Florida Personal Lines Exam Questions 100% Answered

Florida Personal Lines Exam Questions 100% Answered which part of an insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damage property from further loss, or defense expenses? A. Additional Coverage B. Exclusion C. Declaration D. Insuring Agreement - answerA. Additional coverage The additional coverage portion of a policy provides an additional amount of coverage for a specific loss expense, at no additional premium. Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of A. Rebating B. Twisting C. Defamation D. Misrepresentation - answerB. Twisting Twisting is a misrepresentation that persuades an insured or policyowner, to his or her detriment, to cancel, lapse, or switch policies Who would participate in a Write Your Own (WYO) Flood insurance Program? A. Government insurance companies that write and service National Flood Insurance Policies B. Businesses requiring National Flood insurance policies C. Private Insurers that wish to write and service National Flood Policies on a no-risk-bearing basis D. Lloyd's associations - answerC. Private Insurers that wish to write and service National Flood Policies on a no-risk-bearing basis a WYO program made up of private insurers that write and service National Flood Insurance policies on a no risk bearing basis through a special arrangement with the Federal Insurance Administration. WYO program retains part of the flood insurance premium to pay for commissions and administrative costs. The Remaining premiums, pluss investment, are used to cover losses. Rental Reimbursement is only available if the policy includes which coverage? A. named nonowner coverage B. Other than Collision coverage C. Extended Nonowned Coverage for Named Insured D. Towing and Labor Costs - answerB. Other than Collision Coverage This endorsement is only available in the policy includes other than collision coverage. This endorsement will reimburse the insured for a rental charges incurred because the covered auto is out of use because of a covered loss. while an insured covered auto is in the repair shop following damage by a collision, the insured would have coverage for which of the following vehicles under a personal auto policy? A. Any vehicle not owned by the insured, but furnished for use while the covered auto is out of normal use because of repair B. Any vehicle use by the insured without the reasonable belief that the insured is entitled to use such vehicle C. Any auto furnished for the insured's regular use, but not named on the policy D. Any vehicle while located inside a racing facility for the purpose of racing - answerA. Any vehicle not owned by the insured, but furnished for use while the covered auto is out of normal use because of repair The Florida automobile joint underwriting association (FAJUA) is a market source for person unable to purchase auto insurance thought the standard markets. All of the following statements concerning (FAJUA) are TRUE, EXCEPT A. Agents do not have binding Authority B. Coverage is available to military nonresident stationed in Florida. C. Private passenger auto are eligible for liability coverage with limits up to 100/300/50, PIP, U/M. D. Each licensed agent in Florida is assigned to one of the servicing carries with which the agent places all risks to be insured in FAJUA - answerA. Agents do not have binding Authority Agents have authority to immediately bind coverage upon securing a completed and signed application upon payment of the require premium deposit by the applicant. If a person is using auto with the belief that he is entitled to do so, subrogation rights under a personal auto policy would apply to all coverages EXCEPT A. no fault medical payments B. Liability C. Physical Damage D. Uninsured Motorist - answerC. Physical Damage Subrogation rights do NOT apply to physical damage coverage if the damage is caused by a person using the auto with a reasonable belief that they were entitled to do so. what type of information would be found in a policy's insuring agreement? A. Insurers' address B. Renewal Dates C. Location of premises D. Policy limts - answerB. Renewal Dates The insuring agreement lists the parties to the contract, effective and renewal dates, the description of coverage provided, and pe