Flashcards
A Builders Risk Policy was purchased in the amount of $60,000. One half of the duplex was vacant and the other was occupied 75 days after completion and there was a loss in the amount $30,000. How much would be covered?
0
An insured has a DP-1 policy and after the property had been vacant for 75 days a loss occurred from of vandalism of $1,000 and Glass broken $250. How will the policy respond?
0
Insured has a DP-1 and went on vacation in Europe. The following items were stolen. $500 cash, $1,000 airline ticket; $50 purse; and $250 miscellaneous items. What will be paid?
0
Insured has purchased a DP-1 and while the following items are in a hotel room, they were stolen - $500 cash, $50 purse, $250 misc items, $1,000 model airplane. What is payable?
0
Under the Mechanical Breakdown Policy, a drive axle did not meet the manufacturer's specifications. The following claim was filed. What is covered if the following is damaged: $800 Drive Axle; $200 labor; $50 towing; $25 storage?
$ 1,000
What is the limit of "Damage to Property Others" on an HO?
$ 1,000
What is the amount of coverage for Business Property off Premises in the Homeowners policy?
$ 1,500
What is the coverage for non-owned trailer under the PAP?
$ 1,500
What is the maximum amount payable on a theft of a $4,000 business computer the insured took with them on business trip?
$ 1,500
The office computer is at your apartment. The computer was damaged by a covered peril. The loss is valued at $1,100 for the computer, business data $650, and program retail cost $500. How much is covered?
$ 1,600
How much coverage is available for property more than 100 feet away from the premises?
$ 10,000
What is the Credit Card forgery limit with an endorsement?
$ 10,000
What is the cap on statutory imposed parental Vicarious Liability under the HO policy?
$ 10,000
What is the coverage for Pollution Cleanup under the Commercial Property ?
$ 10,000
The firm had a Lawyer Professional policy with a policy limit of $100,000. An employee of a lawyer was passed over for a promotion. The employee quit employ and ran ad in the newspaper about the wrongful acts of the firm. The firm is sued and the judgment was $100,000 and cost of defense was $5,000. The policy limit was $100,000. What is paid?
$ 100,000
The insured purchased a Builders Risk Policy and the building became occupied. Within 45 days after the tenant moved in, a fire loss occurred in the amount of $100,000. How much would be payable if the building was valued at $300,000.
$ 100,000
What is an insureds afforded Fire Legal Liability if their policy limits is $1,000,000?
$ 100,000
Under running down policy a ship's captain negligently collides with another vessel. Damages are $100,000 his ship; $125,000 other ship; $75,000 dock damage; $50,000 cargo damage. What would the policy pay under the Running Down Clause coverage?
$ 125,000
The insured had purchased a DP-2 with coverage on the Dwelling of $60,000 although their structure was valued at $100,000. The insured had a loss and to repair the damage the Actual Cash Value would be $14,000 and the replacement cost would be $20,000. How much will be payable on the claim if damaged by a covered peril?
$ 14,000
The insured has a BOP and had a loss to office furniture. The actual cash value was $3,000 & replacement value was $5,000. Assume adequate policy limits, how much will be paid?
$ 5,000
Under the BOP, what is the basic limit for Employee Dishonesty if the insured would purchase?
$ 5,000
What is the Medical Payments basic limit under the CGL policy?
$ 5,000
Tom Smith purchased a DP 1 with dwelling limit of $50,000. A loss occurred totaling the dwelling and the detached garage was damaged to $6,000. How much will be paid to Mr. Smith?
$ 50,000
Citizens Property Insurance Corporation has a 2% wind deductible, however what is the other perils deductible under mobile homes?
$ 500
Deductible under the Commercial Property policy is?
$ 500
How much coverage is available for Credit card forgery under the HO policy?
$ 500
Under the CPL, what was the coverage limit for Damage to Property of Others?
$ 500
Under the DP-2 Form, how much coverage is provided per Tree?
$ 500
What is the standard deductible under the BOP?
$ 500
What is the minimum and maximum Medical Payments under the FAJUA?
$ 500 $2,000
Insured has DP3 coverage for dwelling worth $50,000, has a covered total loss on dwelling. The detached garage has damage to $20,000. How much is paid under the policy?
$ 55,000
Under the DP Basic Form, if the dwelling limit was $25,000. Loss by fire, the roof of $5,000 destroyed, the awnings of $1,000 also burned, along with a marine boat of $,5,000. How much would be covered?
$ 6,000
A pair of diamond earrings were insured for $10,000. One earring was lost and the remaining one was valued at $3,000. How much would be paid by the Personal Articles Floater?
$ 7,000
A toy store has a crime policy. Just before Christmas, a burglary occurred resulting in losses of $7,140 in inventory and $4,100 lost revenues. With a limit of $10,000, what would be paid?
$ 7,140
Insured has a policy with $60,000 limit with 80% in coinsurance. He sustained a loss of $10,000. Later the building was found to be worth $100,000. How much would be paid?
$ 7,500
Insureds policy limit was $60,000 with 80% coinsurance and no deductible. At the time of a $10,000 covered loss it was determined that the property value was $100,000. How much would be payable?
$ 7,500
Worker's Comp funeral benefit is?
$ 7,500
A baseball from the field hits a commercial truck and damages the windshield to $700. They have a deductible for Collision for $250 and the deductible for Comprehensive is $100. How much is paid?
$ 700
A semi truck has BI, PD. UM, PIP, Other than Collision with a $300 deductible and Collision with a $500 deductible. A kid hits a baseball and it crashes through the semis windshield which was $700. How much would the policy pay?
$ 700
The insured purchaed a BOP $1,000,000 dollars of occurrence liability coverage. How much could she expect the maximum amount that will be payable under the BOP policy for the policy year for the General AGGREGATE.
$2,000,000
Under the BOP policy, what is the General Aggregate if the per occurrence limit is $1,000,000.
$2,000,000
Our insured has a major medical policy with 80/20 coinsurance and a $1,000 deductible. Medical services were rendered to the insured and received bills totaling $4,000. How much is payable by the insurance company?
$2,400
Person is injured in an auto accident & has non-permanent injuries. What can be recovered in a tort liability claim if he has $8,000 in medical expenses and has a $1,000 deductible under PIP
$2,400
The insured purchased a 80/20 major medical policy with a $1,000 deductible. A claim was incurred in the amount of $4,000. How much is recoverable under the major medical policy?
$2,400
A woman has a HO 2 Policy with no endorsements. Because she has a new job, she stores $7,000 of material belonging to the business in her sealed garage. If damage from a covered peril occurs, how much will be covered?
$2,500
What is the amount of coverage available under the BOP for Outdoor property?
$2,500
Insured has a PAF covering a Diamond Ring for $10,000. While on vacation, the insured purchased a Diamond Pendent and lost it in 3 days. What will be payable if the insured has not called the agent to add the pendent to the policy?
$2,500 for 30 days
J has a PIP with $1,000 deductible and was in an accident and required $10,000 in medical attention. How much will J pay?
$2,800
Our insured has a major medical policy with 80/20 coinsurance and a $1,000 deductible. The insured incurred $10,000 in medical bills. How much would be paid by the insured?
$2,800
The insured has a policy with Stacked UM on 2 vehicles with limits of 100/300 and one vehicle with $200,000 Non-stacked. The insured is riding in the Non-stacked vehicle, what is the maximum payable?
$200,000
The insured's vessel had $125,000 of damage when it collided with another vessel damaging it to $200,000 and also a dock damaged for $20,000. What is payable under Running Down Clause?
$200,000
What is NOT a standard deductible for Physical Damage available under the FAJUA?
$2000
The insured has a $3,000,000 blanket policy, covering two buildings. First building is valued at $200,000 and the second building is valued at $400,000. Building one had a total loss and the damage was $230,000. How much is payable?
$230,000
Jane is driving Jill's car. Jane has an accident with John. Jane has 50/100/25 limits. Jill has 10/20/10 limits. If John has $40,000 in bodily injury, how much will be collected from Jane's policy, if Jane is at fault. (Ignore PIP)
$30,000
Under HO-3 - If Coverage A is $100,000, how much would be Coverage D?
$30,000
There is a flood and the insured had purchased flood insurance. The damages were $30,000. The full replacement costs were $200,000 but the home was only insured to $160,000. What would be payable?
$30,000 full cost of replacement
All of the following are supplementary payments under the Personal Auto Policy except:
$300 on bail bonds
J was injured when his covered auto was struck by an uninsured motorist. J has 3 autos with stacked UM of 100/300. What is the max that J's UM will pay for his injury?
$300,000
Flood waters smashed a $40,000 car into a tree. The insured has $500 deductible for Other Than Collision and a $1,000 deductible for Collision. What would be payable?
$39,500
Suzie's No-fault policy has $1,000 deductible. She suffers $7,000 bodily injury from an accident. How much would be recovered from PIP?
$4,800
Under the Garage policy $500 damage to the customer's vehicle occurs arising out of employee work. How much is paid?
$400
Insured is on an errand for the employer, while using a friends car. Hitting a pedestrian, they sued the insured, employer and friend. Who is defended under our insureds PAP?
Insured and Employer
Who is not eligible for a PAP?
Insured and neighbor that share a vehicle
Mr. Smith has a rare stamp and coin collection. He has it insured for a Personal Article Floater. He sent 2 rare coins and two rare stamps through the mail. They were lost. They are valued at $5,000. How much would be covered?
0
Mr. Smith has a rare stamp and coin collection. He has it insured under a Personal Articles Floater. He sent 2 rare coins and two rare stamps through the mail. They are lost. They are valued at $5,000. How much would be covered?
0
Mr. Smith has a rare stamp and coin collection. He has it insured under a Personal Articles Floater. He sent 2 rare coins and two rare stamps through the mail. They are valued at $5,000. How much would be covered?
0
The insured has a Business Auto Policy and a 2 1/2 ton truck is stolen. Under the Transportation Expense, how much coverage is available for a 10-day loss?
0
The insured was involved in an at-fault accident, suffering $8,000 in medical expenses, $3,000 in loss wages and $2,000 in Household services. How much will be paid under the PIP coverage?
10000
Under the Businessowners Policy, how long is the benefit period for the Business Income coverage?
12 months
How many days notice must be provided in a cancellation if the policy was in force over 90 days in a Homeowners policy?
120 days
In the Business Income Coverage Form, the Maximum Period of Indemnity option gives coverage for how many days?
120 days
Under the Commercial Property Policy the Maximum Period of Indemnity. What is the maximum time allowable for collecting on a claim?
120 days
What is the Dwelling Cancellation notice requirement if the policy is in effect over 90 days for everything except "Non payment of premium"?
120 days
The insured purchased an Aviation policy with coverage of $100,000. They chose a 2% franchise deductible and had a $12,000 loss. How much will be payable on this claim?
12000
What is considered the "Average Weekly Wage" under WC? Average of:
13 weeks
Victoria has an unendorsed HO-6 policy with $75,000 for Coverage D. While she is at work someone breaks in and steals her cocktail ring valued at $2,500. Ignoring the deductible how much will her policy pay?
1500
To receive replacement cost for a Boiler and Machinery loss, the property must be replaced within:
18 months
Which of the following is a defined motor vehicle under the Florida No-Fault law?
18 wheel tractor-trailer rig
If the insured has damages to their commercial building and has a desire to repair or replace the building, in what period of time must the insured report to the insurance company their intention to repair the damages?
180
If a loss occurs under the Building and Personal Property Coverage From with the optional replacement cost provision, how long does the insured have to give intent to replace the damaged item in order to receive the replacement cost adjustment?
180 days
If the insured has damage to their commerical building and has a desire to repair or replace the building. In what period of time must the insured report to the insurance company their intention to repair the damages?
180 days
Our insured has Claims made coverage from 3/1/94 to 3/1/98. Which is not eligible as a Retro date?
1998
HOW MANY TIMES MUST A COMPANY BE DENIED TO BE ELIGIBLE FOR A WORKERS COMPENSATION INSURANCE PLAN (JUA)?
2
Under the State Comprehensive Health Association, how many rejections are required to be eligible for the plan?
2
Under the Limitation of Defense how long does a company have to get off of a health insurance policy if they discover additional information that was not available to them at the time of application?
2 Year
Employee was working on the job & became disabled & was out of work for 9 days. The employee needs benefits from the Workman's Comp Policy. How much would be paid?
2 days
If an Agent is found to be working for an unauthorized company, all of the following penalties would apply EXCEPT?
2 degree felony
Under WC which of the following are NOT required to have WC purchased for them?
2 partners and 2 employees
According to Workers Compensation Insurance law, how many times does a company have to be rejected for insurance in JUA?
2 times
According to Workers Compensation Insurance law, how many times does a company have to be rejected for insurance?
2 times
The Businessowners Policy what is Products & Completed Operations aggregate?
2 times per occurrence limit
How long is an agent appointed?
2 years
The incontestable clause under the health insurance policy is:
2 years
When in health insurance can the insurance company no longer cancel the policy when it remains in force for additional material discovered that was not asked on the application?
2 years
Under CPIC, what is the hurricane deductible for damage to a home?
2% - $1,000
Under Citizen Property Ins Corporation what is the standard deductible and the Hurricane Deductible for Mobile Homes?
2% - $500
What is the typical hurricane deductible in the Commercial Property policy?
2% minimum / 5% maximum
Under loss settlement of HO, what is the wind deductible for mobile home?
2% or $500
Under a BAP policy, trailers are automatically covered for liability, up to:
2,000 lbs
Jean has a Fine Arts Collection. She has just acquired another painting from her family. What is the newly acquired coverage under the PAF for fine arts?
25% 90 days
A lady has a PAF for a set of earrings in the amount of $10,000. She has a newly acquired broach that cost $2,300 and lost it. What is covered and for how long?
25% of limit up to 30 days
If the insured has a Building and Personal Property Form, what is the limit for debris removal?
25% of the loss not to exceed the policy limit, with $10,000 additional per location
Which of the following coverages is automatically included in the Businessowners policy?
25% peak season coverage
What best describes the maximum for newly acquired under the Personal Articles Floater.
25% to $10,000
What coverage is afforded to newly acquired Fine Arts under the PAF?
25% up to 90 days
Towing and Labor Endorsement under the PAP provides?
25, 50, 75, 100
Our insured purchased a PAP with Liability limits of 10/20/10. While on vacation in Georgia, they were involved in an accident. Georgia limits are 25/50/10. What limits would apply when an accident occurs in Georgia?
25/50/10
The options available for towing and labor coverage provided when the insured is involved in an accident is which of the following?
25/50/75
The minimum deductible under FAJUA for Physical Damage is
250
Hospital Professional Liability basic limits
250,000 - 750,000
What is the Dentist minimum limit for Professional Liability?
250,000 / 750,000
Under Worker's Comp, an employee is dishonest about his claim for injury. It is proven the employee was not injured while on the job. How can he be charged?
2nd degree felony
Which of the following can opt out of workers comp?
3 corporate officers
If an employee is out of work for 10 days, how many days will he get paid for disability under WC?
3 days
How long does an agent need to keep client records?
3 years
How long does an insured have to file a claim under Medical Payments from the PAP?
3 years
How long must an agent maintain "Accounting Records" from the insured's file?
3 years
Insured has $2,000 in Medical Payment under the PAP. Due to an accident the insured continued having medical expenses for two year after the accident. How many years will Medical Payments pay benefits?
3 years
Insured has $2,000 in Medical Payments under the PAP. Due to an accident the insured continued having medical expenses for two years after the accident. How many years will Medical Payment pay benefits?
3 years
Part B medical Payments Coverage applies to medical services rendered after an accident up to how many years?
3 years
Suzie hurts her back in an accident and she files a claim two years later. What is the period of time to receive medical care under Medical Payments?
3 years
Under the Employment Practices policy, how much time is there for reporting a claim after the policy expires?
3 years
Medical Payment coverage includes all in the CGL EXCEPT:
3-year coverage for payments after injury incurs
Insured has a continuous Claims Made policy from March 1, 2005, renewing them every year. The last policy expired on 2/20/08. What policy date cannot be a retro date?
3/1/08
Insured as continuous Claims-made policies from March 1, 2005 and renews each year, with the last policy expiring on 2/28/08. What policy date cannot be a retro-date?
3/1/2008
Insured had a claims-made policy 3/31/02 to 3/31/05. The following are all retro dates EXCEPT:
3/31/05
A General Lines Agent has how many days to report the final disposition of any administrative action taken against them to the Dept of Financial Services?
30
What symbol is needed if you are in the business of parking cars?
30
The Building and Personal Property Coverage Form contains a vacancy provision that suspends losses from certain perils and reduces losses from other perils. How many days must the building be vacant for the provision to apply?
60 days
Mechanic J test driving customer's car as part of his job. J runs into a tree. J has liability and Physical damage under his PAP. How does J's PAP coverage apply?
J's coverage does not apply
A display of robbery is:
Jane was held at gunpoint and items taken
John purchased a Comprehensive Personal Insurance Policy. All of the following would be covered EXCEPT:
Jetski 75hp
The Florida law regarding Cancellation Notice requirement (for other than nonpayment) is:
60 days
The discovery period in a crime policy is:
60 days
The discovery period under the Discovery Form is:
60 days
What is the "Discovery Period" under Crime Insurance for the Discovery Form?
60 days
What is the discovery period after a Discovery crime policy expires?
60 days
What is the time period for ineligibility because of vacancy under CPIC?
60 days
What is the vacancy period in the Building Personal Property Coverage Form?
60 days
When will limit perils become suspended when a structure is vacant?
60 days
When will limited peril become suspended when a structure is vacant?
60 days
How long can you report claims under the claims made policy in a CGL?
60 days after policy expires
All of the following are coinsurance options under the Business Income Coverage Form except:
60%
Under WC, Temporary Partial pays wages of:
66 2/3 of 13 weeks average weekly wage
Temporary total disability is compensated at:
66 2/3 of AWW for 104 weeks
Temporary total disability under WC would pay?
66 2/3 of average weekly wage
If the insured was injured on the job and has not been able to work, what is the disability benefit under Workers Comp if classified as Temporary Total?
66 2/3%
Tony was working and suffered an injury on the job. He is out of work and classified as Permanently Totally Disabled. What would be the benefits he could expect from the Workers' Compensation policy?
66 2/3%
Which of the following statements are correct regarding Temporary Total Disability under Workers Compensation?
66 2/3% of the employee average weekly wage for a period not to exceed 104 weeks
How many insuring agreements are there in a Commercial Crime policy?
7
How many parts to crime insurance?
7
WC benefits will not be paid until?
7 day waiting
Workers Comp benefits will not be paid until?
7 day waiting
A ship is stranded on a sandbar. It is discovered that a hurricane was heading their way. The cargo was thrown overboard to help the ship to free itself. What is it called?
Jettison
Voluntary throwing overboard of parts or cargo to save the vessel from sinking is called:
Jettison
An underwriting tool for the insurance company when issuing a bond could be?
Joint Control
WHICH OF THE FOLLOWING WOULD BE AN EXAMPLE OF AN UNDERWRITING TOOL FOR HANDLING A PROBATE BOND?
Joint Control
All would be covered if they acquired a new business in the CGL policy EXCEPT:
Joint Venture
A Bar was sued by Customer Tom that was injured when an auto was driven by Sally, another person leaving the bar intoxicated. What policy is necessary to cover the bar when sued by the injured party?
Liquor Liability Coverage Form
"Your Covered Auto" includes which of the following?
Listed in Declaration page
What is eligible for Citizens Wind policies?
Local government must ask for approval from Department of Financial Services
In order for business personal property to be covered under the Building and Personal Property Coverage Form, it must be:
Located on or within 100 feet of the premises
Health insurance can discriminate for;
Location
When rating the BAP, trucks which operate within the radius of 225 miles is considered?
Long Distance
All of the following are Section II endorsements under HO, EXCEPT:
Loss Assessment
All of the following cannot be endorsed on to the Personal Liability EXCEPT:
Loss Assessment
Under the HO 6, all are endorsements EXCEPT?
Loss Assessment Limits
Johnnie wanted to buy a car and did not have enough money. He borrowed from a financial institution. The policy will refer to the financial institution as:
Loss Payee
Jim's tanker truck overturns, ruptures and spills a load of oil that he was hauling. He pollutes the lake, kills $10,000 worth of fish, breaks the windshield. How does Jim's BAP Section II - Liability respond?
No Coverage
What does Employment Related Practices Liability Cover?
Liability arising out of injury from employment related offense.
Under Commercial Property, Coverage Extensions includes all of the following EXCEPT:
Liability arising out of the insured's property
All of the following are not available under the Personal Liability, EXCEPT?
Liability arising out of the premises
What coverages are available under the Commercial JUA?
Liability limits up to 100/300/50
What is the use for Symbol 29 under the Garage Policy?
Liability only for Non-owned autos
What coverage do you have under FAJUA?
Liability, PIP, Med Pay, Physical Damage UM
What coverages are available to all vehicles under the FAJUA for PAP?
Liability, PIP, Medical Payments, UM, Collision, Other than Collision
Personal Auto Coverages included under FAJUA are:
Liability, PIP, Uninsured Motorist, Medical Payments, Collision and Other than Collision
Endorsement in HO for Personal Injury would provide coverage for:
Libel
An insurance contract with a provision providing broader coverage without additional premium is considered:
Liberalization
A bond which guarantees conformity with general laws is called:
License bond
A CSR may share information on all of the following EXCEPT:
Life
Aircraft Hull Policies include all of the following named perils listed EXCEPT:
Lightning
All of the following are covered under Citizens Property Insurance Corporation for wind only policy, EXCEPT?
