩥ FL Surplus Lines Service Office. Answer: 1. Oversees the surplus
lines industry
2. Reviews all surplus lines policies and documents
3. Collects surplus lines and taxes and fees
, ⩥ Risk. Answer: Chance of financial loss
⩥ Policy. Answer: Is a written contract for effecting insurance and
includes clauses, riders, endorsements, and papers which are apart of the
contract
⩥ Insurance. Answer: Is a contract where one undertakes to indemnify
another or pay a specified amount determined on contingencies
⩥ Binders. Answer: Temporary insurance which can be made orally or
written. The insurer shall give 5 days' prior notice of cancelling a binder
unless the binder is replace by a policy. No notice is required unless the
binder exceeds 60 days.
⩥ Property Insurance. Answer: Where payment is made directly to the
insured or other named interest
⩥ Liability Insurance. Answer: Where payment is made on behalf of the
insured to another
⩥ Contract of Adhesion. Answer: Parties have unequal bargaining power
such as the insured cannot negotiate the terms of the insurer.
Ambiguities found in the policy are usually found in favor of the
insured.
