Florida 2-20 Agents License Exam Questions | 327 Questions and Answers(A+ Solution guide)

The Florida Surplus Service Lines Office (FSLSO) was created to - oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: - Seeking the license only to write controlled business The Department of Financial Services performs the following, EXCEPT: - Pays insurance claims Once license, you have how long to obtain an appointment? - 48 months Which of the following is NOT a duty of the Office of Insurance Regulation? - Submit rate filings and underwriting rules for approval Which one of the following statements is correct? - Contractors must usually provide evidence of liability insurance before a construction contract is granted. From a risk management viewpoint, insurance is used to - Transfer the cost of losses. Liability coverage for loss exposures arising from a business organization's premises and operations, its products, or its completed work is typically provided by - Commercial general liability insurance. Which one of the following statements is correct regarding the benefits provided by insurance? - Insurance helps reduce the financial burden to society by compensating accident victims. Insurance is not the only risk management transfer technique. When circumstances are appropriate, transfer can be accomplished through - Noninsurance transfer techniques.Oscar's custom-built vehicle looks like a sausage sandwich on wheels. He plans to drive it to special events at schools around the country where it will serve as a mobile billboard to promote his product. Oscar is surprised to learn that insurers are reluctant to insure his vehicle because it fails to meet one of the ideal characteristics of an insurable risk. Which characteristic is Oscar's vehicle least likely to meet? - Large number of similar exposure units