Lightning
The DP-1 Basic Peril form covers which of the following?
Lightning
After 2 years from the date of issue only fraudulent misstatements in the application can be used to voice the policy or deny a claim. This is known as:
Limitations on insurer defenses
Under the Small Business Boiler & Machinery Broad form, the following are included EXCEPT:
Limited to boilers only
What are the maximum liability limits available to commercial vehicles in the FAJUA?
Limits required by law
Congress, in response to a Supreme Court ruling, confirmed it was in the best interest of the consumer for state regulation of insurance. Which federal act applies?
McCarran Ferguson Act
What is the name of the court case (turned into law) asserting it is in the best interest for States to regulate insurance?
McCarron-Ferguson Act
How are original and replacement parts covered in an automobile?
Mechanical Breakdown policy.
Mechanic is driving a customers car and hits a tree. How would the mechanic have coverage under this claim?
Mechanics Garage policy
Employee steals from the employer. Which of the following is considered the concept
Moral Hazard
What is the difference between Moral and Ethic's in the law?
Moral is enforceable by law - Ethic's is a belief
Which of the following is not a way to purchase Uninsured Motorist coverage?
More than your Bodily injury limits
The Builders Risk Coverage Form contains a provision requiring the insured to carry an amount of insurance that equals the completed value of the building. This is known as:
Need for adequate insurance clause
"Failure to act as a prudent person would have in the same circumstance" is the description of:
Negligence
Failure to act as a prudent person would have acted in the same situation is the definition of which of the following?
Negligence
Failure to act as a prudent person would have in the same circumstance is the description of:
Negligence
Failure to act as a prudent person would have in the same circumstance, is known as:
Negligence
Insurer has the right to cancel the policy based on everything other than misrepresentation. How long does the insurance company to cancel you for wrong birth
Never
What is provided coverage for newly acquired under the CGL policy?
Newly acquired Corporation
All are considered covered entities under "Newly Acquired" of the CGL, EXCEPT:
Newly acquired Partnership
Under the Building Personal Property Coverage Form, additional coverages include all EXCEPT
Newly acquired locations up to 60 days
Under a CGL, newly acquired coverage applies to which of the following?
Newly acquired sole proprietor
Under Building & Personal Property form, which of the following would be covered?
Newly acquired warehouse for 30 days
All of the following are reasons a policy can be canceled when the PAP is in force over 60 day, EXCEPT?
Newly issued drivers license for son
Joe is on the job two days at the flower shop. Joe hurts his back lifting fertilizer. The employer carries WC. Joe sees Dr. Smith, who advises Joe to stay off work 14 days. How long must Joe wait before he can start receiving benefits?
7 days
What is the waiting period under Worker's Comp. for disability benefits to begin?
7 days
The typical grace periods in health insurance for weekly, monthly and all other premium payments is:
7/10/31
All of the following qualify for a DP policy EXCEPT
A 6-Unit Dwelling
A DEALER SHIPPED TWO $1,000 COINS AND TWO $1,000 STAMPS IN THE MAIL. IF LOST IN THE MAIL, HOW MUCH WOULD THEY BE COVERED FOR?
No Coverage
What is price packing?
A Charge for insurance or merchandise which is included in financing shall not increase or affect any other cost of merchandise or financing to the purchaser or borrower
Someone who holds property of others for a special purpose and then returns it at some future time is called:
A bailee
Who would not qualify for the FWCJUA?
A business that has unpaid premiums
What is a Foreign Insurance Company?
A company that is chartered outside of the state
Which of the following is an Alien Company?
A company that was chartered in Paris and doing business in Florida
What is the common deductible used under Ocean Marine?
A deductible that pays from dollar one if the amount equals or exceeds the deductible.
Monies of $1,000, and Jewelry $500 were stolen from the counter near the door. Under Inside Robbery & Safe Burglary coverage, what would be paid if there were no visible signs?
No Coverage
The Insured has Non-Stacked uninsured motorist. Car #1 has 100/300; Car #2 has 100/300 and Car #3 has no UM. The insured was involved in an accident in car #3. How much coverage is available under UM?
No Coverage
If the coverage pays to reimburse for amounts for which cannot be collected from customers due to damage to company's records?
Accounts Receivable
Under the Accounts Receivable Policy, which of the following would be covered?
Accounts which can't be collected Interest on Loans Additional Expense to collect
What is NOT related to Ethics?
Acting Disorderly
Crime exclusions include all EXCEPT:
Acts by the employees
What is an SIR under the Umbrella Policy?
Acts like a deductible
What is an SIR under the Umbrellas policy?
Acts like a deductible
All of the following are departures from the concept of indemnity, EXCEPT.
Actual Cash Value
The coverage endorsement that pays actual lost profits and continuing expense subject to the limit selected is called:
Actual Loss Sustained Business Interruption
Insured Mobile Home was moved to new location and was damaged. On what basis is the claim payable?
Actual cash value
Which of the following best describes the business income coverage provided under the Businessowners policy?
Actual loss sustained up to 12 months no dollar limit
Under the Homeowners Forms, where is loss assessment coverage provided?
Additional Coverage Section
What is NOT a coverage under DP-1?
Additional Living Expense
What is the difference between DP-1 and DP-2?
Additional Living Expense
What is the difference between the DP-1 and DP-2 policies?
Additional Living Expense
Which of the following best describes when the PIP per person limit can be increased if purchased?
Additional PIP
Which of the following best describes when the PIP per-person limit can be increased if purchased?
Additional PIP
An insured has a boiler and machinery policy. He suffers a loss due to an explosion. Under the expediting expense coverage, what would be covered?
Additional cost for repairs
Which of the following coverages is found in a DP-3 but not in a DP-1?
Additional living expenses
Gramm- Leach - Bliley is a federal law created to address which of the following?
Addresses Information Privacy
The insurer was chartered in Canada, doing business in California. What kind of company is this?
Alien
What type of company is founded in Stockholm, Sweden?
Alien
All of the following you would find in DP2 Except?
All Risk
The FAJUA is composed of:
All companies licensed to write auto insurance in Florida
The insured has six (6) disability policies with maximum of $6,000 in benefits if each company would have to pay. The insured is eligible for disability benefits and the insured receives $2,000 in pay, and if each company knows about the other companies, how will each company respond?
All pay Pro-rata
Under the Aviation policy perils for Hull coverage are:
All perils
What is the difference between DP-2 & DP-3?
All risk for DP-3 on A&B Named Perils on DP-2
What does the DP3 provide that DP2 does not?
All risk on Dwelling and Other Structures
When considering to purchase the Special Dwelling Property Policy, the differences between the Broad and the Special Dwelling Property policy is ?
All risk on coverage A & B under DP-3 and named peril under the DP-2
Boiler & Machinery - What does arbitration determine?
Amount of the claim
What is the difference between accident and occurrence?
An accident is a single event resulting in a loss and an occurrence includes continuous and repeated exposure to substantially the same harmful conditions.
Which of the following does not trigger the Florida Financial Responsibility law:
An accident where the police are called
Which is considered a flood under NFIP?
Area temporarily under water where water quickly accumulated and then left.
All of the following are true of the Lawyers Professional Policy except:
Basic limits are $25,000 per occurrence / $75,000 aggregate
Farm Coverage - Covered animals were electrocuted by lightning at the fence, what covers?
Basic, Broad and Special
Three cows were leaning on a fence that was struck by lightning and electrocuted. What policy will cover this risk?
Basic, Broad and Special
What would pay when a fence was electrocuted killing three cows leaning against it?
Basic, Broad and Special
Three cows were near a fence when it was struck by lightening causing injury to the cows how will the farm policy respond?
Basic, Broad and Special forms
What would cover cows getting electrocuted by a fence under Farm?
Basic, Broad, Special
Which of the following is not a major part under the Mechanical Breakdown Policy?
Battery
All of the following are eligible building criteria under Flood EXCEPT?
Be principally above ground at least 48% or more
Garagekeepers is an example of:
Bailees' coverage
A boat worker is discovered removing items from the ship and selling the items for profit. What is this known as?
Barratry
Fraud by the master or crew at the expense of the ship owner with the intention of reaping gains is called:
Barratry
If there is dishonesty from the crew on a ship, what coverage would be necessary?
Barratry
Illegal acts committed willfully by a ship's master or crew for the purpose of damaging the ships cargo is called?
Barratry
Under Ocean Marine, if there is fraud by master and crew, it will be considered which of the following?
Barratry
A Person stole securities. How do we determine what they were worth?
Based on the day the loss was discovered
Person stole securities. How do we determine what they were worth?
Based on the day the loss was discovered
DP-1 dollar limit on contents
Based on the insureds request
What coverage includes a 5 year Extended Reporting Period?
Basic Extended Reporting Period
What will add a five year extension for claims reported to the company that they were aware of in the claims made general liability policy?
Basic Extended Reporting form
Which of the following best describes discrimination in the realm of insurance law?
Charging different rates to some people within the same actuarial class, anticipating all other factors are the same
On a Physicians, Surgeons, & Dentist policy, all could be covered EXCEPT?
Chiropractor
Using existing values in life insurance policies to purchase another policy with the same insurer for the purpose of earning additional commission is known as?
Churning
Using existing values in life insurance policies to purchase another policy with the same insurers for the purpose of earning additional commissions is:
Churning
Under WC which of the following would be covered?
Claim where employee failed to use safety equipment Claim where employee fell asleep on job and injured himself Claim where employee was contributory
What is not covered under Part Two on Worker's Compensation?
Claims by customers for BI
Which of the following is not covered by Part 2- Employers Liability?
Claims for wrongful termination
What is correct concerning the Claims-made policy?
Claims must occur after the retro date and during the policy period to be covered
What is the usual type of policy is Employment Related Practices?
Claims-made
What is catastrophic injury under Workers' Compensation?
Closed head injury
What is considered "Permanent Total" under WC?
Closed head injury
The husband buys a HO policy for $200,000 from Company A & the wife being unaware that one was purchased bought another HO policy on the same property for $100,000 from Company B. A loss of $30,000 occurred. How much is paid by each company?
Co A $20,000 Co B $10,000
What is a claim that required the insured to pay part of the loss if the coverage provided under the policy limits is less than a specified percentage of the value of the property at the time of loss?
Coinsurance
The characteristics of a PPO include all EXCEPT ?
Coinsurance is how all claims will be adjusted
Johnny is a resident & owns a vehicle in the State of Florida. While walking across the road from the fair, he is struck by an auto and suffers $5,000 of medical expenses. The insured should
Collect under his PIP as he was struck by an auto.
Under the Personal Articles Floater, all of the following would be excluded EXCEPT?
Collectible Stamps & Coins
Which of the following is not payable under the Business Income coverage?
Contents in the Building
Employee of sub-contractor negligently hurt someone arising out of our insureds business and the insured was sued, how is the insured covered?
Contingent Liability
Who is eligible for FWCJUA?
Contractor who received two rejections
A worker left his tools at a job site overnight, in the company truck. The tools are stolen. Which policy would cover the loss?
Contractors Equipment Floater
Money placed in a program under the ERISA regulation is considered?
Contribution
Under the Inland Marine policy, where are the forms promulgated by a bureau and filed for uniform use?
Controlled
What is considered standard forms under Inland Marine?
Controlled
Accounts Receivable coverage form is best described as a?
Controlled form
WITHOUT ENDORSEMENTS AND ASSUMING THAT A WORKERS COMPENSATION POLICY IS IN FORCE ON THE FOLLOWING BUSINESSES, WHICH OF THE FOLLOWING HAVE BENEFITS?
Corporate Officer
Under the Worker's Compensation Law, there are specified laws regarding who can opt out of the Workers Compensation coverage. Which of the following would be permitted to opt out?
Corporate Officers
Under Workers Comp, who would be required to have WC benefits provided?
Corporate officer with 3 part-time employees
Which of the following may be exempt from the Workers Compensation Law?
Corporate officers
All of the following are eligible for a HO Policy EXCEPT?
Corporation owned dwelling
All are not included in the automatic coverage on the CGL EXCEPT
Corporations
Dr. Jones has purchased a Physicians, Surgeon's & Dentist Policy. Patient, Mr. Smith had to have surgery which was performed by Dr. Jones. Mr. Smith has suffered from medical implications of the surgery & sues Dr. Jones; DR. Jones's partnership & the hospital. Who will be covered under Dr. Jones' Physician, Surgeon & Dentist's policy?
Dr. Jones & the Partnership
Insured has a custom pick-up. What would the insured purchase to pay for the unique equipment on the vehicle?
Customized Equipment endorsement
"Tom purchased 10/20/10 Liability, Uninsured Motorist 10/20, PIP and Collision coverage with $250 deductible and Other Than Collision with deductible to $100. When hitting a tree, what coverage would apply?
Collision
Mr. Jones owns an auto and has a Personal Auto Policy. The car overturns, how would it be covered?
Collision
The PAP covers impact with and upset of the insured's vehcle or a non-owned vehicle in the insured's possession. What best describes this coverage?
Collision
The PAP covers impact with and upset of the insured's vehicle or a non-owned vehicle in the insured's possession. What best describes this coverage?
Collision
The insured's truck & trailer was side swiped & damages occurred. How would the situation be covered under the insured's Auto Policy?
Collision
Under the BAP, how would coverage be provided under Section III Physical Damage Coverage?
Collision / Specified Perils / Comprehensive
What coverages are included in the BAP and not the PAP?
Collision, Comprehensive, Specified Perils
Savings Clause - Purveyors of unauthorized health plans shall be construed to exempt or relieve any person from any laws of any State, which regulation includes all except:
Commerce
The Insured wants to endorse on Broaden PIP to his policy. Under what policy would coverage be afford?
Commercial Auto Policy
Under what policy would Broaden PIP coverage be afford if endorsed on to the PAP?
Commercial Auto Policy
Under the CPP, which of the following are not covered?
Commercial Aviation
The ABC Brick Company was hauling a forklift and bricks on the back of a truck. After arriving at its location, while unloading the bricks, the forklift injures a person. What policy would this be covered under?
Commercial General Liability
All are eligible for CPL EXCEPT:
Commercial Property
Where is Extra Expense coverage found
Commercial Property
Where is Extra Expense coverage found?
Commercial Property
What coverage provides for liability arising from the insureds performance of farming operations for another: for a charge under any contract or agreement?
Customizing Farming
Who regulates the insurance agents?
DFS
Insured builds a home and then rents it to others. What policy would be purchased?
DP
When rating a PAP what does your symbol represent?
Damagability of the vehicle
A duplex is under construction. One side is completed and now occupied when a loss occurs damaging the entire duplex. What will be payable?
Damage payable if the structures has not been occupied for more than 60 days prior to the loss
A contractor has a Builders Risk policy on a duplex. A fire burns the vacant half of the building 45 days after completion (tenants were in the other half...) How will the loss be paid?
Damage portion will be paid
Garagekeepers Section III covered?
Damage to customers car left for repair
Money & Security, Inside of the Premises coverage covers which of the following?
Damage to locked containers
Insured caused damage by a borrowed 20 foot boat with a 175 hp engine. Damage included damage to the dock, bodily injury to a person and damage to the borrowed boat. What is payable under General Liability?
Damage to the dock and bodily injury
Under Ocean Marine coverage, what is covered under the Hull coverage limit?
Damage to the insureds vessel
If the insured is in a not-at-fault accident, under the Uninsured Motorist coverage what is not covered?
Damages to the Insured Vehicle
What do they need to purchase when driving a car over 50 miles from their location?
Dealers Drive away Collision
Under the DP 2 Policy, all of the following would be limits in addition to the limit for Coverage A EXCEPT?
Debris Removal
Where can the limits of insurance for coverage be found?
Declaration Page
Where can you find the limits for what the insurer is covering?
Declaration Page
Where can you find the limits for what the insurere is covering?
Declaration Page
Where is the loss payee located?
Declaration page
All of the following are ways the employer can secure the payment of compensation EXCEPT:
Deduct from payroll of employees
All of the following are part of the co-insurance equation EXCEPT:
Deductible
What is found on the Declaration Page?
Deductible
Which of the following is found on the Declaration Page?
Deductible
All are "Misrepresentation" EXCEPT
Defamation
Misrepresentation in advertising causing injury to another insurance company is?
Defamation
Agent can do all EXCEPT?
Defaming another company
ABC Company and XYZ Company are insured under the same CGL policy. An employee of XYZ sues ABC. How will this be handled by the insurance company?
Defends ABC
An employee Joe runs an errand for his employer. Joe borrows Kays car and is in an at-fault accident. How will Kay's PAP respond?
Defends Kay, Joe and employer
The insured's nephew is visiting and accidentally shoots the next door neighbor's kid with a B-B gun. When both are sued, how will our insured's Homeowners Policy respond?
Defends the insured only under Section II
A boat was parked and no one was available to load it. What under Ocean Marine would address this challenge?
Demurrage
Damages which a charterer agrees to pay as damages for delay in loading or unloading or for time lost by a vessel prevented from pursuing profitable employment by perils of the sea or accidental causes are excluded by Marine policies. Which term best describes this statement.
Demurrage
Which of the following perils cannot be endorsed back onto an Ocean Marine Policy?
Demurrage
Who regulates the Workers' Compensation Law?
Department of Financial Services
Due to a death or disability of the licensed agent and for the purpose of continuing the agency operations, a temporary license may be granted to all EXCEPT?
Department of Financial Services Employee
All can be provided a temporary license by the DFS - to take care of a disabled agent clients EXCEPT?
Department of Financial Services employee
Who administers the financial responsibility laws?
Department of Hwy Safety & Motor Vehicles
Who regulates ERISA?
Department of Labor
Who would decide if an agreement between a union and an employer is a bona fide arrangement?
Department of Labor
Who administers Financial Responsibility?
Department of Motor Vehicles and Highway Safety
Who regulates the Financial Responsibility Law?
Dept of Highway Safety and Motor Vehicles
All of the following are eligible under a general flood policy, when related to the Dwelling Forms EXCEPT?
Detached Shed
Under the Mechanical Breakdown policy, what is the purpose of the Appraisal process?
Determine the value of damaged property
What is the Appraisal process?
Determines the value of property without legal action
What is the difference between "Occurrence" and "Accident"?
Difference is that a single loss include more than one accident
A Tree hits the insureds house. The damage is covered because of what concept:
Direct Loss
Wind blows a tree down and damages a car. This is an example of?
Direct Loss
There was lightning damage and the meat in the freezer spoiled. What is this considered?
Direct damage
Wind blows a tree down and damages a car. This is an example of:
Direct loss
Accident Insurance could cover all of the following EXCEPT:
Disability
Medical Payments under the CGL Policy included all EXCEPT?
Disability
All of the following are duties of the insured after a loss except:
Disclose information to the other partys attorney
If the insured has a loss, the insured must do all EXCEPT
Discontinue premium payments
Which of the following would be the consideration under the Homeowners policy for valuing the property if loss occurs:
Discovery date
Which of the following would be the consideration under the Homeowners policy for valuing the property if loss occurs?
Discovery date
What is the best definition for Employee Theft?
Dishonest acts by employees designed by or to caused financial loss to employer
WHAT IS THE TITLE IN A DISABILITY POLICY FOR A COVERED PERSON TO RECEIVE BENEFITS IN ONE LUMP SUM FOR THE LOSS OF A LIMB?
Dismemberment Benefit
Which is an example of Defamation?
Disseminating information that is not true regarding a person or organization
All the following are the insured responsibilities at the time of the claim. EXCEPT
Do not forward any court documents to the insurance company
What is not an insureds duty in the event of a loss?
Do not notify Police
Dr. Jones purchased a PS&D policy. If patient sues, who is covered?
Doctor & his partners
The insured carries a Mechanical Breakdown policy. The insured is in an accident. What of the damage is covered under the Mechanical Breakdown policy?
No Coverage
Under the Employee Theft coverage there was inventory shortage in the amount of $10,000. How much is covered?
No Coverage
What is covered under HO Section II?
Dog bit mail man.
Who does Liability cover?
Dog biting a mailman
What is an insurance company that is incorporated in the state for which they are operating in:
Domestic
What are the Options for Uninsured Motorist?
Don't tale at all- Reject it Purchase to bodily injury limit Opt for lower limits than liability
What provision pays twice the policy limit if the insured dies due to an accident?
Double Indemnity
The insured borrows a friends car for a personal trip. What endorsement can the insured purchase to cover physical damage on his friends car.
No Endorsement
IF AN EMPLOYEE IS INJURED WHILE BEING INTOXICATED ON THE JOB, WORKERS COMPENSATION WOULD RESPOND TO THE LOSS IN THE FOLLOWING MANNER?
No Payment
Insured has two boarders living in the house with the insured. Fire causes damage to the contents of the roomers/boarders. Assume adequate limits; how much will be paid to the boarders for their specific contents under the insured's policy?
No benefit is extended to boarders under the insured's policy
The insured was riding a motorcycle and was injured. What is the maximum limit payable under PIP?
No benefit payable
Insured has 2 boarders living in the home with the insured. Fire causes damage to the contents of the roomers/boarders. Assume adequate limits, how much will be paid to the boarder for their specific contents under the insured's policy?
No benefits are extended to boarders under the insured's policy
Does the agent get commission from a premium finance contract?
No commission is payable
A garage mechanic test-drives a customers car and caused an at-fault accident. How would the damage to the other vehicle be covered under the mechanics PAP?
No coverage
Lightning struck a tree which fell on an auto and an electric line off the premises causing spoilage of food. What is covered under HO?
