Florida Property & Casualty Insurance Exam Questions and Answers Latest (Verified Answers) 500+ Questions Question 1: The FAJUA is composed of:
CORRECT ANSWER : All companies licensed to write auto
insurance in Florida
Question 2: 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
Question 3: Homeowners HO-3 policy - severe theft loss.
Coverage A limit is $100,000. Insured losses include $25,000 furniture, clothing and other ordinary personal property plus $5,000 damage to guns and $5,000 damage to jewelry, furs.
Insured will recover:
CORRECT ANSWER : $29,000 less any deductible
Question 4: Each of the following divisions falls under The
Department of Financial Services EXCEPT?
CORRECT ANSWER : The Division of Consumer
Activities
Question 5: Which of the following provides for loss of
money and securities outside the premises in the care, custody and control of a messenger or armored car service resulting from theft, disappearance, or destruction?
CORRECT ANSWER : Outside the Premises
Question 6: What is the standard All Perils deductible in the
Commercial Property Policy?
CORRECT ANSWER : $500
Question 7: Which of the following best describes a
"Controlled" Inland Marine Form?
CORRECT ANSWER : Standard provisions form is written
according to filed rules and rates
Question 8: Under a Personal Articles Floater, which of the
following is covered as valued property?
CORRECT ANSWER : Fine Arts
Question 9: Under the Dwelling Program forms, vandalism is
not covered after the building has been vacant for how many days?
CORRECT ANSWER : 60 days
Question 10: Under a Commercial General Liability Contract,
how many days notice of cancellation must the insurer provide for non-payment of premium?
CORRECT ANSWER : 10
Question 11: Under Additional Coverages, how much applies
for loss assessments imposed by an association against the insured for damage to property caused by a peril insured against under Coverage A?
CORRECT ANSWER : $1,000
Question 12: The following are basic characteristics of a
Property or Liability Insurance Contract EXCEPT:
CORRECT ANSWER : Loss Settlement Contract
Question 13: Rob has PIP with a $1,000 deductible. He has an
auto accident causing $6,000 in medical bills. How much will his PIP pay?
CORRECT ANSWER: $4,000
- $6,000 - $1,000 deductible = $5,000 x 80% = $4,000
Question 14: QRS Construction Company wants to provide
the local school district with a price for building a new grammar school. In order to accept the price, the school board needs a bond that would pay the difference between QRS's price and the next highest price. What kind of bond does QRS need to provide to the school district?
CORRECT ANSWER : Bid bond
- The Bid Bond is required to accompany a bid for a contract
which will require that the successful bidder furnish further bond if awarded the job. The guarantee is that if the bid is