Florida Property & Casualty Insurance, Glossary
for 220 License, Florida 2-20 Agents License
Exam Questions Latest Update 2025-2026 Actual
Exam 1100 Questions with 100% Verified Correct
Answers Guaranteed A+ Verified by Professor All
that You Need to Pass
"Additional Coverage", under a Commercial Property policy include all of the following
except: - CORRECT ANSWER: Newly acquired locations for up to 60 days
$30,000 - CORRECT ANSWER: A combined single limit that will pay for liability and
property damages up to the stated amount.
10/20/10 limit breakdown - CORRECT ANSWER: 10 = $10,000 Liability per person
injured -- If only one person is injured, this is the most that will pay out.
20 = $20,000 COMBINED TOTAL Liability for all injuries -- If 2 or more persons are
injured, this is the most that will pay out.
10 = $10,000 Property Damage
10% for a self-storage facility does not apply to personal property that is moved from the
residence premises because: - CORRECT ANSWER: It's being repaired
3 eligibility requirements for the RCBAP flood policy - CORRECT ANSWER: one or
more residential units, 25% mercantile floor area, 75% owner occupied.
3 optional coverages under Building and Personal Property coverage form - CORRECT
ANSWER: - agreed value
- building ordinance coverage
- peak season coverage
,- Value Reporting, Inflation Guard, and Replacement Cost are additional optional
coverages
45 day notice for - CORRECT ANSWER: non renewal and cancellation
A _____________ is required in order for an insurer to transact insurance in Florida. -
CORRECT ANSWER: Certificate if Authority
A bond that guarantees that supplies needed for a construction project will be delivered
on time and at the agreed upon price is defined as: - CORRECT ANSWER: supply
contract bond
A bond that guarantees that supplies needed for a construction project will be delivered
on time and at the agreed upon price is defined as: - CORRECT ANSWER: Supply
Contract Bond
A claim under an ISO Commercial Crime Coverage Form is subject to the Valuation—
Settlement condition. Which one of the following is true regarding this Valuation—
Settlement condition? - CORRECT ANSWER: Damaged property is valued at
replacement cost or the insurer can repair or replace the property
A Commercial Package Policy (CPP) premium may be modified by a package
modification factor. This factor - CORRECT ANSWER: Is a discount justified by the
greater efficiency in providing a package policy.
A Commercial Package policy may include the following coverage types EXCEPT: -
CORRECT ANSWER: Health
A condominium unit owner would use which form? - CORRECT ANSWER: HO-6
,A contract whereby one undertakes to indemnify another or pay or allow a specified
amount or a determinable benefit upon determinable contingencies is defined as -
CORRECT ANSWER: Insurance
A coverage that is similar to premises and operations coverage in the Commercial
General Liability Policy covering bodily injury and property damage liability for aviation
risks is defined as: - CORRECT ANSWER: Airport and Air Meet Liability
A coverage that is similar to premises and operations coverage in the Commercial
General Liability Policy covering bodily injury and property damage liability for aviation
risks is defined as: - CORRECT ANSWER: Airport and Air Meet Liability
A description of the property insured, a list of mortgagees, and the applicable
coinsurance percentage(s) are shown on which one of the following documents? -
CORRECT ANSWER: Commercial property declarations
A disabled person who is capable of performing some type of gainful work would be
classified as: - CORRECT ANSWER: Permanent Impairment
A Florida insured has a Personal Auto Policy providing PIP coverage with a $1,000
deductible. The insured is injured in his vehicle and sustains $15,000 in medical bills.
How much will his policy pay under PIP? - CORRECT ANSWER: $10,000
A homeowners policy premium is determined by first developing the base premium. The
base premium is influenced by certain factors, including which one of the following? -
CORRECT ANSWER: Dwelling location
A licensed insurance agent may share commissions with which of the following? -
CORRECT ANSWER: Non-Resident Agent
Customer Representative
, Life Insurance Agen
A loss caused by Jettison, which is settled by each paying their proportionate share of
the loss, is defined as: - CORRECT ANSWER: general average
A loss caused by Jettison, which is settled by each paying their proportionate share of
the loss, is defined as: - CORRECT ANSWER: General Average
A peril that is unique to policies covering dry cleaners is defined as: - CORRECT
ANSWER: Confusion of Goods
A peril that is unique to policies covering dry cleaners is defined as: - CORRECT
ANSWER: Confusion of Goods
A person who holds property of others for a special purpose and returns it at some
future time is defined as a(n): - CORRECT ANSWER: Bailee
A plan in which the employer would, from its own funds, bear the financial responsibility
for the covered health claims of its own participating employees is defined as: -
CORRECT ANSWER: Self-Insured
A plan in which the employer would, from its own funds, bear the financial responsibility
for the covered health claims of its own participating employees is defined as: -
CORRECT ANSWER: Self-Insured
A policy condition, either based on information in the insureds application or inserted by
the insurer, is defined as: - CORRECT ANSWER: Warranty
for 220 License, Florida 2-20 Agents License
Exam Questions Latest Update 2025-2026 Actual
Exam 1100 Questions with 100% Verified Correct
Answers Guaranteed A+ Verified by Professor All
that You Need to Pass
"Additional Coverage", under a Commercial Property policy include all of the following
except: - CORRECT ANSWER: Newly acquired locations for up to 60 days
$30,000 - CORRECT ANSWER: A combined single limit that will pay for liability and
property damages up to the stated amount.