No coverage
Mother owns an auto and has it covered under a Personal Auto Policy. The coverage includes PIP $10,000; minimum limits for liability; and UM 10/20. The son lives at home and has a motorcycle. He is riding the motorcycle and has an accident. How is coverage provided to the son under the mothers policy?
No coverage
The insured's employee stole the customer's car. What would be paid under the Garage policy?
No coverage
Tree fell on the dwelling causing $2,400 of damage, also $6,000 to a boat, and $1,000 on the pool. What is payable under the DP-1?
No coverage
Under Section I of the Homeowners policy, damage occurred by a covered peril to business data on media valued at $750. How much would be covered (apply the standard deductible)?
No coverage
The insured's 16 year old son had bodily injury while riding his dirt bike on the premises home. How would his bodily injury be paid?
No coverage for bodily harm to an insured
A mom owns a car, her resident son owns a motorcycle, he gets into an accident on the motorcycle. Who's PIP coverage will apply?
No coverage is available
The insured's daughter is out of state in Georgia and was struck as a pedestrian . How is No-Fault going to pay?
No coverage out of state if struck as a pedestrian
A Lawyer is disgruntled for being over look for the promotion and sabotaged the office. The Law firm was sued by a prior client due to the practices of the law firm as a result of the sabotage. Is the Law firm covered under their Professional Liability coverage?
No coverage since the employee intentional sabotaged the firm.
Insured is working in a customers home and accidentally drops the customers lamp that he has in his hands. What is covered under the CGL?
No coverage under the care, custody and control exclusion
George received treatment while in the VA hospital. How much is covered under health insurance
No coverage, specifically excluded
Under the PAF how are Show Dogs covered?
No covered
All of the following are characteristics of Major Medical EXCEPT ?
No exclusions
Which of the following is not true of corporate officers as they relate to Workers' Compensation?
No more than 3 officers can be exempted in non-construction operations
Which of the following best describes a franchise deductible?
No payment is made until the loss equals or exceeds the deductible amount, then the loss is paid in full
Waiver of Premium under the Disability Income policy is:
No premium paid by the insured while disabled
A new agency has been formed. How many of the Partners or Corporate Officers must be licensed?
No requirement for any partner and officer must be licensed if there is at least one licensed agent working in the agency.
Insured caused damage to a 27th foot borrowed boat with a 275 hp engine. How much would be payable under the CGL policy?
None
Insured locked up the building, went home and came back the next day finding the door ajar. Some of the employees personal items were stolen. What is covered under the Personal Effects and Property of Others coverages?
None
Maximum PIP benefits payable for the other person in the other vehicle was $7,500 in medical bills and then he died. What is payable under insureds PIP?"
None
Maximum PIP benefits payable for the other person in the other vehicle were $7,500 in medical bills, and then he died. What is payable under insured's PIP?
None
Mr. K purchased 35/50/25 coverage on the car he owns. Ms. F has coverage of 10/20/10 and was driving Mr. K's car. In the accident, Ms. F incurs medical bills of $5,000. How much would Ms. F's policy pay from liability?
None
Mr. K purchased 35/50/25 coverage on the car the own. Mrs. F has coverage of 10/20/10 and was driving Mr. K's car. In an accident Mrs. F incurs medical bills of $5,000. How much would Mrs. F's policy pay from liability?
None
The ABC business purchased a General Liability Policy. What is the Standard deductible.
None
The insured out of state and is walking across the street to visit an attraction. The insured is struck by a vehicle. What coverage is available under the Personal Injury Protection?
None
What is the deductible for Windshield?
None
What is the deductible for windshield breakage?
None
Dan's New Auto Sales allows a customer to test drive a car and the car is not returned. How would this be paid?
None of the above
The insureds plane flies over a farm spraying pesticide. The pesticide floats in the wind over to the next farm and kills all of the neighbors chickens. What will the insureds Farm Liability Coverage policy pay?
None of the above
On Workers compensation, all of the following claims can be denied EXCEPT?
None of the claims can be denied
In aircraft policy, insured flying under special permit into Mexico. How far into Mexico will he be covered?
Not Covered (Flight under special Permit)
Which of following are not correct regarding Leasehold Interest?
Not Loss of Favorable Sublease
The mechanic is test-driving a customers car. How would the mechanics PAP pay for damages to customer car?
Not covered - excluded
Insured caused damage by a borrowed 27 foot boat with a 275 hp. The damage included damage to the dock, bodily injury to a person and damage to the borrowed boat. What is covered under CGL?
Not covered under the CGL
Under WC, how is a servant addressed under WC?
Not eligible under "Not Employments"
A pilot was taxi-ing a plane and parked it by the fence forgetting to tie it down, the wind pushed it into the fence, which of the following is correct?
Not in motion without deductible
Wind blows plane into fence, insurer wants to invoke deductible for the moving plane, insured rightfully says no. The reason is?
Not in motion/no deductible
The Pre Existing condition waiting period on Medicare supplement is?
Not more than 6 months
A farm business with 5 employees. Which of following statements described the laws regarding farms?
Not required to provide coverage under the Not Employment category
Insured has a DP policy and lost her purse, with make-up and money inside. What will be covered?
Nothing
Insured is on vacation and had their purse stolen valued at $200, with $500 of money, and other items inside of the purse in the amount of $100. How much is payable under the DP-1?
Nothing
Which of the following is not an eligibility requirement for the RCBAP flood policy?
One residential unit
What best describes Indemnify?
One should be put back into the same financial position as they were before the loss
WHAT IS THE DISCOVERY PERIOD FOR A LOSS SUSTAINED CRIME POLICY?
One year
How long of a period of time after expiration is the report due under the Loss Sustained coverage from the Crime Insurance policies?
One year after expiration
What is a "Pure Risk"?
Only a chance of a loss
Which of the following does not describe the Citizens wind program?
Only available on specific types of property
Which does NOT describes a "Blanket" limit?
Only one limit for one property
Employee has Worker's Compensation coverage, employee is injured on the job, the employee must
Only take Workman's Comp benefits
Which of the following is not true regarding sole proprietors and partners in the non-construction industry as they relate to Workers Compensation?
Only three can elect to be covered
What coverage is in the DP-3 and not in the DP-2?
Open Perils
What perils are provided under the DP-3 for Coverage A & B?
Open Perils for Coverage A & B
Which of the following would best describe the covered perils under the HO 3.
Open Perils on A & B Coverages
Employer has employees who are working for them driving cars they do not own. The employer wants them covered for Liability and Medical Payments when driving cars of others, how could they be covered?
Drive Other Car
If the insureds employee does not own a car and is driving a car not owned by the business and the insured wants the business policy to following him for Liability coverages, what endorsement should you sell the insured?
Drive Other Car
The employee of the insured business does not own a automobile. What coverage would be added to the BAP to provide liability coverage when the employee is driving other vehicles not owned by the business?
Drive Other Car
AN EMPLOYEE TRANSFERRED MONEY FROM BUSINESS INTO HIS SAVINGS ACCOUNT, THIS LOSS WOULD BE COVERED UNDER?
Employee Theft
All of the following have the same general exclusions except:
Employee Theft
An employee forged the employer's name to a check and employer's credit cards, and also stole some property. What crime policy would pay?
Employee Theft
An employee has created dishonest acts against the employer. What is coverage form needed?
Employee Theft
Employee deposited three $50.00 checks into their personal bank account and forged a company check for $500 and deposited it in their personal bank account. What policy would pay?
Employee Theft
Employee signs employers name to two checks and cashed the checks. What coverage would by payable?
Employee Theft
The ABC Corporation discovered that an employee has transferred property electronically. Which of the following policies would cover this loss?
Employee Theft
The ABC Jewelry Store had a bookkeeper that had authority to sign company checks to the amount of $2,000. The employee needed cash & began forging her name to the check and other checks. What would be the best crime policy to cover this?
Employee Theft
The XYZ Company clerk altered a check & cashed it for $1,200. Assuming adequate limits, the loss would be payable under which policy?
Employee Theft
The coverage which pays the cost of temporary repairs and to hasten permanent repairs or replacement is called:
Expediting expense coverage
Under Small Business Boiler & Machinery (Broad Form), a compressor blows. What is covered?
Expediting expenses
All of the following are covered under Supplementary Payments in the Personal Auto Policy, EXCEPT:
Expenses incurred up to $250 a day
Another name for a cost plus plan is:
Experience rating plan
All are covered under the Broad Cause of Loss and not under the Basic EXCEPT?
Explosion
Insured is provided a company car although he owns another and has a PAP. What coverage would he need to cover him driving the company vehicle under his PAP?
Extended Non-owned
When is "Vehicles Furnished for Regular Use" covered or coverage available?
Extended Non-owned endorsement
When is "vehicles furnished for regular use" covered or coverage available?
Extended Non-owned endorsement
ALL ARE OPTIONS TO AVOID COINSURANCE ON A Business Income Property policy EXCEPT?
Extended Period of Indemnity
What extends Business Income to 730 days?
Extended Period of Indemnity
Who regulates the flood policies?
Federal Government
ERISA is:
Federal law regulation certain employee benefits
What does ERISA stand for:
Federal law regulation for certain employee benefits
What is "Fair Credit Reporting Act"?
Federal legislation aiming to promote the fairness and accuracy of information contained in consumer reports
What is the Fair Credit Reporting Act?
Federal legislation aiming to promote the fairness and accuracy of information contained in consumer reports
Which best describes the "Terrorism Act"?
Federal legislation guaranteeing availability of insurance coverage for terrorism
All of the following are contract bonds EXCEPT:
Fiduciary
What is not a contract bond?
Fiduciary
The bond which guarantees the faithful performance of a person appointed by a court or named in a will is called
Fiduciary bond
Which of the following can the Chief Financial Officer impose as penalties?
Fines
After a dwelling has been vacant for 75 days, what is covered in the DP Forms?
Fire
All of the following are Perils of the Sea EXCEPT?
Fire
All of the following are perils of the seas except
Fire
DP-1 covers?
Fire
Insured has a building vacant for 75 consecutive days. What is NOT suspended?
Fire
The insured is selling their house which is covered under a DP policy. The house has been vacant for over 60 days. What coverage is provided?
Fire
Which of the following are included in the General Aggregate of the General Liability Policy?
Fire Legal Liability Personal Injury Liability BI & PD per occurrence limit
All perils are suspended when is dwelling is vacant EXCEPT
Fire Lightning
A peril that is unique to policies covering dry cleaners is:
Fire loss
A customer slipped in fell on the premises of the Garage. Under what coverage is the claim payable?
Garage Liability
A lady slips on the floor inside of the building for the Garage. Under what coverage would this be payable?
Garage Liability
What is not eligible for BOP?
Garage Risk
A mechanic at a repair shop has a BAP and Garage Policy and is test driving a customers car. He is involved in an AT-Fault accident. How would this claim be handled?
Garage only
All of the following are considered Bailees under the Inland Marine, EXCEPT?
Garagekeepers
Brian is a mechanic and has a PAP with coverage including PIP, Medical Payments, Uninsured Motorist and Liability Limits of 50/100/25. Brian was driving a customers car to determine the problem and got into an accident. What coverage applies?
Garagekeepers
If the insured is in the business of parking cars, what coverage is needed if damage occurs to the customers car?
Garagekeepers
Insured employee at a mechanic shop is test driving the customer's car to determine what the mechanical problem is. The customer's car is damaged in an accident. What coverage would apply?
Garagekeepers
Insured employee at a mechanic shop is test driving the customer's car to determine wht the mechanical problem is. The customer's car is damaged in an accident. What coverage would apply?
Garagekeepers
Joe at XYZ Stereo Shop accidentally engages gear on Pete's car while installing a telephone. Pete's car is damaged. Which responds?
Garagekeepers Liability
Under the Mechanical Breakdown policy, which of the following is NOT considered a major part?
Gaskets
What is not covered by Mechanical Breakdown?
Gaskets
A patient came to the doctor's office for a checkup and fell breaking her hand. What policy would pay?
General Liability
What is not a package policy?
General Liability
A loss caused by jettison which is settled by each paying their proportionate share of the loss is known as:
General average
What is the given area for a PPO?
Geographical Territory near subscriber address
Which of the following best describes Rebating?
Give back part of commission
Which of the following is true regarding Liability coverage in the PAP.
Gives coverage only to those with the insured status
The agent misrepresented in all of the following systems EXCEPT?
Giving projections of dividends
Rebating is which of the following?
Giving something of value in order to encourage people to buy coverage
Waiver is defined as?
Giving up a known right
All of following are covered under Section II in the HO policy, EXCEPT?
Golf cart going to the store
Which of the following would not be covered under section II of the HO policy?
Golf cart to go to neighbors
Suzi has an HO 3. Under Section II, all of the following would be covered EXCEPT:
Golf cart used to go to the store down the street
What is not considered marine coverage?
Goods while being manufactured
All of the following are included in the Chief Financial Officers duties EXCEPT:
Governing Investments for insurance companies
The time after the premium due date where the policy remains in force even if the premium has not been paid is called:
Grace period
What health policy required the company to renew and Guarantees To Renew to age 65.
Guarantee Renewable
Insured has a health policy that cannot be cancelled but the company reserves the right to increase premiums up to age 65. What type of policy is this?
Guaranteed renewable
All of the following are guaranteed by the company in a Bid bond EXCEPT?
Guarantees payment of bills when project is done
Which of the following is considered the Conservation Bond?
Guarantees the person appointed by the court will handle the affairs of a child and incompetent correctly.
What crime endorsement applies regarding a cleaning service while at the customers's house, if property is stolen, non-owned but insured legally liable.
Guest property
The program which provides comprehensive healthy services to members for a prepaid fixed fee whose goal is preventive activity is called:
HMO
What plan provides comprehensive services with a prepaid fee and preventive medicine
HMO
What policy is designed to provide health insurance based on prearranged rates?
HMO
What policy provides coverage for their members on a PrePaid Fixed Fee basis:
HMO
Who prepays the doctors under the health insurance contracts?
HMO
Which of the following policies are considered "Manage Health Care" systems?
HMO and PPO
The PPF is coverage which is equal to the:
HO 3 with the Special Personal Property Endorsement attached
CPIC offers which of the following?
HO 3, HO 4, HO6, DP1, DP3
Farm Liability Medical Payments, what is it like?
HO Section II
If our insured is living in one unit of their 2-family dwelling, what is the best way to cover this exposure?
HO-3
What is considered a better policy?
HO-3
What is the best Homeowners Coverage?
HO-3
What is the best Homeowners coverage?
HO-3
What forms are available for homeowners coverage through Citizens Property Insurance Corporation?
HO-3, HO-4, HO-6
Renting an apartment, what coverage is needed?
HO-4
The insured has rented a room in a manufacturing plant as a residence. Can the insured purchase a Homeowners policy? If so, what policy?
HO-4
What homeowner policy would an apartment tenant purchase?
HO-4
All of the following are true except:
HO-4 is named perils for building and contents
What Homeowners policy form will pay more than your policy is worth?
HO-5
What has the broadest peril coverage under Homeowners?
HO-5
What is broadest residential property policy?
HO-5
A condo unit owner needs to purchase:
HO-6
Which HO policy would then be purchased for coverage on a Condo?
HO-6
What is the "broadest" (or best) coverage for 2 family owner unit
HO2
DP -1 - What can you add as a peril under extended coverage?
Hail
What is included in a Wind policy issued by CPIC?
Hail
The insured purchased a DP 1. Which of the following would be covered perils under the Extended Coverages if purchased?
Hail, Windstorm
The coverage that protects the insured's exposure for damage to an aircraft in his care, custody, or control while being serviced or stored is called:
Hangarkeepers liability
Which market has spawned more fraudulent activities?
Hard
What market causes more fraudulent activities in Unauthorized Entities?
Hard Market - when insurers are reducing their desire to write coverages or decreasin benefits to the insureds
What market causes more fraudulent activities in unauthorized entities?
Hard market - when insurance companies are reducing their desire to write coverages or decreasing benefits to the insureds
Which of the following is not a feature of major medical insurance?
Has limited coverage for most expenses
Which of the following situations requires non-residents to comply with Florida No-Fault law?
Have a vehicle in Florida more than 90 days of the preceding 365 days
Under CGL policy, the Cupplemental Extended Reporting Period has which of the following feature or requirements?
Have to pay a premium to activate
Under the CGL policy, the Supplemental Extended Reporting Period has which of the following feature or requirements?
Have to pay a premium to activate
All of the following are penalties for non-compliance with the Florida Financial Responsibility except:
Have your car impounded
A CSR may share information on all of the following, EXCEPT:
Health
MEWA (Multiple Employer Welfare Arrangements) best represent:
Health
A person was involved in an auto accident, the injured person had a health policy they had purchased six months ago but stated their age wrong. How would this claim be affected under Health Insurance?
Health coverage would not be affected by age being wrong
PPOs are all of the following EXCEPT?
Health insurance only sold to large employers on an approved list
All are used in rating a Personal Auto Policy EXCEPT
Highest level of education
Which of the following would be paid under "Other Than Collision" in PAP?
Hitting a dog
All of the following would include accident coverages Except?
Home care expense
If you are having a home built for your occupancy by a contractor. Under what policy would you cover it?
Homeowners
The wife of the insured borrows the neighbor's lawn mower. While operating the lawn mower, she causes damage. Where is this payable under Homeowners?
Homeowners Section II
Tapes, Records. and Discs can be covered under Homeowners and endorsed onto PAP. Which of the following is correct?
Homeowners provides $250; PAP endorsement is $200
All of the following are covered under the PAF - EXCEPT
Horse Show
Under the PS&D, who would NOT be an insured?
Hospital
A person went to the hospital and had a bill for Xrays, room and board expense and surgical expense. How could this be covered?
Hospital Expense (Hospitalization)
What policy pays a flat amount per day if hospitalized?
Hospital Indemnity
What policy provides a flat amount per day if the insured is hospitalized
Hospital Indemnity
When hospital costs are paid according to a flat amount per day, what policy is in effect?
Hospital Indemnity
The policy that pays a flat amount per day of hospitalization regardless of expenses or other insurance is called:
Hospital indemnity insurance
The insured purchased a Businessowners policy. All of the following would be eligible for a BOP EXCEPT?
Hotel
Wind blows down a tree which falls, hitting the house and the awning. If the insured has an HO-3, what will be payable?
House and Awning
The insured has loss to their plane by Fire loss. This would be covered under:
Hull Coverage
Which of the following is considered an "Insured" under the PAP?
Husband and wife
Bobbie Sue was selling an ornamental statue that she made on behalf of her employers business venture. While delivering the statue she drops it on Bertha & causes her bodily injury. Which of the following is correct under the Homeowners Policy?
If Business Pursuits were endorsed on coverage would be available
Does the dismemberment benefit under the health insurance policy pay for loss of sight?
If insured loses sight within the required amount of time
Mr. J (Dad) owns a truck covered by a PAP. Riding in the truck is "J" and "K" (Mom). Their 14year old son is riding in the boat on a trailer being towed by "J." Who is covered under the PAP Medical Payments?
J & K & Son
Choose the coverage afforded under Extended PIP?
Increases only the percentage for coverages under PIP, not to exceed 100%
What is the purpose of the Extended Period of indemnity option in the Business Income Coverage Form?
Increases the 30 day Extended Period of Indemnity grant up to 730 days
Under the Extended PIP, all of the following statements are correct EXCEPT?
Increases the death benefit
Under a Dread Disease policy they are considered?
Incurable
Someone who guarantees repayment of the bond penalty is called:
Indemnitor
Who is the 4th party to a Bond?
Indemnitor
The License and Permit Bond guarantees performance according to the general Laws of the city or government. What are similar bonds?
Indemnity Bond & Franchise Bond
Which of the following is correct in the construction industry as it relates to WC?
Independent contractors need to be counted in ANY situation
If you have an economic loss what is that call?
Indirect
All of the following are available for a HMO EXCEPT
Individual Family
What endorsement for th BAP would provide coverage and treat the insured business vehicle as if a family car if the insured is a sole proprietor?
Individual Named
What endorsement for the BAP would provide coverage and treat the insured business vehicle as if a family car if the insured is a sole proprietor?
Individual Named
Under Professional Liability what forms of coverage are available?
Individual/Partner
A property insurance option, which provides that the policy limits will increase a certain percentage at regular intervals, for instance, annually.
Inflation Guard
If a limit is stated in the Declarations page by which the policy limits automatically increase on a pro rata basis throughout the policy term is called.
Inflation Guard
What is a property insurance option which provides that the policy limits will increase at certain percentage at regular intervals?
Inflation Guard
Gramm-Leach-Bliley is a federal law created to address which of the following?
Information Privacy
A quality within an object ending to damage or destroy itself is called:
Inherent vice
A quality within itself causing harm to it is known as:
Inherit vice
Which of the following lines of insurance include a Commercial Property Floater?
Inland Marine
ABC has an elevator installed by ACME Co. The ACME caused damage to the elevator in the amount of $30,000. How would the damage to the elevator be covered?
Installation Coverage
Compressor was installed over the weekend by a contractor. What would be recommended by the agent?
Installation Floater
What type of policy is used if covering equipment and machinery in transit or while being installed in the course of construction?
Installation Floater
Carl's Cabinet shop will be dropping off some cabinets at a jobsite today, but will not actually install them until tomorrow. What kind of policy will they need to cover any loss to the cabinets?
Installation floater
What is covered under Part D of the auto policy?
