Florida 2-20 Agents License 2024/2025 with Verified Solutions

Florida 2-20 Agents License 2024/2025 with Verified Solutions The Florida Surplus Service Lines Office (FSLSO) was created to - Answer -oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: - Answer -Seeking the license only to write controlled business The Department of Financial Services performs the following, EXCEPT: - Answer -Pays insurance claims Once license, you have how long to obtain an appointment? - Answer -48 months Which of the following is NOT a duty of the Office of Insurance Regulation? - Answer -Submit rate filings and underwriting rules for approval Which one of the following statements is correct? - Answer -Contractors must usually provide evidence of liability insurance before a construction contract is granted. From a risk management viewpoint, insurance is used to - Answer -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 - Answer -Commercial general liability insurance. Which one of the following statements is correct regarding the benefits provided by insurance? - Answer -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 - Answer -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? - Answer -Large number of similar exposure units Liability coverage to individuals and families for bodily injury and property damage arising from the insured's personal premises or activities is typically provided by - Answer -Personal liability insurance. Sally is a recent college graduate who lives in the suburbs and drives to work daily in the city. She recognizes that owning a car creates both property damage and liability exposures for her and at the same time she has the burden of student loans. For someone in Sally's circumstances the most practical risk management technique for dealing with her auto-related loss exposures is - Answer -Risk transfer.One of the costs of insurance is said to be opportunity costs. This means that if capital and labor were not being used in the insurance business, they could be used elsewhere and making other productive contributions to - Answer -Society Retention is often used in combination with insurance as a way of treating loss exposures. One of the major downsides of individuals using retention alone is - Answer -The potential for financial ruin. The process of restoring an individual or organization to a pre-loss financial condition is the process of - Answer -Indemnification Sometimes the existence of insurance encourages losses. The result of this phenomenon is that it - Answer -Increases the total cost of insurance