FLORIDA GENERAL LINES AGENT ACTUAL
EXAM PAPER 2026 COMPLETE QUESTIONS
AND CORRECT ANSWERS
◉ Direct Loss
Answer: Physical harm to tangible property
◉ Indirect Loss
Answer: Economic loss which flows as a consequence of the direct
loss.
◉ Actual Cash Value
Answer: The current cost that losses will be settled based on Actual
Cash Value
◉ Replacement Cost
Answer: the actual cost to repair or replace property.
◉ Valued Policy
Answer: Where the insurer agrees, in advance that the coverage
limit applicable to the item will be considered its value. This applies
, to the item where the ACV or replacement cost is difficult to
establish, such as with antiques or fine arts.
◉ Values Policy law
Answer: States that for a total loss by a covered peril to a building,
the insurer must pay the amount provided in the policy for which
the premium has been paid.
◉ Coinsurance
Answer: A method of encouraging the insured to accept the
responsibility of insuring for the amount close to the value of the
property. Coinsurance is primarily used in commercial policies and
values vary from 80 to 100%
◉ Specific Insurance
Answer: Coverage subject to separate limits such as each building or
the content of each building
◉ Blanket
Answer: A single amount of coverage that applies to two or more
coverage items
◉ Straight Deductible
Answer: Deduction of a flat amount
EXAM PAPER 2026 COMPLETE QUESTIONS
AND CORRECT ANSWERS
◉ Direct Loss
Answer: Physical harm to tangible property
◉ Indirect Loss
Answer: Economic loss which flows as a consequence of the direct
loss.
◉ Actual Cash Value
Answer: The current cost that losses will be settled based on Actual
Cash Value
◉ Replacement Cost
Answer: the actual cost to repair or replace property.
◉ Valued Policy
Answer: Where the insurer agrees, in advance that the coverage
limit applicable to the item will be considered its value. This applies
, to the item where the ACV or replacement cost is difficult to
establish, such as with antiques or fine arts.
◉ Values Policy law
Answer: States that for a total loss by a covered peril to a building,
the insurer must pay the amount provided in the policy for which
the premium has been paid.
◉ Coinsurance
Answer: A method of encouraging the insured to accept the
responsibility of insuring for the amount close to the value of the
property. Coinsurance is primarily used in commercial policies and
values vary from 80 to 100%
◉ Specific Insurance
Answer: Coverage subject to separate limits such as each building or
the content of each building
◉ Blanket
Answer: A single amount of coverage that applies to two or more
coverage items
◉ Straight Deductible
Answer: Deduction of a flat amount