Installed radio
A building was a total loss due to a fire. What basic factor of insurance prevents Joe, a partial owner, from collecting the full amount of the loss?
Insurable Interest
What keeps a part owner of a building from receiving full value if a fire occurs?
Insurable Interest
A Partner owns a business and cannot collect all the money in the claim. What is the concept?
Insurable interest
Who does the agent represent when selling insurance?
Insurance Company
Who has to have a "Certificate of Authority"?
Insurance Company
Admitted insurance companies - must?
Insurance Company receives a Certificate of Authority
A licensed insurance agent represents whom?
Insurance company
What is Arbitration?
Insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision made by a third party
The CFO is responsible for all of the following EXCEPT:
Insurance company reserves
John, the insured rented a condo while on vacation in Hawaii. John's guest slipped and fell on a wet floor and the condo caught on fire. Who will be defended under the insureds HO policy?
Insured
Who can sue the agent for mishandling of the insurance programs?
Insured
Under the Farm Coverage G - Other Farm Structures includes coverage for all EXCEPT:
Insured Dwelling
Under Hull Coverage and running down clause, Damages included: Damage to other vessel; Damage to insured vessel; Damage to dock; BI to injured person. What is covered under the Hull coverage?
Insured Vessel
Which of the following is considered a Waiver?
insured knowingly giving up a known right
Agent licensed and appointed by a specific insurance company; can the agent bind policies?
the statutes permits the agent can bind coverage
What is the primary function of the CFO?
to Administer the Insurance Laws
Under FWCJUA, how many rejections would be necessary before a business would qualify for the program?
two
What is the time frames under the Cancellation clause in the auto policy
under/over 60 days
If a client wanted to buy a policy to cover liability arising out of a specific construction project by a specific contractor, they would purchase which of the following?
Owners and contractors protective liability
Which of the following are not eligible under FAJUA?
Owns property in Florida
What are the minimum coverages required by the State of Florida to register a vehicle?
PIP and Property Damage
Insured has an automobile policy for his motorcycle. What PIP benefits would apply if insured is in an accident with his motorcycle?
PIP benefits would not apply
Which of the following best describes how PIP relates to other coverages?
PIP is primary to all coverages except Workers comp
An employee is driving his employer's auto, and was involved in an accident. How will the policy respond?
PIP will pay Secondary to Workers' Compensation
What coverages would be availabe under FAJUA for commercial automobiles:
PIP, Liability, and Physical Damage for vehicles under 10,000 pounds.
What coverage is necessary when registering a personal auto?
PIP/PD Liability
Physician in their own practice is being sued for medical malpractice. What is the policy to cover this exposure?
PS&D
Homeowners policy is like
Package Policy
Under Homeowners, Debris Removal is:
Paid in addition to the policy limits
Under Homeowners, debris removal is:
Paid in addition to the policy limits
All of the following cross the threshold under PIP EXCEPT:
Pain & Suffering
Which of the following are not covered under the Lawyers Professional coverage?
Paralegals Lawyers Lawyers Assistant
If the employer is sued for injuries to employees, what part under Workers Comp would defend the employer
Part II
What covers employee temporarily working out of state under the Workers Comp policy?
Part One
Which of the following is considered an employee
Part time employee working 10 hours per week
Who could be NOT be exempted from Worker Comp?
Part time employees
What is a Deposit Premium?
Partial premium place as a down payment at the start of the policy
All are eligible for a Personal Auto Policy EXCEPT
Partnership
Which of the follow is NOT considered an insured under the PAP?
Partnership
Which of the following is NOT considered an insured under the PAP?
Partnership
Who cannot purchase a PAP?
Partnership
Which of the following could buy coverage under a General Liability Policy?
Partnership Joint Venture Corporation/ Association
All are functions of the CFO EXCEPT:
Pass the insurance law
Extended PIP / Additional PIP? Who is not eligible?
Passenger in the car
Under the Building & Personal Property policy which of the following are considered exclusions:
Paved surfaces
Insured has 10/20/10 of Liability coverage. Driving through Alabama, the insured was in an at-fault accident and the minimum limits in Alabama are required to be 20/40/10. How will the insured's PAP apply?
Pay up to the limits of the states in which they travel if the insured limits are lower
Mechanic test-driving the customer's car to check the brakes. How does the mechanic's PAP pay?
Payable under Garage
If the insured purchased the house for 90,000 and now worth $120,000. How much will be covered or pay by the replacement cost?
Payable up to the policy limit if a total loss
Insurance is a contract of indemnity. Which of the following best illustrates the concept of indemnity?
Paying the insured the actual cash value of a television that is 3 years old
A contractor is chosen to build a building. Which bond will guarantee that the work is completed to the building owner's specifications?
Performance Bond
What best describes a "Cause of Loss"?
Peril
All types of taking property by force is called:
Perils on the seas
What is NOT excluded under Part D of the PAP?
Permanently installed CD
A bond which is like a license bond except it is written for specific function is
Permit
What bond is for a specific function and not continuous?
Permit
What bond is like a license bond, but for a specific function?
Permit
A bond which would be required in order to put on a special athletic event is called:
Permit bond
What is NOT the difference between Liability and Negligence?
Person is at-fault even if not responsible
What is NOT the difference between Negligence and Liability?
Person may be considered at-fault even, if not responsible
What coverage part under CGL covers "Wrongful Incarceration"?
Personal & Advertising Injury
What coverage part under the General Liability policy covers "Wrongful incarceration"?
Personal & Advertising Injury
If Homeowners has no endorsements, what policy could the insured purchase for Fine Arts, Jewelry and other collectibles?
Personal Articles Floater
CPP, what cannot be included?
Personal Homeowners
A man is detained by a store owner for shoplifting and sues the store. How would this be covered?
Personal Injury
All of the following are covered under the Airport AIR MEET policy EXCEPT
Personal Injury
Aviation policy covers all EXCEPT
Personal Injury
Slander is defamation of character. Under what policy is coverage provided?
Personal Injury
Under Section II what is not an Additional Coverage?
Personal Injury
What is not covered under the Homeowners policy
Personal Injury
What is not included in the "Occurrence Limit" of the CGL policy?
Personal Injury
Insured has a BOP policy. Which of the following would not need to be endorsed on?
Personal Injury Liability
HO-3 Section II is most like:
Personal Liability
What is Homeowners liability coverage most similar to?
Personal Liability
Insured has an HO-3 with 2 boarders. What is NOT covered?
Personal Property of the Boarders
What qualifies for Homeowners?
Personal Renter in Commercial Property
Who can sell with a temporary license due the death of agent?
Personal Representative of an agent
The agent must notify the DFS of all of the following changes, EXCEPT:
Projected years in the insurance business
The agent must notify the Dept of Financial Services change in all EXCEPT:
Projected years in the insurance business
John owns the Spot Airport and has an Air-meet policy. Which of the following would be available benefits under the policy?
Property Damage
What is not payable under Uninsured Motorist?
Property Damage
Which of the following is not a coverage under an Aircraft Liability policy?
Property damage liability
Betty has a Personal Property Dwelling Form DP 2. All of the following are covered under Coverage C Personal Property, EXCEPT?
Property in a Hotel Room was stolen
Under Inland Marine, there are exclusions on a Bailee's Policy. Which of these are not considered to be exclusions?
Property in the Care, Custody, Control
What is considered Bailees?
Property of Others in the insured's care, custody, and control.
All are the additional coverages under Section II of the Package policies EXCEPT?
Property of Roomers & Boarders
If the following properties are flooded, what is considered a flood under the Federal Flood policy?
Property on 2 acres of land
Boiler and Machinery Policies include all EXCEPT
Property owned by others not used by the insured
All of the following constitute burglary, EXCEPT
Property was stolen by threatening a person
If the following would be taken from a safe, what would be covered under the Inside Robbery & Safe Burglary Policy?
Property with forcible entry
How does a boat owner protect himself from liability from employees and crew?
Protection & Indemnity
Ocean Marine liability coverage for BI & PD is?
Protection & Indemnity
If an insured wants to protect from claims due to crew members, he should purchase what kind of policy?
Protection and Indemnity
Purpose of HMO is to:
Provide preventative medicine and early treatment
Which of the following is not true of the Supplemental Extended Reporting Period?
Provided by endorsement to the policy
CPIC will insure a 50 year old home if improvements are made on all of the follow EXCEPT?
Refrigerator
Which of the following are not Exclusions under WC?
Refusing to wear plastic gloves in food service
If an insurance company is providing insurance to another insurance company by providing reserves, it will be best described as:
Reinsurance
"Golden Rule" exception is:
Releasing damaging information about someone reputation
The exception to the "Golden Rule" is known as:
Releasing damaging information about someones reputation
Insured has a commercial Property Policy and has heavily damaged building and inventory. How much is available for debris removal?
Remaining limit plus an additional $10,000
A company offers the insured coverage for another coverage term. What best describes this concept?
Renewal
Insurer offers the insured coverge for another policy term. What best describes this concept?
Renewal
All the following all are included under the "Your Covered Auto" definition in the policy. EXCEPT?
Rental car on Vacation
The agent was explaining to the client what is covered under the "Your Covered Auto" definition in the policy. Of the following, all are included EXCEPT?
Rental car on Vacation
"Your Covered Auto" under the PAP, include all EXCEPT?
Rental car on vacation
Under the PAP, when reviewing the term "Your Covered Auto" it may include all EXCEPT?
Rental car on vacation
Freight coverage, is provided for which of the following?
Repayment of loss of income
If the limits of the Homeowners policy was $35,000 for Coverage A, and the lightning hits the tree which falls on the house and the awning as well as damages the boat, all is covered EXCEPT?
Replace the tree up to $ 700
How do we pay a claim under the Building and Personal Property Coverage form for a building loss of $2,300?
Replacement Cost
How is a claim paid out in Flood insurance?
Replacement Cost
If a Florida resident lives in their primary resident for 10 months and lives in their seasonal home in the Colorado Rockies for the other two months. If a flood occurs to their home in Florida, how will the claim be paid?
Replacement Cost
Insured lives in their primary home all year. How would a claim be paid under Dwelling Property Broad Form (DP-2) for damage to the dwelling.
Replacement Cost
Insured purchased a HO in the amount of $80,000 on a $100,000 home. If a loss occurs how will the claim be settled?
Replacement Cost
Our insured has a Homeowners 3 policy with Coverage A limit of $160,000. The replacement value of their property is $200,000. If loss would occur to their dwelling, on what basis would the claim be payable?
Replacement Cost
Property Damage Liability is written on what basis?
Replacement Cost
The insured has a DP-2 policy. The insured purchases coverage on the property equal to 80% of the value. Which of the following best describes the above statement?
Replacement Cost
Under the Flood policy, which of the following is the loss settlement provision for building damage to single family, owner occupied, primary resident dwellings?
Replacement Cost
Boiler and Machinery, on what basis will the claim be paid?
Replacement Cost when reported within 18 months
BOP policy - insured has a loss on what basis will the loss be settled?
Replacement cost
On what basis will claims be settled under the BOP?
Replacement cost
Our insured had a Homeowners 3 policy with Coverage A limit of $160,000. The replacement value of their property is $200,000. If loss would occur to their dwelling, on what basis would the claim be payable?
Replacement cost
Our insured has flood coverage on their principal residence. On what basis will the loss be settled?
Replacement cost
Under Boiler and Machinery when damage occurs, how is it paid?
Replacement cost if replaced with 18 months from day of accident
Under the loss settlement provision in the HO-3 policy, building losses on a properly insured structure will be paid at:
Replacement cost less deductible
What best describes ACV?
Replacement cost minus depreciation
Which of the following best describes the loss valuation in the Businessowners policy?
Replacement cost provided certain insurance to value requirements are met
Which of the following is not a benefit under Personal Injury Protection?
Replacement services paid at 90%
"Proof of Loss" is best described as?
Report describing the events of loss and list of items damaged
All are considered "Unfair Method of Competition EXCEPT?
Representation
Which of the following is not an Unfair Method of Competition?
Representation
All statements on the application for insurance are considered?
Representations
All true statements on the application of insurance are considered:
Representations
What is the act of Sliding?
Representing to an applicant that specific ancillary coverages is required by law
How can an insurance agent obtain an appointment in the State of Florida?
Request that an insurance company permit the agent to represent them and then send an appointment form and the appropriate fee to the Department of Financial Services.
Under Financial Responsibility, an owner of a motor vehicle had an accident without insurance. All of the following are the items that must be completed to comply with the law EXCEPT?
Required to only pay damages of the other individual
Which of the following does "Sliding" best referred to:
Requiring Auto club on Auto Policy
What is covered under a Businessowners Policy (BOP)?
Residential Condo Associations
What coverage can be purchased through Citizens Property Insurance Corporation?
Residential Property
If a person is being held down and threatened, what is this considered under Crime?
Robbery
If a person is being held down and threatened, what is this considered?
Robbery
Our insureds hot-water heater in a house rented to a tenant exploded causing $12,000 damage. If all the following items were damaged, what is covered?
Roof and Walls
All of the following are part of an Aviation policy EXCEPT:
Running Down Clause
Vessel in the water hits a dock. There is damage to the vessel,a dock and the other vessel ran into? What is covered under the running down clause?
Running Down clause
Mr. Rothschild is out in the heavy fog one morning in his 100 ft yacht. He slams into another boat doing $20,000 in damage to it. Where would he find coverage for his loss in his Ocean Marine policy?
Running down clause
If K owns a car lot and S goes to test drive a car, S has standard PIP, but got hurt in an accident causing $10,000 in bodily injury and $2,000 in property damage. Whos coverage would respond?
S for $10,000
What coverage features enable you to report a claim from the same occurrence 6 years after policy expires in a claims made policy?
SERP
Inside Robbery and Safe Burglary. A Safe was stolen and inside the safe was money, securities, What is property covered?
Safe only
Inside Robbery and Safe Burglary. A safe was stolen and inside the safe was money, securities. What is property is covered?
Safe only
Under Inside Robbery & Safe Burglary, what would not be covered?
Safe opened with combination
Bob was driving Sandras car and was in an accident. The following coverages were purchased by both parties: PIP, Medical Payments and Liability. How would coverage apply for damage to the other person?
Sandras Primary, Bobs excess
Under the Theatrical Property Coverage Form, which of the following would be covered?
Scenery, props & Costumes
What is not a qualifier for Crime Insurance?
Schedule Hours
What is not a qualifier for Employee Theft Crime Insurance?
Scheduled Hours
Under the Building Personal Property Coverage Form, which of the following is not covered?
Stock and inventory within 200 feet of the premises
Property Covered under the Building & Personal Property Coverage Form are covered EXCEPT:
Stock within 200 feet within the premises
Which of the following is not a contract bond?
Subdivision bond
The primary legal and factual issue involved in unauthorized health insurance is the claim that a health plan and the entity that is partly self-insured is:
Subject to Federal then State regulation
When an agent from another state transfers to Florida, they must comply with all of the following to waive the state exam EXCEPT?
Submit an application for insurance license within 60 days of arriving in Florida
If the insured's damages are paid from their own company and the insured's rights are transferred to their company to seek recovery from the 3rd party, this is referred to as"
Subrogation
If the insured's damages are paid from their own company and the insured's rights are transferred to their company to seek recovery from the 3rd party, this is referred to as:
Subrogation
Insured had an auto accident and the third party is at-fault. How can the company collect what they have paid?
Subrogation
Under the Garage Policy, the insured lets a customer use the garage's car while their car is being fixed. The customer has 10/20/10. If the customer has an accident, what policy will pay?
The Garage Policy as primary
Under the HO-3, a loss occurred from hidden decay, causing a wall to collapse and a pipe to leak in the wall for six weeks. Which of the following best describes this situation?
The loss is payable regardless of time frame
What is the difference between "accident" and "occurrence"?
The major difference is that a single loss includes more than one "accident".
The Provisional Amount is known as which of the following in the Value Reporting Form?
The maximum amount of coverage that will apply
All of the following are insured under the Personal Liability policy except:
The neighbors child staying with the insured for a week
Which is not correct regarding CPIC?
The only insurance mechanism in Florida for insurance coverages
All are the components needed to calculate Coinsurance EXCEPT
The percentage of the loss the insurer agrees to use to the value of the property they should have carried
All are the components to needed to calculate "Coinsurance" EXCEPT?
The percentage the loss the insurer agrees to use to the value of the property they should have carried
What does Estoppel mean?
The person can be stopped from reinserting their rights
The wind blows a plane into a fence which damages the plane. The insurance company applies an "In Motion" deductible to the claim. The insured says no way. WHY?
The plane is not in motion
Annual Transit, Trip Transit, Motor Truck Cargo and EDP are written under?
Uncontrolled Lines
How many days must a policy be in force on a Commercial Property policy when the company can cancel for any reason?
Under 90 days
Under the BAP, when the company car is being driven by an employee, if there was an at-fault accident. How could the liability coverage respond if the employer and the employee are sued?
Under the BAP liability section
What benefits are payable in Underinsured Motorist coverage for medical expenses?
Underinsured Motorist coverage is provided in the PAP and covers medical expenses above the liability limits of the at-fault's policy.
All are considered "Transacting Insurance" EXCEPT:
Underwriting
Insured purchased a HO-3 and had flood damage in the amount of $30,000. How would the claim be settled?
Uninsurable
If the insured does not have liability coverage then they are:
Uninsured
If the insured does not have liability coverage then they are?
Uninsured
A collective bargaining agreement between the union and the employees is a bona fide arrangement is called:
Union Plans
Employee theft is defined as:
Unlawful taking of property to the deprivation of the insured
The limit on medical coverage in the Workers' Compensation policy is:
Unlimited
What are the medical payment limits under Workers' Compensation?
Unlimited coverage
Extended PIP covers all EXCEPT
Unrelated Passenger
What is an "UnfairTrade Practice?"
Untimely explanation of a claim
College student of the insured is living out of state. Up to what age is the insured parents policy going to extend coverage?
Up to age 24
All are considered "Other Than Collision" EXCEPT
Upset of the insured's vehicle
All are considered "Other Than Collision" EXCEPT:
Upset of the insured's vehicle
Mobile Equipment is not covered in which of the following situations under the CGL policy?
Used on the road
All of the following vehicles are covered under Section II of the Homeowners policy EXCEPT?
Using golf cart to go to neighbors house
Who does not qualifies for coverage under the CPIC?
Vacant Property
Candy store has fluctuating values during the year. Which coverage form should they have?
Value Reporting
If VMM were purchased under the DP-1, what limit would be payable?
Value of loss - Up to the policy limit
When securities are part of a crime loss, how are they valued?
Valued as of the date of discovery
Mary vacated her home and has a Homeowners Policy for $50,000. She put it up for sale on 3/13/05 and has a $10,000 vandalism loss on 9/3/05. She did not advise her insurer until November. The insurer can deny her claim due to?
Vandalism is suspended if home is vacant for a period of 60 days or more
What events would be covered if the structure is vacant for more than 60 consecutive days?
Vehicle backs into the building
Vehicle broken into and permanently installed stereo is stolen. How does Part D of the PAP respond?
Vehicle damage and stereo is covered under the Other than Collision coverage
What is considered to be a temporary replacement vehicle?
Vehicle the insued is borrowing while the insured's vehicle is being repaired
Employer did not purchase Workers Compensation on the one employee. The one employee got hurt, what is the employers obligation, if any?
Will be responsible for injuries even though no coverage was required to be purchased
Condo Association had damage to their roads in the condo assocation property. How does coverage apply?
Will not cover roads - specifically excluded
A Bid Bond was purchased in the amount of $50,000. The contractor was unwilling to perform. How will the bond respond?
Will pay maximum of $50,000 or the difference between the bid and the
All of the following are Basic perils under the DP EXCEPT
Wind
Under the Building and Personal Property Coverage form all are the covered cause of loss for Outdoor Property EXCEPT?
Wind
What is covered under HO?
Wind
Home is located in a certain coastal area and has a wind policy. Under CPIC what are the covered perils?
Wind and Hail
The insured purchased a "Wind Only" policy under CPIC. What is/are the covered peril(s)?
Wind and Hail
What would be covered under the DP Basic Form with Extended Coverages?
Wind blows the roof off
The cancellation rule for non-payment of premium is:
With a 10 days notice
If the agency, for which the agent was appointed through, terminates the agents appointment, how long does the agent have to reactivate the appointment before being considered a first time applicant?
Within 48 months from date of termination
The surety wants to be assured before issuing a Bid Bond. Which of the following is NOT correct?
he company will not pay anything until job is started
CGL the Basic Limit of Liability for Medical Payments is:
$ 5,000
What is NOT eligible for the Business Auto Policy?
Backhoe
What is a "Risk"?
Chance of a financial loss
When considering an HMO contract, it's intent was to?
Emphasize preventive Health Care
What does ERISA represent?
Employee Benefits
ALL ARE AUTOMATIC COVERAGES ON A BOP EXCEPT:
Employee Dishonesty
All are covered under an HO-2 EXCEPT
Farm Land
All are covered under the HO-2, Except?
Farm Land
Insured's Livestock in the care, custody and control of some other person causing damages to others?
Farm Liability
All are covered under the HO policy, EXCEPT?
Farm land
Under the DP-2 Form, all of the following are covered EXCEPT?
Theft
Joe breaks into an auto shop with visible signs and steals tires and equipment. This is considered?
Theft & Burglary
The insured purchased a Inside Money and Securities Crime Form. The insured's employee stole $3,000 in cash. How is the claim paid under the form.
Theft by employee's are specifically excluded
The insured has a DP Policy and endorses on Broad Form Theft. Which of the following statements are correct?