10/20/10 limit breakdown - CORRECT ANSWER: 10 = $10,000 Liability per person
injured -- If only one person is injured, this is the most that will pay out.
20 = $20,000 COMBINED TOTAL Liability for all injuries -- If 2 or more persons are
injured, this is the most that will pay out.
10 = $10,000 Property Damage
10% for a self-storage facility does not apply to personal property that is moved from the
residence premises because: - CORRECT ANSWER: It's being repaired
3 eligibility requirements for the RCBAP flood policy - CORRECT ANSWER: one or
more residential units, 25% mercantile floor area, 75% owner occupied.
3 optional coverages under Building and Personal Property coverage form - CORRECT
ANSWER: - agreed value
- building ordinance coverage
- peak season coverage
,- Value Reporting, Inflation Guard, and Replacement Cost are additional optional
coverages
45 day notice for - CORRECT ANSWER: non renewal and cancellation
A _____________ is required in order for an insurer to transact insurance in Florida. -
CORRECT ANSWER: Certificate if Authority
A bond that guarantees that supplies needed for a construction project will be delivered
on time and at the agreed upon price is defined as: - CORRECT ANSWER: supply
contract bond
A bond that guarantees that supplies needed for a construction project will be delivered
on time and at the agreed upon price is defined as: - CORRECT ANSWER: Supply
Contract Bond
A claim under an ISO Commercial Crime Coverage Form is subject to the Valuation—
Settlement condition. Which one of the following is true regarding this Valuation—
Settlement condition? - CORRECT ANSWER: Damaged property is valued at
replacement cost or the insurer can repair or replace the property
A Commercial Package Policy (CPP) premium may be modified by a package
modification factor. This factor - CORRECT ANSWER: Is a discount justified by the
greater efficiency in providing a package policy.
A Commercial Package policy may include the following coverage types EXCEPT: -
CORRECT ANSWER: Health
A condominium unit owner would use which form? - CORRECT ANSWER: HO-6
,A contract whereby one undertakes to indemnify another or pay or allow a specified
amount or a determinable benefit upon determinable contingencies is defined as -
CORRECT ANSWER: Insurance
A coverage that is similar to premises and operations coverage in the Commercial
General Liability Policy covering bodily injury and property damage liability for aviation
risks is defined as: - CORRECT ANSWER: Airport and Air Meet Liability
A coverage that is similar to premises and operations coverage in the Commercial
General Liability Policy covering bodily injury and property damage liability for aviation
risks is defined as: - CORRECT ANSWER: Airport and Air Meet Liability
A description of the property insured, a list of mortgagees, and the applicable
coinsurance percentage(s) are shown on which one of the following documents? -
CORRECT ANSWER: Commercial property declarations
A disabled person who is capable of performing some type of gainful work would be
classified as: - CORRECT ANSWER: Permanent Impairment
A Florida insured has a Personal Auto Policy providing PIP coverage with a $1,000
deductible. The insured is injured in his vehicle and sustains $15,000 in medical bills.
How much will his policy pay under PIP? - CORRECT ANSWER: $10,000
A homeowners policy premium is determined by first developing the base premium. The
base premium is influenced by certain factors, including which one of the following? -
CORRECT ANSWER: Dwelling location
A licensed insurance agent may share commissions with which of the following? -
CORRECT ANSWER: Non-Resident Agent
Customer Representative
, Life Insurance Agen
A loss caused by Jettison, which is settled by each paying their proportionate share of
the loss, is defined as: - CORRECT ANSWER: general average
A loss caused by Jettison, which is settled by each paying their proportionate share of
the loss, is defined as: - CORRECT ANSWER: General Average
A peril that is unique to policies covering dry cleaners is defined as: - CORRECT
ANSWER: Confusion of Goods
A peril that is unique to policies covering dry cleaners is defined as: - CORRECT
ANSWER: Confusion of Goods
A person who holds property of others for a special purpose and returns it at some
future time is defined as a(n): - CORRECT ANSWER: Bailee
A plan in which the employer would, from its own funds, bear the financial responsibility
for the covered health claims of its own participating employees is defined as: -
CORRECT ANSWER: Self-Insured
A plan in which the employer would, from its own funds, bear the financial responsibility
for the covered health claims of its own participating employees is defined as: -
CORRECT ANSWER: Self-Insured
A policy condition, either based on information in the insureds application or inserted by
the insurer, is defined as: - CORRECT ANSWER: Warranty
