Florida Property & Casualty Insurance, Glossary
for 220 License, Florida 2-20 Agents License
Exam Questions 1 New!!!! Latest Update 2025-
2026 Actual Exam 2000 Questions with 100%
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$30,000 - CORRECT ANSWER: A combined single limit that will pay for liability and
property damages up to the stated amount.
$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
10/20/10 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
3 eligibility requirements for the RCBAP flood policy - CORRECT ANSWER: one or
more residential units, 25% mercantile floor area, 75% owner occupied.
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
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
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 _____________ 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 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 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 (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 Commercial Package policy may include the following coverage types EXCEPT: -
CORRECT ANSWER: Health
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 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 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
for 220 License, Florida 2-20 Agents License
Exam Questions 1 New!!!! Latest Update 2025-
2026 Actual Exam 2000 Questions with 100%
Verified Correct Answers Guaranteed A+ Verified
by Professor All that You Need to Pass
$30,000 - CORRECT ANSWER: A combined single limit that will pay for liability and
property damages up to the stated amount.
$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
10/20/10 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
3 eligibility requirements for the RCBAP flood policy - CORRECT ANSWER: one or
more residential units, 25% mercantile floor area, 75% owner occupied.
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
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
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 _____________ 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 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 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 (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 Commercial Package policy may include the following coverage types EXCEPT: -
CORRECT ANSWER: Health
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 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 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