Theft is covered on or off Premises
Which of the following would be covered under the DP-3 policies?
Theft of air conditioning system
Money & Securities, Inside of the Premises exclusions include all of the following EXCEPT
Theft of cash register and cash inside
Money & Security, Inside of the Premises exclusions include all of the following EXCEPT
Theft of cash register and cash inside
If Broad Form THEFT is endorsed to any of the Dwelling Property policy forms, which of the following coverages will be included with the endorsement?
Theft of property while on and off-premises
Arbitration is limited to:
Whether the claim is payable for not
In Arbitration, it is limited to:
Whether the claim is payable or not
Truckers is different from the BAP for which of the following reasons:
Who is an insured
After a PAP is in effect for more than 60 days, insurer can cancel the policy due to?
Wife having license suspended, being a named insured
Inside Robbery & Safe Burglary coverage has a special limit for precious metals and stones. How much would be paid if loss occurred?
$ 5,000
The insured purchased a policy with a Franchise Deductible $1,000. A loss occurred in the amount of $10,000. How much will be paid by the insurance company?
$10,000
The insured purchased a policy with a Franchise Deductible of $1,000. A loss occurred in the amount of $10,000. How much will be paid by the policy?
$10,000
Under the Building and Personal Property Coverage Form, what is the Property Off Premises limit?
$10,000
What is the pollution clean-up coverage that would be provided by the Building Personal Property Coverage Form?
$10,000
In DP-2 the dwelling is valued at $100,000 and insured at $60,000 at a fire loss where the actual cash valued for the loss is $40,000. How will the policy pay the claim?
$ 40,000
Insured has a Garagekeepers policy. Nine cars are vandalized causing $100 damage to each vehicle. How much will the policy pay?
$ 400
A company has a BOP policy with a $1,000,000.00 per occurrence limit for bodily injury and property damage. What is the maximum limit for products and completed operations for the year?
"$2,000,000"
What is the limit of coverage on a Businessowners Policy for outdoor property?
"$2,500"
All of the following would be covered under a CPP, EXCEPT?
"Aviation"
Claims reported during policy and expiration period allowing for a 5-year extension period for any additional claims in a CGL is referred to as?
"Basic Extended Reporting Period"
Under a Commercial Auto Policy, what would be needed to give additional employees coverage for Personal Injury Protection?
"Broaden PIP"
It is discovered that a trusted employee in the bookkeeping department wrote two checks, one in the amount of $250 and the second in the amount of $300 and forged their employers signature. The employee then wrote two more checks, one in the amount of 500 d the second in the amount of $1,000 and signed their own name. What coverage would the employer need to protect them in this situation?"
"Employee Theft"
All of the following perils are covered with an aircraft policy EXCEPT:
"Flood"
The owner of a garage is driving the customer home in the customer's car, when the car catches on fire as a result a faulty gas line installed by the garage. What coverage would be needed for the damage to the customer's car under Commercial Auto?
"Garagekeepers"
Choose the coverage afforded under Extended PIP.
"Increases only the percentage for coverages under PIP, not to exceed 100%"
A company headquartered in Florida opens another location in a different state. A properly written Workers' Compensation policy would cover the out-of-state employees under?
"Part III -- Other States"
Lightning strikes a tree, which falls and takes down a power line causing a power outage. As a result the food in the refrigerator is spoiled. This is submitted as a lightning claim for the spoilage of food as there was no further damage. This is an example of?
"Proximate Cause"
All of the following are penalties for representing an unauthorized insurer EXCEPT?
"Second-degree misdemeanor"
All of the following are examples of an insurance transaction, EXCEPT?
"Taking pictures of the insureds house"
A tree falls by wind, on the premises, taking down a power line causing a power outage before it hits the roof. As a result, the food in the refrigerator is spoiled. All of the following will be covered under HO EXCEPT?
"Tree"
All are included in a CPP, EXCEPT?
"Workers Compensation"
HO-3 Property Damage to Others is which of the following:
$ 1,000
Liability, basic limits on Damage to Property of Others in a HO policy?
$ 1,000
Under the Building & Personal Property coverage form, the coverage limit for Outdoor Property is?
$ 1,000
Under the Building Personal Property Coverage Form, what is the Fire Department Service Charge amount under the Additional Coverages?
$ 1,000
Under the Building Personal Property Coverage Form, what is the Fire Department Service Charge amount under the Coverages Extensions?
$ 1,000
John has a General Liability policy and his covered Taco Stand in the Mall has a grease fire, the damage is: $10,000 to stand; $5,000 to adjoining business; $3,000 loss of use to adjoining because of damage; $7,000 loss of use to adjoining without damage. What is Covered?
$ 15,000
The insured has an HO-3 and had fire damage. The coverage limit on the building was $75,000 with a $500 deductible. What is payable? $5,000 dwelling damage, $2,500 table and chairs. $8,000 Rolex watch.
$ 15,000
The insured purchased a property policy with a policy limit of $60,000, electing 80% for coinsurance. At the time of a $20,000 loss, it was determined that the value of the property was $100,000. How much will be paid on the claim?
$ 15,000
Securities were purchased for $122,000. They were stolen & later the thief was captured. The thief claims to have sold the securities for $200,000. When the claim was discovered, the securities were valued at $156,000. How much would be paid?
$ 156,000
The insured purchased a $250,000 security and it was stolen. When the person sold it for $200,000 and the day it was discovered stolen it was valued at $190,000. On the day the claim was made the value was $180,000. How much will be paid on this claim?
$ 190,000
Insured has a DP 2 Broad Form. A piano was removed to save it from loss by a covered peril. While being temporarily stored, the piano suffered a loss on the 14 day. Which of the following statements are correct, when the piano was valued at $3,000 & it sustained $2,000 damage?
$ 2,000
A Businessowners' policy with $1,000,000 for liability. . The aggregate for Products and Completed coverage is?
$ 2,000,000
Insured purchases a PAF in the amount of $10,000 for a pair of diamond earrings. While on vacation, she purchases a diamond pendent in the amount of $2,300, loosing it in 3 days. How much will be payable?
$ 2,300
Shirley has an unendorsed HO policy. She wants to store business property in her fully covered garage at the home. She calls the agent & advised the items will be worth $10,000. How much coverage will be available for the business property brought home?
$ 2,500
Suzi has a personal articles floater with a limit for jewelry of $10,000. She buys a $15,000 ring & 3 days later it is lost. How much coverage is available since she never called her agent to add it to the policy?
$ 2,500
Under the Building and Personal Property Coverage Form, what is the coverage limit for Personal Property & Effects of Others?
$ 2,500
Your insured has an HO-4 and experienced a loss due to theft. How would the following loss be settled? $500 Cash - $2,000 Jewelry - $7,000 Fur - $900 Silverware
$ 2,600
Our insured has a Robbery & Safe Burglary policy. Has a break-in with visible signs and the following loss occurs: $8,400 money; $2,900 Jewels. How much is paid?
$ 2,900
Based on last year totals, the insured purchased a Reporting form with a policy limit $20,000. The inventory average through the year was an average yearly total of $19,100 per month. In July the loss was in the first month for an amount of $22,700. How much is payable?
$ 20,000
Joe bought a $20,000 policy based on a previous policy of $18,000. Within the first month he has a $22,000 loss. What will the policy pay in the event of total loss?
$ 20,000
Mrs. Jones has a building being built. The contractor required her to have a $100,000 Builders Risk policy. Mrs. Jones had a loss. At the time of the loss the dwelling was worth $150,000. The loss was $30,000. How much was payable?
$ 20,000
If the insured purchased an endorsement under the PAP, how much coverage is provided for Tapes, Records, and Disc?
$ 200
The insured had a fire loss in their home and $2,800 of money was destroyed. How much can the insured collect from their HO-2 policy?
$ 200
Mary has a loss in the amount of $100,000 and a property policy was written for $200,000 limit. It is subject to a 80% coinsurance factor. There is a total fire loss. What will she be paid?
$ 200,000
Our insured purchased a Business Interruption and selected 40% 80% 100%. The insured had their building rebuilt within 45 days and the policy limit was $30,000, how much is payable
$ 24,000
The Hanes Law Firm has a Lawyers Professional Liability Policy in the amount of $300,000. A judgment was rendered against the insured in the amount of $300,000, with cost of defense in the amount of $40,000. How much of the judgment will be paid?
$ 260,000
A customers house is broken into, how much will the policy cover on the following? If the theft was $200 for cash, $500 for business property brought home, $3,000 for firearms?
$ 3,200
ABC Trailer Company contracted with XYZ. ABC hauled XYZ trailer filled with oranges. An accident occurred and the non owned trailer was damaged to $30,000 and $4,000 to the oranges. How much will be paid under Trailer Interchange Coverage?
$ 30,000
Building was valued at $100,000 and has 80% coinsurance factor. Insured covered building for $60,000. How much would be paid on a $40,000 loss?
$ 30,000
Mr. "K" has a policy for $60,000 with 80% coinsurance. Her building is actually worth $100,000. If he has a fire loss of $40,000 how much would be payable by the insurer.
$ 30,000
Sarah has a Toyota Celica covered on her Personal Auto Policy with a $100 deductible for other than collision, and a $500 deductible for Collision. While on her way to work she runs into a pipe sticking out of the back of a truck and it damages her windshield. It will cost $300 to replace damaged glass. How much will her policy pay?
$ 300
Flood Policy: Insureds property was valued at $80,000 and insured for $64,500. If damage to the property is $35,000 how much is payable.?
$ 35,000
Don has an HO-3 with $150,000 for Coverage A. How much Coverage D does he have?
$ 45,000
An insured with a Building and Personal Property Coverage Form, covered the building in the amount of $200,000 and the Personal Property in the amount of $50,000. The insured buys another building and within 30 days has a loss to the new building in the amount of $60,000 and the contents of $18,000. How much would the policy pay?
$ 78,000
Insured has a crime policy. The value of the property at the time it was stolen was $4,000. When the loss was discovered the value of the property was $8,000. When the claim was paid the value of the property was $5,000. What was the amount paid?
$ 8,000
The insured has a Premises Burglary Policy and the loss includes: *Front door $2,100; *Fur coat stolen valued at $7,000;*Inventory stolen valued at $1,400 of the following what would be covered?
$ 8,500
Theft damage occurs and the insured was covered under the HO3 where the value of the building was $75,000 with a $500 deductible. What is covered of the following claim, apply the deductible: $5,000 dwelling damage $2,500 table and chairs $3,000 Rolex watch.
$ 8,500
A lady had a lease on a building for 10 years at $1,000 per month. The building was burned down and the owner decides to put a mall there. The property that the lady rented normally would be rented at $1,800 a month. How much per month would she be paid under Leasehold Interest?
$ 800
Insurance was carried under the Mechanical Breakdown Policy. A drive axle did not meet the manufacturer's specifications. The following claim was filed. What is covered if the following is damaged: $800 Drive Axle; $200 labor; $50 towing; $25 storage?
$1,000
Property of Others in Personal Liability
$1,000
Q has PIP with Extended PIP, with a $1,000 deductible. Q was in an accident and required $10,000 in medical attention. How much will Q pay?
$1,000
The insured has a HO 3 Policy. Under Section II of the policy, how much coverage is available for "Damage to Property of Others"?
$1,000
If fire damage occurs to the Homeowner Association property and the insured is assessed, how much is payable and under what section of the HO policy?
$1,000 Section I
A jewelry store was broken into. The insured has a Premises Burglary Policy. What would be covered?
$1,000 inventory loss
What is the basic limit of coverage under Medical Payments under Section II of the Homeowners policy?
$1,000 per person
What is the amount for Damage to a "Non-owned trailer" under the PAP?
$1,500
What is the limit for Non-owned trailers under Part D - Damage to Your Covered Auto of the PAP?
$1,500
Mr. Harrison purchased a Disability policy from Company A with a monthly benefit of $3,000 & another disability policy from Company B for $3,000 monthly benefits. The insured has income of $3,000. How much would be payable?
$1,500 from each company
Insured has a Major Medical policy that pays on a 80/20 with a $500 deductible. If insured suffers a $2,500 loss, how much would insured receive from the company?
$1,600
John carries liability 10/20/10, UM 10/20 and PIP $10,000 under his Personal Auto Policy. What is the maxium under Personal Injury Protection?
$10,000
The Building and Personal Property Coverage form provides coverage for Property Off Premises up to which of the following?
$10,000
The Personal Injury Protection Coverage in the No-Fault Law covers all EXCEPT?
$10,000 death benefit
Pollution occurs on the insureds premises due to a covered Cause of Loss. What is the amount of coverage available
$10,000 max in 12 months
Insured received $7,000 in medical expense due to an accident and then died. What is the amount payable under PIP?
$10,600
A Lawyers firm was sued by a customer. The Lawsuit was for $100,000 and cost of defense was $5,000. If the policy limit was $100000 how much will be paid.
$100,000
A ship has Hull coverage with the Running Down clause, he runs into another ship etc. the following claim occurred. The damage includes: 1. His own ship $100,000; Other ship $125,000; Dock $8,000. What would be covered under Hull coverage? (Assume adequate limits)
$100,000
Insured has Hull coverage in the amount of $5,000,000. Insured hit other vessel negligently damaging the other vessel. Damages are: Insured vessel - $100,000; Other vessel - $175,000 and dock $25,000. What is paid under Hull coverage?
$100,000
Lawyer A is covered under a Professional Liability Policy. Lawyer A has a claim for $100,000 policy limit; $50,000 defense; $100,000 judgment award. How much does Lawyer Professional Liability pay?
$100,000
Linda has $100,000 non-stacked Uninsured Motorist with 3 cars. She flips her car after being hit by a car that leaves the scene of the accident. What is the most she can collect from her Uninsured Motorist Coverage?
$100,000
Our insured purchased a policy with a building limit of $100,000. During a $60,000 loss coinsurance was met. What is payable if there was a total loss?
$100,000
Smith Manufacturing Co. has a Building Personal Property Coverage form with Building Ordinance endorsed. The policy limit is $100,000. How much would be paid in the following loss? $60,000 fire loss to the original structure, with $22,000 necessary to tear down the undamaged portion $36,000 to build it back to code $10,000 cost of demolition
$100,000
Stacked Uninsured Motorist in the amount of $100,000 two vehicles are covered by Stacked UM and one was Non-stacked. What coverage is available if the insured is driving the Non-stacked car?
$100,000
Vessel in the water hits a dock. The damage to the vessel is $75,000, the dock damage is $25,000, and another vessel received damaged of $100,000. What is covered under the Running Down Clause?
$100,000
What is the maximum limit of Fire Legal Liability limit available in a $1,000,000 in a General Liability policy.
$100,000
What is the minimum limit under Section II of the Homeowners policy?
$100,000
What are the basic limits for Section II under the Homeowners policy?
$100,000 liability / $1,000 medical payments
Jill Brown has purchased a HO 3 policy with an effective date of August 4th. Jill caused Jean bodily injury. If Jean would expect payment under Jill's Homeowners policy, what is the minimum limits available under Section II of the homeowners policy
$100,000/1,000
What is the deductible under the Citizens policy?
$1000 & 2% Hurricane homeowner - / $500 & 2% Hurricane Mobile Home
Insured has a Builder's Risk Policy limit of $60,000, the Loss was $20,000 and the property value was $100,000. How much is payable?
$12,000
Insured has a policy limit of $100,000, with a 2% Franchise deductible. The loss was $12,000. How much will the policy pay?
$12,000
Our insured has a $100,000 policy limit with a 2% Franchise Deductible. If there is a $12,000 loss, what is payable from the insurance company?
$12,000
A Homeowners' policy was purchased in the amount of $100,000 for the Dwelling coverage. A Fire loss caused $80,000 damage to the dwelling and $40,000 to the contents. What is payable?
$120,000
Mom and Dad purchased a PAP with Medical payments in the amount of $5,000. While in an accident, the child was riding in the trailer being pulled behind the vehicle being driven by Dad. The following medical bills were incurred. Mom suffered $5,500 Dad incurred $4,500 and childs medical expenses were $6,500. What is payable?
$14,500
The insured has a PAP with Medical Payments coverage in the amount of $5,000. The daughter in boat trailer being towed by truck was injured in the amount of $4,500 the wife was injured in the amount of $5,500 and the husbands injuries were $5,000. Ignore PIP, how much is payable under Med Pay?
$14,500
The insured, wife and son were riding on a trailer being pulled by their auto. Accident occurs and the insureds medical bills were $5,000, the wifes $5,500 and the sons $4,500. How much would be payable if the Medical Payments coverage is $5,000 (Ignore PIP)?
$14,500
The typical coverage for rental reimbursement in a mechanical breakdown policy is:
$15 per day / $75 maximum
An insured purchased a DP-2. A tree hits his house causing structural damages of $10,000, damage to awnings of $4,000, roof damages of $5,000, and damage to his boat of $9,000. Under his policy, what is the maximum amount that can be paid out?
$15,000
Employee Theft policy was purchased. The insured discovered that the employee stole $5,000 money, $10,000 of inventory. Assume adequate limits what would be payable?
$15,000
Employee Theft policy was purchased. the insured discovered that the employee stole $5,000 money. $10,000 of inventory. Assume adequate limits what would be payable?
$15,000
Fire damage occurs and the insured was covered under the HO3 where the value of the building was $75,000 with a $500 deductible. What is covered of the following claim, apply the deductible: $5,000 dwelling damage $2,500 table and chairs $8,000 Rolex watch
$15,000
The insured purchased a Commercial Property policy with a policy limit of $300,000 to cover building number one valued at $100,000 and building number two valued at $125,000 and building number three valued at $75,000. Building number one had a loss in the amount of $150,000. How much will be paid.
$150,000
What is the death benefit under the Worker's Compensation Policy?
$150,000
A woman has injuries that would be covered under the PAP Medical Payments coverage but did not report them until 2 years later. The injuries were $2,000. How much coverage will be available, assume adequate limits?
$2,000
Insureds vehicle caught on fire. It was purchased for $6,000. The current ACV is $2,000 and to repair the damage the cost will be $3,000. How much will be payable?
$2,000
The insured has several disability policies that total a monthly benefit of $6,000. The insureds salary is $2,000 monthly. Florida law allows insurers to insert provisions if their policies which state that the total disability income for all policies will not exceed the insureds average monthly earnings. With over insurance, which of the following apply?
$2,000 is pro rated
Our insured purchased a Business Interruption policy in the amount of $30,000 and selected 40% - 80% - 100% option. The insured had damage to their building. It took 45 days to build the structure back. How much of the $30,000 is available to the insured?
$24,000
Under the Business Auto Policies, what is the towing coverage?
$25 on private passenger
Under the Commercial Auto Policies, what is the towing coverage?
$25 on private passenger
Mr. K has $15,000 Liability coverage. Mr. K borrows L's car with $25,000 Liability coverage, and was in an at-fault accident. Claimant was paid $35,000. How much was paid by L's insurance company?
$25,000
The internal limits for hazardous substances and ammonia contamination in the Small Business Boiler and Machinery Broad form is:
$25,000
What is the maximum limit payable for expediting expenses in the unendorsed Boiler and Machinery Policy?
$25,000
What is the Fire Legal minimum and maximum limits?
$25,000/100,000
What is the Standard Deductible under FAJUA?
$250
What is the coverage limit for trees under the Building and Personal Property Coverage Form?
$250
What is the coverage limit for trees uner the Building and Personal Property Coverage form?
$250
What is the minimum deductible under FAJUA?
$250
In Uninsured Motorists coverage, the insured was struck by a hit & run driver who was later found. At-Fault party had $100,000 auto liability. Our insured was covered for 100/300 stacked UM. The bodily injury to the insured was $350,000. With 3 vehicles listed on the policy, how much of insured's uninsured motorists is payable? (Ignore PIP)
$250,000
Mr. M purchased $300,000 of UM. Involved in a Not-At-Fault accident with a Hit and Run driver, who was later found. The other driver had $100,000 liability coverage. If the insured incurred $350,000 in medical bills, how much would be payable under UM of the insured?
$250,000
What is the maximum limit available under the Dwelling Flood Policy for dwelling in the regular program?
$250,000
What is the Dentist minimum limit for Pofessional Liability?
$250,000 / $750,000
What is the Hospital Professional Liability minimum limits?
$250,000 / $750,000
Insured has a Building Personal Property form and acquires a new building and forgets to call their agent, what is the Newly acquired coverage?
$250,000 30 Days
What coverage is built in to the Businessowners policy for newly acquired locations?
$250,000 building up to 30 days
There was a Building Personal Property Coverage Form covering a building for 2 million dollars. The insured acquired a new structure. If they did not call their agent, how much coverage is available for the new structure?
$250,000 for 30 days
Which of the following is the basic limit offered in the Physicians, Surgeons, and Dentists policy?
$250,000 per occurrence / $750,000 aggregate
David hits a cow on a dark stretch of the road. He is carrying Part D, Damage to your auto, on his vehicle with a $250 deductible for other than collision coverage and $500 for collision. The damage to his vehicle is $3,250. How much will his policy pay?
$3,000
Rob has PIP with a $1,000 deductible. He has an auto accident causing $5,000 in medical bills. How much will his PIP pay?
$3,200
The insured has a PIP policy with a deductible of $ 1,000 and has medical bills of $5000. How much would the insurer pay under PIP?
$3,200
Husband and wife are named insureds under an HO-3. The wife does not live in the house. Husband negligently damages the neighbor's lawn mower in the amount of $3,500. What is payable?
$3,500
Insured's college son, under age 21, resides out of state, and rides in a friend's car. He suffers $3,500 in medical bills. What is payable under PAP of the parents' policy?
$3,500
The insured has 4 cars and carries Uninsured Motorist stacking. If the insured was involved in an accident and would require benefits under UM, how much would be available to her? She carried 100/300 limits of uninsured motorists.
$400,000
While helping Lisa move into her new home, Jay drops her new television set and it is destroyed. It will cost $450 to replace it. How will Jays HO-2 respond?
$450 is payable due to Jay's negligence
The insured fell asleep while driving his car. The car went into the swamp. The insured had $40,000 of Bodily Injury & the passenger had $9,000 of Bodily Injury. The insured has Extended PIP & Additional PIP to $40,000. How much would be payable?
$47,200
How much is the funeral benefit under basic Medical Payments coverage in the CGL policy?
$5,000
The insured has a PIP. When in an accident there is $8,000 in medical bills and then he died. What is available for death benefit?
$5,000
The insured purchased a CGL with $100,000 limit, and basic Medical Payments coverage. A customer slipped at the insured premises causing their own injures in the amount of $150,000. How much could be payable to the customer?
$5,000
There are four owners of a building. The property was insured to the 80% coinsurance. How much would each insured receive in a $20,000 loss?
$5,000
What is the CGL minimum limits for medical payments?
$5,000
What coverage is considered Customizing Farming under the unendorsed Farm Coverage Form?
$5,000 12 months
What coverage is provided automatically, in the Farm Liability Coverage form for Custom Farming?
$5,000 in 12 months
Non-Owned Detached trailers is covered under the Building Personal Property Coverage Form to which of the following?
$5,000 on premises only
What is the limit for Medical Payments coverage in the CGL?
$5,000 per person
Our insured has a building that has been vacant for 75 days when a loss occurs by a covered Cause of Loss. The damage was: $7,000 to Building by Fire; $1,000 glass breakage; $3,000 for theft loss. What is payable, apply the standard deductible?
$5,450
A Commercial agent has been directed by the Department of Financial Services to Cease and Desist. What is the penalty if the agent does not?
$50,000
Which of the following is not a basic limit under the CGL?
$50,000 fire damage limit
In DP-2 a tree was cut down because of vandalism. How much is paid for the tree?
$500
Insured has a DP-2 and vandals cut the insured's tree down, valued at C$500. How much is payable?
$500
Insured has a DP-2 and vandals cut the insureds tree down, valued at $500. How much is payable?
$500
What is the coverage for trees, shrubs, and plants under a homeowners policy?
$500 per tree / 5% of Coverage A maximum
How much coverage is available for trees and shrubs under the Homeowners Forms?
$500 per tree or shrub
What is the Minimum limit under the Boiler and Machinery?
$500,000
What is the minimum limit on a boiler and machinery policy?
$500,000
What is the minimum basic limit on Boiler and Machinery?
$500.000
If the insured has a Personal Auto Policy with a single limit of $50,000 (liability) & the following loss occurred, how much would be paid? $37,000 BI Pedestrian $10,000 Sport Car owned by another person $3,000 Display Window $1,500 Legal Defense
$51,500
The insured has a Personal Auto Policy with liability combined single limit of $50,000. The insured is sued for $50,000 of Bodily Injury with the attorney fees of $1,500. What is the total amount paid by the insurer?
$51,500
Mr. M has a PAP with Extended PIP and Additional PIP of $25,000. Mr. M has an accident with his wife and a friend in the car. Mr. M required $20,000 in medical treatment, Mrs. M had $30,000 in medical treatment and Mr. & Mrs friend required $15,000 in medical treatment. How much will Mr. Ms policy pay? (Assume there was no deductible).
$55,000
DP-3 is written for $60,000 and replacement cost is $70,000. damage to the detached garage is $12,000 at replacement cost and the actual cash value is $10,000. How much would be paid?
$6,000
Insured purchased an item at $4,000. At time of loss the value reported was $6,000 but replacement cost was $8,000. What will be paid?
$6,000
Insured purchased an item at $4,000. At time of loss, the value reported was $6,000, but replacement cost was $8,000. Wht will be paid?
$6,000
Mr. Vega has a PAP with $2,000 medical payments limit. His daughter is a passenger in a friend's car. The friend has $ 2,500 medical payments on his policy. If Mr. Vega's daughter is injured in an accident and has $3,100 in medical expenses, how much would Mr. Vega's policy pay? (Ignore PIP)
$600
Mr. B has Stacked UM coverage on 6 cars in the amount of 100/300. If he is in an accident, what will he have available to him?
$600,000
Stacked Uninsured Motorist coverage was purchased in the amount of $100,000 on six cars. The insured was not driving their own vehicle, what is the maximum amount of coverage is available?
$600,000
Jerry Brown has PIP and was involved in an auto accident. Jerry suffered $4,000 of medical expenses and $4,000 of loss of income. How much is paid if he has EXTENDED PIP?
$7,200
The insured has a PIP policy with a $1,000 deductible. If the insured incurs $10,000 in medical bills, how much would be payable by the insurance company?
$7,200
The insured purchased Business Income with a policy limit of $120,000 and 1/6 option. The insured had the following loss, what would be payable? $30,000 month one; $40,000 month two; $20,000 month three and $10,000 month four.
$70,000
The insured purchased liability coverage in the amount of 25/50/25. What is the most that would be paid out for one instance?
$75,000
With Extended PIP coverage the insured had the following loss. How much would be paid if Medical bills were $8,000 and Loss Wages were $1,000
$8,800
Insured has policy liits of $80,000. The property value was $100,000 with a total loss of $60,000. How much will the insured and mortgage company what reimbursed?
$80,000
Insured has policy limits of $80,000, the property value was $100,000 with a total loss of $60,000. How much will the insured and mortgage company be reimbursed?
$80,000
What is the windshield deductible in Florida
-0-
Which of the following is not a valid deductible for a hurricane in the dwelling program?
0.03
Coinsurance requires the insured to carry a minimum amount of insurance based on percentage of the value of the building or contents. All of the following are percentages available except:
0.04
What symbol activates any auto on a BAP?
1
What does not qualifies under DP?
1 to 5 family structure
The discovery period in the Loss Sustained crime policy is:
1 year
The discovery period under the Loss Sustained Form?
1 year
All are eligible for a DP, EXCEPT?
1-5 family
Under the DP forms, all are eligible EXCEPT?
1-5 family dwelling
How much Coverage B does the insured get when he purchases an HO-2?
10 % of A
Under the Medigap policies, all of the following must be supplied to the policyowner EXCEPT?
10 Day Free Look
During the first 60 days that an auto policy is in effect the company can canceled for non-payment of premium with how many days notice?
10 days
If the Personal Auto Policy has been in force for over 60 days, what is the notice timeframe for non-payment of premium?
10 days
Insufficient funds check was received from the insured. How much notice must be provided to the insured before cancellation become effective if the policy was in effect over sixty days.
10 days
The Grace period on a monthly premium paying period is?
10 days
The insurer received a dishonored check for a PAP premium payment. How many days notice is required prior to canceling the policy?
10 days
What is the "Cancellation Notice" requirement on a bounced check?
10 days
What is the time for notice for non-payment of premium under the PAP?
10 days
What is the limit of liability for coverage B under the DP 3?
10% / A
Under the HO 3, Coverage B - Other Structures, what coverage limit is provided?
10% Coverage A
In Florida, what is the automatic percentage for building ordinance and up to what amount can you increase it to under the residential property policy?
10% included option to add 15%
In Florida, what is the automatic percentage for building & ordinance and up to what amount can you increase it to under the residential property policy?
10% included option to add 15% = 25%
What is the maximum payable for "Off Premises Personal Property" in the Building Personal Property form?
10,000
What satisfies Financial Responsibility?
10/20/10
FAJUA minimum and maximum liability limit is?
10/20/10 - 100/300/50
What are the FAJUA minimum and maximum liability limits?
10/20/10 - 100/300/50
What are the FAJUA minimum and maximum limits?
10/20/10 - 100/300/50
What is the minimum and Maximum Bodily Injury under FAJUA
10/20/10 - 100/300/50
If the children of the insured are negligent and the parents are sued, to what degree are the parents responsible?
100%
When a child hurts someone or caused property damage, the parent is liable for the childs action for what percentage?
100%
Disregard statutes and law limits. What is the MAXIMUM Limit under the Commercial JUA?
100/300/50
What is the maximum Florida JUA limit?
100/300/50
What is the maximum liability FAJUA limit?
100/300/50
What is the maximum limit available for BI and PD in the Florida Automobile Joint Underwriting Association for private passenger vehicles?
100/300/50
Maximum limits for COMMERICAL FAJUA?
100/300/50 or more if state limits require
What is the deductible on major medical?
20 - 25%
What is the coinsurance limitation common on major medical?
20 25%
What would be covered under the CPL?
20 HP Outboard Boat
What is the cancellation notice requirement under Health Insurance?
20 day
How long of a period of time does the insurance have to notify the insured that they do not want to reinstate them after the insurance receives the check and on a terminated coverage.
20 days
How much notice must a health insurance company give when canceling a health policy
20 days
The Florida law regarding Cancellation Notice requirement (for other than nonpayment) is
20 days
What are the CE requirements for individuals with an insurance license for more than 6 years?
20 hours
What are the Continuing Education requirements for General Lines Agents that have a license more than 6 years?
20 hours
If an agent has been licensed for more than 6 years - what is the continuing education requirement?
20 hours every 24 months
What is the common percentages for coinsurance under the Major Medical Policies?
20% - 25%
Under Major Medical what are the options for the insured's share of the claim?
20%-25%
If an insured was in an accident in Georgia but was a resident in the State of Florida. The Florida car was insured with limits of 10/20/10. Georgia's minimum limits were 20/40/10. How would the policy respond?
20/40/10
Joe was injured. Much later deterioration set into the right leg & was required to be amputated. What is the maximum time allowed for having disability benefits paid under the disability policy
200 weeks
Sally has an accident and was receiving treatment when it was discovered she needed to have her leg amputated. Under a disability policy, how long after an accident before there would be no coverage available?
200 weeks
The insured has stacked UM coverage of 100/300 on car 1 and car 2 but no UM on the 3rd car. The insured is in an accident in the 3rd car. How much coverage is available?
200/600
Which of the following Symbols provide Any auto?
21
An employee was injured on the job by an accident and was out of work for 23 days. How much is covered?
23 days
If an employee is out of work for 23 days, how many days will he get paid for disability under WC?
23 days
If an employee is out of work for 23 days, how many days will the injured employee get paid for disability under WC?
23 days
How long is the agent's appointment good for?
24 Months
What is the amount of time for a licensed agent's continuing education with less than 5 years of licensure?
24 hours every 24 months
For how long is the agent's appointment good?
24 months
How long is an agents appointment good for?
24 months
In the Building and Personal Property coverage form, the most an insured can collect for removal of debris after a loss is
25 % of the loss paid plus $10,000
Insured has an HO-3. What is covered under Section II?
25 Hp fishing boat
Under Section II of the homeowners policy, what will be covered?
25 hp fishing boat
Glen owns a 35 foot sailboat, a boat with an outboard motor of 25hp, a 80hp jet ski and a 150hp inboard/outboard boat. Which would be covered under Section II of the Homeowners policy?
25 hp outboard
What is covered under the PL?
25 hp outboard motor boat
What is the common deductible under a major medical policy?
25%
Under the Business Interruption Insurance, when does payments cease?
30 Days after Restoration
A Medicare Supplement policy is returnable for full refund within how many days?
30 days
How many days does the adjuster have to send notice to the claimant, if the claim is not going to be paid?
30 days
If a licensed insurance agent has another professional license and administrative actions were taken against the individual, how long does the agent have to report the action to the DFS?
30 days
If an agent changes their email address, resident address, business address, phone number or name; in how many days must they notify the Department of Financial Services?
30 days
If the agent changes their email address, resident address, business address phone number or name, how many days do they have to notify the DFS?
30 days
In the Building and Personal Property Coverage Form there is coverage for newly acquired buildings up to $250,000 and personal property up to $100,000 for how many days?
30 days
The agent has to notify the state when their phone number changes within how many day?
30 days
What is the coverage time frame for Preservation of Property?
30 days
What is the time period for ineligibility because of vacancy under Citizen Property Insurance Corp
30 days
What is the waiting period for a Flood Policy?
30 days
Betty purchased a BOP policy. What is the newly acquired building coverage limit?
30 days / $250,000
Business Interruption will provide coverage for how long?
30 days after business is back in business
The Builders Risk Coverage Form terminates for all of the following reasons except:
30 days after occupancy in whole or in part
How long is the policy period for the mechanical Breakdown coverage on new cars?
36 months/36,000 miles
What are the penalties for aiding and abetting an unauthorized insurer?
3rd degree felony
What are the penalties when representing an Unauthorized Entity?
3rd degree felony
Willfully knowing and giving a contract of insurance from a company without the right to do so will carry a penalty of:
3rd degree felony
Insured has two cars. Neither have Collision or Other than Collision coverage. What is the coverage for Newly Acquired, if insured buys a new car and has not called his agent?
4 days
Insured has two vehicles on the PAP. One vehicle has no Collision and No Other than Collision. The second has only Other than collision. A newly acquired vehicle would have what coverage for "Collision" and "Other Than Collision"
4 days for Collision and 14 days for Other than Collision
What is the Statute of Limitation for Bodily Injury in Florida?
4 years
An insurance company can cancel a newly issued auto policy for the following period of time other than non-pay.
60 days
The insured has purchased a HO policy & was asking if coverage would be available for any of the following under Section II?
40 horsepower Jet Ski - Borrowed
Which of the following would be covered under the homeowners policy?
40hp borrowed jet-ski
If an insurer wants to non-renew a Commercial Property policy, how many days notice must they give the insured?
45 days
If the insured misrepresented stating no chemicals were in the warehouse, and there were, how many days notice is required to cancel the Commerical Property coverage form if the policy is in force over 90 days?
45 days
Insured has lapsed his health policy. He pays appropriate premiums and the policy will be reinstated if the company does not notify insured within?
45 days
Sally sent her insurance premium to the insurance agent for a health insurance policy, which was terminated. If the company does not advise the insured that they do not wish to afford coverage, the company is on the risk. How many days would the company have to notify the insured that they would not reinstate the coverage?
45 days
The insured did not pay the premium by the due date or within the grace period. If the insurance company receives the premium from the insured three months later, how long does an insurance company have to advise the insured they do not want to insured them before the insured is automatically reinstated?
45 days
The insured has their Commercial Property policy in force for over 90 days. The company issued a non renewal notice. The company must give how much of a written notice prior to the non renewal date
45 days
Under the Commercial Property Policy, how much notice must be given before the insurer can non renew a policy?
45 days
What period of time does the Worker Comp Insurer have to give for a premium notice?
45 days
How much coverage is available under the Business Income coverage for loss of income due to damage of electronic media?
60 days
Loss Sustained vs Discovery Policy. If the Discovery Policy ended, what period of time does the insured have to report claim
60 days
Cancellation Notice requirement under WC is
45 days notice 10 day for nonpayment
The insureds vehicle was stolen. How soon will Transportation Expenses apply?
48 hours
An appointment must be activated within what period of time to avoid being treated as a 1st time applicant?
48 months
The agents appointments must be activated within a period of _____ to avoid being treated as a 1st time applicant.
48 months
When will a person be considered a 1st time applicant if they do not maintain the appointment?
48 months
When purchasing a Dwelling Property policy, the number of roomers and boarder eligible to live with the insured is?
5
Continuing education hours for a licensed agent must include _____ hours of Law & Ethics?
5 hours
What is the requirement for "Law and Ethics" continuing education?
5 hours
Increased cost of construction included in the Building Personal Property Coverage Form is which of the following?
5% up to $10,000
Partial Disability under the disability policy would normally pay?
50%
What is the benefit for partial disability loss under Disability Income Policy?
50%
What is the benefit for partial disability loss under disability?
50%
What percentage can agent write in controlled business?
50%
Tom has a collection of rare foreign coins, which are stolen. His commercial crime policy provides coverage for these coins as part of his business property. The collectible value of the coins is $5,000; the monetary value of the coins is $300. Ignoring any deducible, how much will his policy pay?
5000
All of the following are qualified for the DP, EXCEPT?
6 family House
The pre-existing conditions provision in the Medicare Supplement policy is limited to
6 months
Under the Medicare Supplement policy, what is the pre-existing condition clause
6 months
What is the waiting period for pre-existing conditions Medicare Supplement insurance?
6 months
Insurer considers a home vacant after ____ days?
60
For which period of time would a building be considered Vacant?
60 Consecutive Days
A company can cancel a PAP for a qualified reason other than discrimination in the first __________ under auto?
60 days
If policy limit under Business Income and Extra Expense is $100,000 and the insured selected a 40%/80%/100% and have a loss of $20,000 in June; $60,000 in July; and $15,000 in August. What is the standard deductible under Business Income?
72 Hours
After an earthquake happens, how long are aftershocks considered part of the initial earthquake?
72 hours
Under the Optional Coverage of the Business Income Policy, what is the period of time for Extended Period of Indemnity?
730 Days
What is the maximum Extended Period of Indemnity?
730 days
An employee refuses to wear steel-toed shoes while at work, causing injury to the employee. What benefit will be paid under a Workers' Compensation claim?
75%
Company with a Value Reporting endorsement failed to file the 1st report which was overdue sustained a loss. What percentage would the company pay?
75%
Johnnie was working & was injured on the job. He was not using the safety gear that was provided for him. How much would be paid of the insured medical bills.
75%
The insured has a Value Reporting Form with an effective date of December. In May, the insured has a claim and no reports were filed. What would be paid if the claim is $30,000?
75% of the loss
The XYZ Concrete Firm has 10 employees. Joe, an employee was required to wear steel toe shoes and does not. Joe becomes injured on the job. How much would be received?
75% of the regular benefit
Our insured has a Business Interruption policy with 40% - 80% - 100% options. If the insureds building is rebuilt within 45 days, how much of the policy limit is available?
80%
Under the Florida Cancellation Law, what is the period of time in which a policy may be cancelled with no prior notice based on misrepresentation?
90 Days
CGL risk is too great for the insurer who cancels the policy. What are the time limits when an insurer can cancel the policy?
90 day
ABC Inc. purchases XYZ Inc. How many days of coverage would be automatically available for XYZ Inc under the CGL policy of ABC
90 days
How many days are available for Newly Acquired for Fine Arts under the PAF?
90 days
The Newly acquired coverage provided under the Boiler & Machinery policy is which of the following
90 days
Personal Articles Floater coverage for a newly acquired Fine Arts is:
90 days 25%
If an insurance company is chartered in Canada, and doing business in California, it would be considered a:
Alien
Which of the following statements are correct regarding the Elimination Period in the Health policies?
A period of time between the issuance and acceptance before sickness benefits begin
All of the following are considered employment except:
A police officer in Orlando
Which of the following is not an "Insured location" under Section II of the homeowners policy?
A rental dwelling the insure owns across town
All are covered under Your Covered Auto in the PAP, EXCEPT?
A trailer you borrow
Optionally renewable which best describes the coverage?
A type of Health insurance that cannot be canceled during the policy term, but for which the company reserves the right to non-renew the policy at expiration
Part D- Damage to your auto applies to all of the following, except:
A vehicle furnished to you by your employer
What are considered - Standard "High" Risk Zones?
A, V
What are considered Standard Risk Zones?
A,V
Bill is an employee of the ABC Company. He was unloading the ABC's company truck with the assistance of Joe, an employee of the XYZ warehouse, by mobile equipment. An object fell on Jeff, who was a customer. Who is covered under ABC's CGL if all were sued?
ABC and Bill
All of following are considered the Departures from the Concept of indemnity EXCEPT:
ACV
Betty owns a winter home in which she resides for 35% of the year. Betty carries Flood insurance on her home. How much would be payable for a total loss due to flood?
ACV
Insured has a DP-1 with $50,000 in Coverage A and $5,000 in Coverage C. Fire loss damages the detached garage. On what basis will the claim be settled?
ACV
What is Fair Indemnity?
ACV
When a claim is consider payable the valuation of the property under a PAF is:
ACV
You have a summer home and live in it about 31% of the year. Under flood insurance, how is it covered if a loss occurs?
ACV
Our insured has a BOP policy with a policy limit of $100,000. What is the limit for Business Income?
Above the insureds policy limit for 12 months
The insured has a gas leak in the house due to faulty construction. After breathing the gas for several years, the insured develops health problems. This is an example of:
Accident
The Commercial General Liability Claims Made Coverage Form covers:
Accidents happening on and after the retroactive date and reported during the policy period or reporting period
Who needs Worker's Compensation?
Accountant Office: 3 officers/1 employee
All of the following are uncontrolled forms under Inland Marine EXCEPT?
Accounts Receivable
The insurance company was chartered in Canada, doing business in California. What kind of company is this?
Alien
Professional Employer Organization function is:
Administrative duties
A person was hurt in the amount of $5,000 in an aircraft. How could the claim be settled so that the injured party did not have to sue?
Admitted Aircraft Liability
What coverage may be written in conjunction with Aircraft Passenger Liability, which can provide reimbursement for death or dismemberment without requiring legal action?
Admitted Liability
The coverage which pays the principal sum for death or dismemberment if the named insured requests it and the company is released under liability is called:
Admitted aircraft liability
FARM LIABILITY COVERS WHICH OF THE FOLLOWING?
Advertising Injury and Bodily Injury and Medical Payments
If an insureds license is suspended, the insurance company can cancel the policy:
After 60 days
All of the following are rating elements for the Business Auto Coverage form except:
Age of the driver
Where does an agent need to keep client information?
Agency office
Which of the following is considered "Rebating"?
Agent gives back part of the commission to the insured
All of the following are the requirements for an agent to renew their license EXCEPT?
Agent must apply to Office of Insurance Regulation
Which of the following would the CFO not interpret as falling under the law on unlawful rebating?
Agent places additional items on the premium without explaining them to the insured.
Who can appoint a CSR?
Agent with a 2-20 license
What property policy waives the coinsurance clause and requires the insured to carry insurance equal to at least 80% of a signed statement of values filed with the company?
Agreed Value
When a painting is insured under a PAF, what value is used at the time of the loss?
Agreed Value
What is NOT eligible for BAP?
Backhoe
Definition of Indirect Loss?
An economic loss
Which of the following best illustrates negligence as it applies to insurance?
An insured looks down to change the radio station and hits another vehicle
What is not a covered peril under the Specified perils coverage in Physical Damage?
Animal Hitting
Who can the agent share commission with?
Another agent with the same type license
Who could the agent split the commission with?
Another licensed agent with same type of license
What would be covered under the PAF?
Antique Organ
What best describe Symbol 21 under the Garage Policy?
Any Auto
What is the coverage under Symbol 21 under the Garage Policy?
Any Autos - Liability only
What best describes Symbol 21 under the Garage Policy?
Any auto
Extended Transportation Expense provides under PAP:
Any limit
What Limit can Extended Transportation expense be increased to under PAP?
Any limit
What is symbol 22 under the Garage Policy?
Any owned auto
Citizens Property Insurance Corporation - what is covered?
Apartment Houses
What leads a third party to believe the agent has authority to conduct actions on behalf of an insurance company - but the agent was not appointed to the insurer?
Apparent Authority
If the judgment was against the insured and the court rules against the insured, the insured is not willing to fulfill the obligations against them because they feel the case was wrong, what bond do they need.
Appeal Bond
In order to be written in Citizens Property Insurance Corporation, who must certify on the application that no coverage was available from an authorized insurer?
Applicant and producer
When an insurance company gives the authority to a licensed agent to transact business on their behalf, this is referred to as:
Appointment
All of the following are loss settlements valuations except:
Appraisal
An insured and insurer cannot agree on the value of a covered loss. In order to settle it what is necessary in determining the value of the damage property?
Appraisal
What provides a procedure when the insured and the insurer dispute the true value of the amount of the property loss?
Appraisal
The following are examples of Not-employments, under WC EXCEPT?
Apprentice bricklayer
An owned Boat under CGL will be covered while?
Ashore on the premises
Ocean Marine Perils of the Sea includes all EXCEPT:
Assailing Thieves
What must an insured do to qualify for Citizens.
Attempt to purchase coverage through a voluntary market first.
All of the following are parties to a bond except:
Attorney-in-fact
When an agent receives an appointment from the insurance company, this is referred to as:
Authorized Agent
When an agent receives an appointment from the insurer, this is referred to as:
Authorized Agent
How does the DP-3 address damage from volcanic activity?
Automatically included in the covered perils
A Health Insurance Policy was canceled and later money is received to pay for the coverage. What happens if the company does not respond within 60 days?
Automatically reinstated in 45 days
Workers Compensation coverage provides disability benefits for Permanent Total injury is:
Average Weekly Wage
TRUCKERS INSURANCE PREMIUMS ARE BASED ON ALL EXCEPT?
Average age of driver
What is the Average Weekly Wage for disability under WC?
Average of the last 13 weeks of payroll
The minimum qualification for small business policy under Boiler and Machinery is?
B. $5,000,000
What type of policy would be needed to protect the insured from a customers falling on the ice that was on the front step of their business?
BI & PD - General Liability
Tom Refrigerator company sold a refrigerator to Bill and two weeks later it blows up. What is covered under Toms CGL policy?
BI to Bill and Damage to Bills kitchen cabinets
Which is the package policy?
BOP
When does the Inflation Guard start?
Begins to increase the policy limit on the first day of coverage
Under the Disability Income Policy, the company could provide coverage for dismemberment benefits. Which of the following statements are correct ?
Benefits for loss of sight or loss of body part will be paid in lump sum
Quality Construction Inc. wants to give the school of district a price for building a new school. In order to accept the price, the school board needs a bond that would pay the different between Quality's price and the next highest price. What kind of bond does Quality need to give the school district?
Bid bond
If you are having a building built on your behalf, what kind of bonds should you insist on to avoid a chance of default?
Bid, Maintenance, Payment, Performance
On what basis will Rare Stamps and Coins be covered?
Blanket
WHAT IS THE BOND THAT PROTECTS THE CONSUMER AGAINST MISREPRESENTATION OF SECURITY DEALERS?
Blue Sky
A bond which is required in order to sell stocks, bonds, or securities is called:
Blue sky bond
Who oversees FAJUA?
Board of Governors
Who regulates the FAJUA?
Board of Governors
All is eligible for insurance under the CPIC EXCEPT?
Boarding House
All of the following commercial residential properties are eligible for Citizens Property Insurance Corporation except:
Boarding houses with no mercantile
COVERAGE IS AVAILABLE UNDER A GARAGE LIABILITY POLICY FOR WHICH OF THE FOLLOWING?
Boat Ashore on premises
HO Section II What is Covered?
Boat of certain types are automatically covered
What would be covered under the CGL policy?
Boat on premises
All of the following are covered under Personal and Advertising Injury except
Bodily Injury
The definition for Personal Injury includes all EXCEPT:
Bodily Injury
Kim has a Personal Auto Policy and is towing a rented trailer. The trailer comes loose and damages property and injures people. Which of the following best describes how the PAP would apply?
Bodily injury and property damage are covered plus any damage to the non-owned trailer up to $1,500
Uninsured Motorist coverage applies for?
Bodily injury in a not-at-fault accident
Coverages required in order to comply with the Florida Financial Responsibility law are:
Bodily injury liability and property damage liability
Uninsured Motorist benefits pays the insured for?
Bodily injury only in a not at-fault accident
Uninsured Motorist coverage under the Personal Auto Policy pays for which of the following?
Bodily injury to the insured cause by a hit and run driver
What is the number of days notice necessary to cancel a bond?
Bonds cant be canceled
Under HO Section II, what is covered?
Borrowed Jet ski
Which is not an eligible motor vehicle under the PAP?
Borrowed Trailer
Robin has Personal Auto Policy covering her Chevrolet Camaro, which has liability, PIP, collision, and other than collision coverages. Robin trades in the Camaro on July 2nd and replaces it with a new Mitsubishi Eclipse. Just 12 days later Robin is in a wreck where she is at fault and damages both her car and another car. Robin never called to tell her agent about the trade. Which is true?
Both cars are covered by Robins policy
Rental reimbursement on Mechanical Breakdown is only for?
Breakdown
Burglary is defined by the doctrine of:
Breaking and entering with visible signs
What is considered an instrumentality of transportation and communication in Inland Marine?
Bridges, roadways and towers
What endorsement would be needed in the Garage Policy to eliminate the exclusion for damage to the insured's own products?
Broad Form Products
When the insured purchases a Garage policy and desires to cover damage to the insured's own products:
Broad Form Products
If the insureds employee is driving a car not owned by the business and the insured wants the business policy to following him for PIP, what endorsement should you sell the insured?
Broaden PIP
How could people be added to the Commercial PIP Policy?
Broadened PIP
All of the following are considered Specified Perils under Garagekeepers EXCEPT:
Broken Glass
PEO (Professional Employer Organization) is used for all the following EXCEPT?
Build employer / employee relationships
Which of the following is the best definition of risk as related to insurance?
Chance of financial loss
All of the following are considered Additional Coverages under Section II of the Homeowners policy, EXCEPT
Building Ordinance
The homeowner has HO-3 policy. What would cover the insured for having to tear down a non-damaged portion of the building after a covered loss to conform to current code?
Building Ordinance
What covered the increased cost to rebuild?
Building Ordinance
All of the following are true of a DP-1 except?
Building losses are covered on an all-risk basis
All of the following are options coverages under the Building and Personal Property Coverage Form except:
Building ordinance coverage
What are the categories of covered property under the Building and Personal Property coverage Form?
Building; Your Personal Property; Property of Others
The insured building was broken into, and there were visible signs. Under which of the following would a crime loss be paid?
Burglary - Theft
A Burglar breaks a window and steals the insured property. What crime forms would cover this claim.
Burglary and Theft
The insured has a Special coverage form under the Commercial Building and Personal Property Coverage. Burglary of personal property is not covered in all of the following areas, EXCEPT:
Burglary of Business Personal Property
Loss profits and normal operating expenses would be payable under:
Business Income
Which of the Homeowners Special Limits is correct?
Business Property $2,500
Which of the Homeowners special limit is correct?
Business Property $2500
The garage coverage form is a combination of 2 different coverage forms. What are they?
Business auto and general liability
Which of the following is NOT an example of CPP?
Businessowners
An example of a Package Policy is?
Businessowners Policy
Based on the policies below, where is Personal & Advertising injury most likely found?
Businessowners Section II
What is the Florida mandatory endorsement under all property policies?
CGCC
A 2-ton truck was hauling grass while carrying a forklift on the back of the trailer. The forklift fell off the trailer into a car while in the operation to remove the grass. What policy would cover this operation?
CGL
An insured is renting an easement to access his land. How can you cover the liability arising from the easement?
CGL
What could be included into the CPP?
CGL
Mega Sales Inc has a party celebrating the end of a banner year. As part of the celebration, Mega sponsors an open bar. One of Megas employees has a little too much to drink and after leaving the party, is involved in a traffic accident where a third party is seriously injured. Which of the following best describes how the CGL will respond?
CGL pays since Mega is not in the business of selling alcohol
What designation allow an individual to waive the state exam for General Lines?
CPCU
What is avenue of last resort when covering a home and contents
CPIC
What policy is most like Section II under the Homeowner's policy?
CPL
CPIC requires updates on homes 50 years or older. All of the following items need proof of updating EXCEPT:
Cabinets
Citizens Property Insurance Corp. requires updates on homes 50 years or older. All of the following items need proof of updating EXCEPT
Cabinets
All the following pertain to the SERP EXCEPT?
Can be purchased within 90 days of polices termination
Who is not eligible under FWCJUA?
Can buy insurance elsewhere
Insured has a PPO policy. While taking a vacation out of state, he needs to receive emergency medical treatment. Which of the following are correct?
Can receive treatment without any notification to company
If selling insurance through the mail, which of the following is correct?
Can solicit and sell only through an authorized licensed agent
The insured bought a health insurance policy, and presented a NSF check at the time of application. What can the insurance do?
Cancel immediately
Insured and spouse are Named Insureds under a PAP. Their son who resides with them has recently had his driver's license suspended. How will the PAP handle this risk?
Cancel the policy
What cannot be called an elimination period?
Cancellation Period
Surety will wish to satisfy itself prior to issuing a bond. What factors will be considered by the company?
Capital, Character, Capability
Insured has a Homeowners-3 policy. A tree was struck by lightning which falls and hits the house, also hitting the car, and also an awning. All are covered except:
Car
Lightning strikes a $500 tree on the insureds premises and split it in half. One part fell on the insureds car, one part fell on the roof of the house causing spoilage of food. What is not covered under Homeowners?
Car
When test driving a car from a car lot, you get in an accident. Who pays for the medical bill for the driver of the car that was hit?
Car lot
Which of the following is consider collision?
Car overturn in a ditch
All are excluded in a Cause of Loss Special Form EXCEPT?
Care, Custody, Control
A friend is a passenger on the insured's airplane and their baggage drops out.
Cargo Liability
Which coverage will pay for cargo lost at sea?
Cargo coverage
Paint was spilled on a bird, carpet, and antique table. Under the HO 3 which of the following would be covered?
Carpet only
How do you value Rare Coins under Inland Marine?
Cash Market Value
How do you value Rare Coins under Inlnd Marine?
Cash Market Value
IF IT WAS DETERMINED THAT AN EMPLOYEE HAD STOLEN FROM A PRIOR EMPLOYER, COVERAGE WOULD?
Cease immediately
What must an insurance company acquire before operating in Florida?
Certificate of Authority
What must an insurance company acquire before operating in the State of Florida?
Certificate of Authority
Liability verification of coverage on behalf of the insured to a third party is provided by which of the following?
Certificate of Insurance
Liability verification of coverage on behalf the insured to a third party is provided by which of the following?
Certificate of Insurance
On May 1st, the insured replaced a $40,000 Fidelity Crime Policy from Company A with a $60,000 Fidelity Crime Policy from Company B. On June 10th of the following year, it was reported that a covered loss had occurred in January of the preceding year. Which policy would pay?
Company A $40,000
Mr. Q and Mrs. Q own a home. Mr. Q purchased a policy covering the home up to $200,000 from Company A. Mrs. Q purchased a policy covering the home up to $100,000 from Company B. When a $30,000 loss occurs, what would be covered under each policy?
Company A pays $20,000 and Company B pays $10.000
Our insured purchased a disability policy from Company X for $2,000. Six months later purchased a policy from Company Y for $2,000. Our insured earned $2,000 a month, under a disability income policy how much will be paid?
Company X pays $1,000 Company Y pays $1,000
On health insurance, client misstates age on application. Six months later has a claim, can the company deny coverage and for what reason, if any?
Company cannot deny coverage, but can adjust benefits
Who does NOT have to have Workers Comp purchased for them?
Company with 2 insurance agents and 2 independent contractors
Currently being used in Florida, where the parties in an accident share the cost of damages to their degree of fault, is:
Comparative Negligence
Currently being used in Florida, where the parties in an accident shares cost of damages to their degree of fault is?
Comparative Negligence
Which of the following concepts are Florida courts using to determine degree of negligence if the plaintiff contributed to their own injuries?
Comparative Negligence
Which of the following is true of the Garage coverage form?
Completed operation coverage is specifically excluded
Agent wrote a policy with missing information not provided by the insured what is this considered?
Concealment
The insured did not relay information to the insurance company that was material to writing the insurance coverage. When asked under oath the insured was charged with perjury. What concept would this describe?
Concealment
What provision in the policy advises: "If the insured pays their premium, the insurance company will pay their claim"?
Conditions
What provisionn in the policy advises: "If the insured pays their premium, the insurance company will pay their claim?
Conditions
All is not covered under the Commercial Citizen Property Insurance Corporation: EXCEPT
Condo Association
What is not covered under Residential Program of CPIC?
Condo association
All of the following are penalties for not complying with the No-Fault law except:
Confiscation of auto
If spoilage occurs due to lack of light, heat, steam or refrigeration, what does the insured need to have?
Consequential Damage
Under Boiler & Machinery coverage, what endorsement provides coverage for a loss due to spoilage?
Consequential Damage
Loss due to spoilage from lack of power, light, heat, steam or refrigeration is called:
Consequential damage
A bond that guarantees that the person appointed to handle the property of minor or senior is a?
Conservation
What is not a contract bond?
Conservation
IF A COURT APPOINTED A PERSON TO HANDLE THE AFFAIRS FOR A JUVENILE, WHICH OF THE FOLLOWING BONDS WOULD BE REQUIRED?
Conservation Bond
All of the following are underwriting considerations for bonds except:
Construction knowledge
Which of the following would not be eligible for a residential Citizens Property Insurance Corporation policy (CPIC)?
Construction site for Manufacturing business
Who needs a workers' comp policy?
Construction with 5 employees
When the cost to salvage and recondition a vessel exceeds its value, it is known as:
Constructive total loss
Who governs CPIC?
Consumer Choice Legislation
Who is CPIC governed by:
Consumer Choice Legislation
Who governs the requirements for Citizens Property Insurance Corporation policy.
Consumer Choice legislation statutes
Under the Inland Marine Form, all is covered except?
Cost of Manufacturing
Lawyers professional coverage includes
Cost of defense is included within the policy limits
Sinkhole coverage is NOT applicable to which of the following?
Cost to fill sinkhole is covered
Scott has a disability income policy and becomes disabled. The company has to make a payment to him. Which of the following are correct?
Could be paid at least monthly
Two people are in court. One person is concerned that if the judgment is against the other person, they will not follow through. What bond would be needed to protect the first person?
Court
What bond is furnished by Plaintiff or Defendant in litigation if the principal fails to show legal entitlement to the remedy sought?
Court
In the Farm Property policy, coverage for barns would be found in:
Coverage G
Insured is living on a farm. Under what coverage would the radio equipment be covered?
Coverage G
Which of the following are not correct under Builders Risk regarding when coverage ceases?
Coverage ceases within 45 days if the building is put to its intended use
Business has Inside the Premises Robbery & Safe Burglary. Owner locks up and goes home. The next day discovers door is broken and safe damaged. $500 in money is stolen, owner's fur coat stolen, and damage to cash register. How does coverage apply?
Coverage for damage to building, safe and cash register, fur
Personal Liability includes all of the following except:
Coverage for damage to reputation
The insured acquired property of others by accepting the offer to use a different business' boiler. How would the policy respond if a loss occurred?
Coverage for property owned, used and in the care, custody & control of insured
Sam's Lawn Service's staff could not meet the deadline. Sam hires Joe's Lawn Service to help. Joe's employee causes Bodily Injury to a person who is just watching. Joe has no General Liability coverage. All of the following statements are correct EXCEPT?
Coverage is available for Sam under his General Liability Policy
The insured is sued for replacement of defective part. What is correct under the CGL?
Coverage is available for the defense
If the insured is modifying the vehicle, what coverage is needed under the BAP?
Coverage is included in the BAP
All of the following are characteristics of Small Business Boiler and Machinery policy except:
Coverage is on a blanket basis
John refuses to wear a safety device on the job and is injured. How will WC respond?
Coverage is provided at 75%
Traveling with a friend on vacation, our insured rented a condo and the friend's items were stolen while in the insured's temporary location. How will the insured's HO-3 policy respond?
Coverage is provided for a guest's property under Coverage C, only on the insured residence premises
Insured has a PAP with Liability coverage and purchased a replacement vehicle. Having an accident with that vehicle on the 23rd day, the insured had not added it to the policy. How will coverage apply?
Coverage provided until the end of the policy term
An agent went to a small business to deliver a Boiler & Machinery policy. Upon his arrival, the agent observed the that the conditions were unacceptable, what would happen?
Coverage suspended immediately
The insured is trying to decide whether to purchased Custom Farming. The basic policy would provide?
Coverage up to the first $5,000 receipts in 12 months
You are the insured & have purchased an Employee Theft Policy. You found that an employee had committed dishonest acts on a previous job. How will coverage be affected?
Coverage will cease immediately
The insured has a PAP with Liability, Med Pay $1,000 and UM. The insured was struck as a pedestrian by a hit and run. How will UM apply?
Coverage would apply if the insured was occupying any vehicle within the eligible vehicle definition, and as a pedestrian.
Insured was transferred out of state and rented their Condo out to a tenant. How will the HO policy coverage apply.
Covered by definition
Insured was transferred out of state and rented their condo unit out to a tenant. How will the HO policy coverage apply.
Covered by definition
Which of the following best describes an insureds position regarding coverage under the CGL policy when a product is manufactured in the U.S. and a claim occurs in Japan?
Covered if the suit is brought in the U.S., Canada, or Puerto Rico
Mr. J is a resident in Florida, and riding in a residing family members car, as they go on vacation, getting into an accident in Tennessee. How does PIP apply?
Covered out-of-state while in insured and residing family members car
The insured has a Premises Burglary Policy. The alarm was broken and it was not known. Which of the following are correct?
Covered this time but next time not covered unless repaired
The insured purchased a Value Reporting Form. Reports are filed for three months and no report is filed for the following six months. A claim occurs, how would the policy respond?
Covered to the last report
The insured has a PAP. When the insureds vehicle was broken into, it was discovered that a factory installed radio was stolen. If the insured carried Collision and Other than collision, how is this covered.
Covered under Other than Collision
Bill's Auto Repair has Garage policy with $50,000 single limit. Mrs. Smith owns an auto and carries liability 25/50/10. She is driving repair shop's auto while hers is repaired, and has an at-fault accident with another vehicle. How will Bill's Auto Repair policy respond?
Covered under the Garage policy
A 17 year old was visiting Bob. The 17 year old got hurt in Bobs neighbors yard due to the negligence of the neighbor. Under which policy would the injuries be covered?
Covered under the neighbors policy since he got hurt on their premises
If the insured is modifying the vehicle, what coverage is needed under the Business Auto Policy?
Coverge is included in the Business Auto Policy
Who created Citizens Property Ins. Corp. and why?
Created by the Legislature - if insured could not purchase insurance coverage from the voluntary market
If the Commercial Property, Commercial General Liability, Workers Comp and Commercial Crime policies are available, which policy is excess in the event of a claim?
Crime
Johnny has a Commercial Property policy, General Liability policy & Crime coverage. If two of the policies would apply in a theft, which would be Excess?
Crime
The insured vacated their property for 75 days and did not tell the HO company. What would not be covered?
Crime Loss & glass breakage
Under DP policies, if the dwelling is vacant for more than 60 days, what coverages are suspended?
Crime and Glass
Under the DP policies, if the dwelling is vacant for more than 60 days, what coverages are suspended?
Crime and Glass
The insured has a Farm Coverage Form. A covered cause of loss occurs. If the crops in the field were damaged, which of the following statements are correct?
Crops growing are not covered under the policy.
Under the Farm coverage form, all of the following would be covered EXCEPT?
Crops growing in the field
If at the time of a loss Sams burglar alarm did not function at his place of business and he was not aware that it was broken, how would the loss be covered?
Current claim is covered however insured must take step to guard against further loss at business until the alarm is repaired, and no coverage is provided until repaired.
John is assisting another farmer in farming the neighbors' land. What coverage would John need to protect himself if BI or PD occurs to others.
Custom Farming
Billy-Joe conducts farming operations for his neighbor based on a $7,000 annual contract. If he backs his tractor into someone else truck, what would he need on his Farm Liability policy to be covered?
Custom farming endorsement
Bob's Auto Sales has a Garage Policy & a customer was test-driving a car, which they were considering buying. The customer was involved in an at-fault accident & has no auto policy as she did not own a car. Which of the following statements are correct?
Customer would have coverage under the garage policy but to 10/20/10 limits
Insured owns a cleaning service and employee damages non-owned property. What coverage would be necessary?
Customers Bailee Policy
Craig does not own a vehicle but he drives a car that is furnished by his company. He wants to have liability coverage in case he rents a vehicle while on vacation. What coverage would his employer add to their Business Auto Policy to extend coverage to Craig?
Drive other car coverage
Farm policy includes coverage for:
Dwelling
What policy does not include Liability Coverage?
Dwelling Property
Our insured has a loss to the data and media by a covered peril. How is this most effectively covered?
EDP
Which form is necessary to cover data and media?
EDP
Which of the following is not a controlled form under Inland Marine?
EDP
Which of the following plans is exempt from State regulation?
ERISA
Insured has 6 insurance policies, none of the companies knew about the other policies. If known, how would each company pay?
Each company will pay their pro-rata share
Insured has 6 insurance policies and none of the companies knew about the other policies. If known, how would each company pay?
Each company will pay their pro-rata share.
An insured purchased six disability policies from six different companies. Each policy was in the amount of $1,000. If the companies had known that the insured purchased policies from other companies, they would have never written a policy for him. The insured then filed a claim in benefits of $2,000. How would the companies handle the loss?
Each company will pro-rate the loss to equal the claim of $2,000
All of the following are covered causes of loss in the Causes of Loss Basic Form except:
Earthquake
When comparing CPP with monoline policies. All of the following are advantages of CPP EXCEPT:
Easier to read
What is not a rating factor?
Education Level
When rating a PAP, all of the following are rating factors except?
Education Level
Under Disability Income, if the insured elects a lump sum benefit in lieu of a weekly or monthly benefit, it is referred to as:
Elective Indemnity Benefit
When the insured elects a lump sum benefit instead of a month disability benefit it is called
Elective indemnity
All of the following are Coverage C- Personal Property exclusions under HO except:
Electric wheel chair
All of the following are exclusions under the DP policies EXCEPT
Electrical Surge
Part D in a PAP provide coverage for which of the following?
Electrical equipment
What is needed for a current flood quote?
Elevation Certificate
Disability Income Insurance generally provides a waiting period before income payments begin. This is called?
Elimination Period
What Program applies if the community is first eligible for flood?
Emergency Program
What program applies if the community is first eligible for flood?
Emergency Program
What program is applicable when a community first applies for Flood?
Emergency Program
What program is the first program a community can be eligible when asking for admittance in the NFIP
Emergency Program
When the National Flood Program is first qualifying a community, how would it be categorized?
Emergency Program
What does an accident policy cover?
Emergency treatment
Which of the following must be activated as an OPTION onto a BOP policy if desired?
Employee dishonesty
CGL policy is covered for all EXCEPT:
Employee injured in company sponsored ball game
Under the Workers Compensation policy, all would be covered except?
Employee intoxicated on the job
On Workers Compensation all of the following claims can be denied EXCEPT?
Employee refuses to wear safety gear
Employee STEALS MONEY from the employer. What crime form provides coverage?
Employee theft
Which of the following is not an optional coverages of the BOP?
Employee's Personal Property
Hospital Professional coverages include:
Employees are defended as an insured
Who can be exempt from Workers' Compensation?
Employees eligible for Jones Act
Employee is driving the business auto of his employer. He is involved in an at fault accident. If he was sued and the employer was sued, which of the following statements are correct?
Employees policy would respond after the employers
FARM LIABILITY INCLUDES All OF THE FOLLOWING EXCEPT?
Employer Liability
Sam borrows a car from a friend to run an errand for his employer & has an at fault accident hitting a pedestrian. Who would the PAP defend under Sams vehicle if all three were sued by the injured party?
Employer and Sam
Sam borrows a car from a friend to run and errand for employer & has an at fault accident hits a pedestrian. Who would the employer's policy defend if all three were sued by the injured party?
Employer and Sam
Under EPL - who is NOT an insured?
Employers
Under what section of the HO covers incidental farming?
Endorsement
Under the Mechanical Breakdown policy what will be paid?
Engine blowing up
Under the Mechanical Breakdown policy what would be covered?
Engine blowing up
Under the HO-3, Section II, what is covered?
Engine less that 25hp
If a person purchases a Bid Bond this will:
Ensures that the winner of the contract will supply a performance bond if requested
A Bid Bond means that a contractor will:
Enter into the contract
What is the function of the retroactive date?
Establishes the date when claims made coverage considers a claim eligible from current or previous policies.
One is stop from reasserting their rights. This is an example of
Estoppel
What is an "Exclusion?"
Events not payable under the policy
What is an Exclusion?
Events not payable under the policy
How often does the Chief Financial Officer audit insurance companies?
Every three years
What policy is "Follow Form" a version of?
Excess Liability Policy
Other insurance must be exhausted then this policy will apply. What is this concept considered?
Excess coverage
If our insured is in an accident, how will PIP coverage apply?
Excess to WC
All information listed below can be found on the Declaration page EXCEPT?
Exclusions
All information listed below can be found on the Declaration page, EXCEPT:
Exclusions
Under the Boiler & Machinery policy, all are parts of the form EXCEPT:
Exclusions
What is not covered on Boiler and Machinery policy?
Exclusions
Under the need for adequate Insurance Clause in the Builder Risk Policy, how much insurance coverage is required to be purchased at the beginning of the policy term
Expected complete value of the building
Larry has a Personal Auto policy. His employer also gives him a vehicle to drive, which he is able to use personally as well. Larry wants to make sure that his PAP covers him while he driving the furnished car. What endorsement would you add to his PAP?
Extended non-owned coverage
Coverage that pays for extra ordinary expenses that would have never been incurred if there was not a loss due to a covered peril?
Extra Expense
All of the following are covered under the DP 2 and not cover under DP 1 EXCEPT?
Fair Rental Value
The Causes of loss- Broad Form includes all of the basic perils plus some additional perils. Which of the following is one of those additional perils?
Falling Objects
A customer came into the XYZ Dealership to buy a car. They asked to test drive the car. The customer never came back with the car. How would this be covered?
False Pretense
A test driver never returns with the car. What coverage does the dealership need to have to pay for the accident?
False Pretense
Dealership gave a car to a customer for a test-driving and the customer did not give it back. How can the Dealership obtain coverage?
False pretense
Mrs A is driving a residing family members car Out of State, If an at-fault accident occurs, in what order will the poilcies defend the insured?
Family car policy is primary and Insured's policy is excess
All are eligible for HO policy, EXCEPT?
Farm House
All of the following are eligible for Homeowners, EXCEPT
Farm House
Under the HO Forms, all are eligible EXCEPT?
Farm House
All are "Insured Locations" under the HO 2 EXCEPT?
Farm Land
An insured is carrying a policy for fire only on a dwelling and its contents. A small fire starts in the kitchen and in the process of putting out the fire; some of the contents of the dwelling are damaged by the water from the fire hoses. The damage to the contents would be covered by the policy because
Fire was the proximate cause
All of the following could be added onto the DP-1 EXCEPT?
Fire, Lightning
All perils are suspended when a dwelling is vacant EXCEPT?
Fire, Lightning
Which of the following would be covered under the PL?
Fishing Boat with 25 Horsepower
If someone has health insurance with 80%-20% what type of deductible do they have?
Flat
What best describes a rapid accumulation of a body of water?
Flood
What is excluded under Aircraft Hull coverage?
Flood
Which of the following are NOT covered under the Hull coverage?
Flood
An Inland Marine Coverage form that provides all risk coverage for merchandise for sale that has been financed is ?
Floor Plan
Under Inland Marine what provide coverage for merchandise for sale that has been financed?
Floor Plan
A Florida based company has an employee leaving the state for a short time. Which of the following states will make coverage available?
Florida
Florida worker was working in Georgia for a short time & was injured on the job. Which of the following are correct?
Florida Benefits only
A Florida Business opens another store in Kentucky with three employees what is true for WC?
Florida Policy Part III
Who is eligible for Citizens Property Insurance Corporation (CPIC)?
Florida Residents owning residential property
Medicare Supplement are standardized by:
Florida Statutes
Who governs the requirements for a Citizens Property Insurance Corporation?
Florida Statutes
A building was totally destroyed by a covered peril. What is the rule on payment of a claim?
Florida Value Policy Law
What requires an insurance company to pay the policy limit when there is a total building loss?
Florida Value Policy Law
Employee employed in Florida is injured on a business trip while in Georgia. How will Workers Comp pay?
Florida benefits only
What is NOT a feature or purpose of Florida Insurance Guaranty Association?
Florida guarantees all insured are paid to replacement all damaged property
Who qualifies for FAJUA?
Florida residents unable to obtain covergae in the voluntary market
An excess liability policy that provides the same coverages, provisions, and exclusions as the underlying policy is called
Follow form excess
On a Dwelling Policy 2 Broad Form, insured has a tree struck by lightning, the tree falls, tearing down power lines, damaging pool and food in freezer spoils from lack of power. What is covered?
Food spoilage, pool and tree
Under the Businessowners policy, the Business Income Coverage is available:
For 12 months from the date of loss
Which of the following are not correct under Workers' Compensation?
Funeral expense must be paid within 120 days
What two policies will be adequate to create a CPP?
GL & Property
Our insured rented the business pickup truck to a customer while repairing the customers car. What policy pay if a claims occurred?
Garage Coverage Form
If the insured has committed fraud when applying for a health insurance policy. How long is the policy considered contestable?
For the life of the policy
An insurance company in New Mexico wants to do business in Florida. The State of Florida would consider this company which of the following?
Foreign
What is an insurance company who is organized in a different state than the state they are operating in?
Foreign
All are covered under BAP EXCEPT?
Forklift
Which of the following best describes a controlled inland Marine form?
Forms promulgated by the bureau and filed for uniform use
How many employees are necessary to be required to purchase WC coverage, if not in construction?
Four
How many employees are required before employers are required to purchase a Worker's Comp policy?
Four
What period of time can a third party make a claim?
Four years
A deductible that states "If the loss equals or exceeds the deductible, waive the deductible, is known as?
Franchise
A deductible that states "if the loss equals or exceeds the deductible, waive the deductible", is known as:
Franchise
One contractor was given the contract to put the utilities in a subdivision. What would be the correct bond?
Franchise
What type of deductible is used in Ocean Marine?
Franchise
If the insured has a total loss and the company is required to pay the entire amount past the 1st dollar, it is considered.
Franchise Deductible
In the Building and Personal Property Coverage form, all of the following are considered building items except:
Free standing display cases
What is NOT covered in Part D under PAP?
Freezing
How would a shipowner insure for a loss of income to the sinking of his ship and being unable to receive payment for the delivery of the merchandise?
Freight Coverage
The Happy Shipping Line has a boat sink and the cost of shipping the goods is not collectable since the shipping line did not deliver the goods in good order. How can the shipping line be reimbursed for the lost shipping fees?
Freight Coverage
Transatlantic Shipping has an accident at sea and loses the cargo on board one of its vessels. In order to be paid for the shipping charges that were loss, they would need to have what coverage?
Freight coverage
Insured has a business covered by a BAP with no endorsements and also has a CGL. Wife borrows a friend's auto to run an errand. Friend has Liability and PIP. The wife hits a pedestrian. How is this covered?
Friend's Policy
Greg, our insured was running an errand for his employer, in his friends car and hits a pedestrian. Provided both Greg and his friend each have a PAP, how would Gregs policy defend him?
Friends is primary Gregs excess
Insured has an Inside Robbery and Safe Burglary Policy. A car crashes through the front door, damaging it in the amount of 2,100. His safe was broken into and missing was $2,000 in cash, $3,000 jewelry and damage to the safe in the amount of $1,000. What is covered?
Front door, safe and jewelry
What is Eligible for Homeowners
If the insured is living in the home and they have 2 renters of the insureds primary
A CSR Licensee can obtain a license in all of the following situations EXCEPT:
If they work for an agent they do not need to be licensed
What is a qualifier for disability benefits?
Impairment
If an agent believes that they had the authority to meet a written contractual obligation, what would this be considered?
Implied Authority
If the agent believes that they had the authority to meet a written contractual obligation, what would this be considered?
Implied Authority
Which of the following best defines Vicarious Liability?
Imposes responsibility upon one person for the failure of another, with whom the person had a special relationship
What is the main factor regarding the amount of disability insurance one can obtain?
Income amount
When must you show proof of motor vehicle Financial Responsibility?
In an accident
A Claim happened during policy period and reported within 60 day after the policy expired. How can this claim be covered.
In the BERP
Our insured borrowed a boat. Under the CPL, what is covered?
In/Outboard motor boat of 50hp
WHICH OF THE FOLLOWING ARE CORRECT REGARDING A CONSTRUCTION COMPANY OWNER UNDER WORKERS COMPENSATION?
Included under in Workers Compensation benefits but could not opt out.
Which statement below best describes the insureds position under the Florida No-Fault law when the total medical and work loss bills exceed the PIP benefits without exceeding a threshold?
Insured can sue for the economic loss not paid or payable under PIP; no suit for intangible damages such as pain & suffering
Assignment is best described as:
Insured cannot transfer the policy without insurers agreement, and the transfer must be made by the insurer in writing
What is the deductible under Mechanical Breakdown and how is it paid?
Insured chooses deductible and paid per loss
All are covered under HO except
Insured defaming the next door neighbor
Under the aviation policy, all of the following are exclusions EXCEPT?
Insured flying temporary aircraft
Jane owns a car and carries PIP. She is on vacation in Tennessee and riding in someone's car who is a resident in Tenn. Which of the following statements regarding PIP is true?
Insured has PIP in Florida but is only available if insured is in their own vehicle or that of a residing family members outside of the State of Florida
What is a Tort Exemption under PIP?
Insured is exempt from legal liability to the extent PIP is paid
What is tort exemption?
Insured is exempt from legal liability to the extent PIP is paid
What is correct regarding contract receiving a Waiver of Premium Benefit?
Insured must be 100% disabled
In order to be eligible for the Citizens Property Insurance Corporation, the insured must:
Insured must go to outside admitted markets first
An insured has a PPO policy and while on vacation in another state the insured needs medical treatment. His policy would pay
Insured must obtain authorization from company before policy would pay if not an emergency
Insured purchased Extended PIP. The insured and a passenger were injured in an accident. Who is provided the Extended benefits?
Insured only
Our insured has non-owned trailer and was involved in an at-fault accident. If both the insured and the owner of the non-owned trailer were sued, who will be defended under the BAP?
Insured only
The insured had her 17-year-old nephew visiting. The nephew shot the neighbors son with a B B gun. Who would be defended under the insureds HO's Policy and by which Section?
Insured only - Section II
The insured purchased an Extended PIP endorsement. The insured and a passenger were hurt in the insureds vehicle. Who will be covered under Extended PIP?
Insured only is covered by the Extended PIP.
Under the HO's policy, all are considered eligible, EXCEPT?
Insured owns an Apartment House of 6 family units
Who is not eligible for Homeowners?
Insured rents a home to another individual
Which of the following best describes Estoppel?
Insured wanting to reinstate a right but the company stops them from reasserting the right
Who is eligible for Citizens Property Insurance Corporation for residential exposure?
Insured with dwelling under construction
Who's interest does the CPCU represent?
Insured's
What best describes "Subrogation?"
Insurer's right to collect back from 3rd party for medical bills.
Under the BAP what is the rating reference for radius of 150 miles?
Intermediate
Insured has purchased Premises Burglary crime coverage. A loss occurred damaging building $1,700; $19,000 inventory stolen; $500 cash taken from safe; and $700 damage to safe. What is covered?
Inventory, Damage to Building, safe
Duties of the adjuster at the time of the loss is:
Investigate the claim
Under the basic HO-6 Coverage A...
Is included for only $5,000
What best describes the SIR under an Umbrella?
It acts like the deductible
What impact does increasing a deductible have on a policy?
It decreases the premium
Definition of Hazard?
Item that increases the probablity of a loss
Our insured has purchased an Ocean Marine policy with Hull coverage. All is covered EXCEPT
Items on the docks
Which of the following are not correct in a PAP?
Maximum amount payable under Supplementary payments is $250.
Fire Legal Liability is covered under the General Liability Policy. Which of the following statements is correct?
It has it own internal policy limit subject to the per occurrence limit payable from the General Aggregate
What is liberalization?
It increases coverage with no increase in premium
A mobile home owner has a detached garage. How is it covered?
It is automatically covered up to 10% of Coverage A
Under the Supplementary Payments section of the Personal Auto Policy, which of the following statement is correct?
It is paid as Excess over the liability coverages
Mr. Owens buys a three wheel motorized bike for his son for Christmas. His son is riding it & causes a person bodily injury. Which of the following statements are correct?
It would be covered as long as it is on the premises under Section II
Judy test drives Ferman Dealership car and has an at fault accident. Judy has injuries of $12,500 and damages a telephone pole in the amount of $5,000. Judy has PAP for 10/20/10. What responds?
Judy's Liability and Judy PIP
Mrs. S is test driving a car and she has basic 10/20/10. K is a car dealership. Mrs S backs iknto a car on the lot and causes $2,000 damage to the other car. The other driver sues for $10,000 medical payments. Both are sued for damages, What policy defends?
K Dealership
What would be required to be a Flood?
Large amount of land not normally covered by water but now is
What would be required to be considered a Flood?
Large amount of land not normally covered by water, but now is
All are considered a Bailee under Inland Marine policies EXCEPT?
Laundry Mats
Which of the following is not considered an owner of a defined motor vehicle under the No-Fault law?
Lessee of a vehicle for 3 months
Business Auto, all could be endorsed ON EXCEPT?
Liability
The insured has a PAP with Car 1 has Other than collision and Car 2 has Liability only. The insured acquired a new car and has not called the agent when getting into an accident within 12 days after purchase. How will the policy respond
Liability and Other than Collision
Products were imposed into the US and sold at a local business location in the US. The buyer of the product was injured, how will the CGL policy apply?
Liability arising out of Products is covered if the product was made or sold in the US, covered territories, Puerto Rico and Canada
Products were imported into the US and sold at a local business location in US. The buyer of the product was injured, how will the CGL policy apply?
Liability arising out of Products is covered if the product was made or sold in the US, covered territories, Puerto Rico and Canada.
All are supplementary payments under the General Liability Policy EXCEPT?
Loss of Earnings up to $200
The Hard Times Shoe Company has purchased an Inside Robbery & Safe Burglary Crime Policy. The following loss occurs where there were visible signs into the safe. Loss was money, precious metals and securities. What would be covered?
Loss of Precious Metals
What is not an Additional Coverage under Homeowners?
Loss of Use
Direct loss includes all except
Loss of Use from a fire
What is considered Permanent Impairment?
Loss of bodily part or inability to use
Freight coverage is provided under Ocean Marine for which of the following?
Loss of income due to cargo being spoiled
Disability insurance is designed to?
Loss of income from sickness or injury
Which of the following is NOT a "Direct Loss"?
Loss of rents due to damage to insured property
Insured has a Builders Risk Policy limit of $60,000 and the loss was $20,000. The property was valued at $100,000. How much is payable?
Loss reduced by coinsurance if the insured did not carry at least 100% of expected completed value
Sam Jones sent a Cashiers Check through the mail, which got lost. Under which bond would the document be replaced?
Lost Instrument
The insured is sending money through the mail in the form of a certified check. How would you cover this exposure if the check needs to be reissued?
Lost Instrument
The insured is sending money through the mail in the form of a certified check. How would you cover this exposure?
Lost Instrument
Luis purchases a money order to make his car payment. The money order never makes it to the finance company and he has to replace it. What type of bond will the company need in order to replace the money order:
Lost instrument bond
What would be considered a flood in an underpopulated area?
Low lying property with two acres
What is considered covered under Flood?
Low-lying house, with two acres flooded
All are consider ERISA, and does not make it subject to Florida Department of Insurance Regulations control EXCEPT?
MEWA
In the General Liability policy world-wide coverage is available to all of the following EXCEPT?
Made in London sold in Germany
Within the health insurance policies, what coverage provides catastrophic coverage, characterized by a deductible and coinsurance?
Major Medical Coverage
A Claims Made Policy is effective from March 1, 1992 to March 1, 1993 and renewed on March 1, 1993 to March 1, 1994. Which of the following dates could have retro dates?
March 1, 1992 and March 1, 1993
Mark and Sam went to play golf and put both sets of golf clubs in Sam's trunk. When stopping to get something to drink, both sets of clubs were stolen. What policy pays for Mark's golf clubs?
Mark's Homeowners policy
Sam and Mark play golf. They put both sets of clubs in Sam's trunk & stopped for a drink. The car is broken into & both sets of clubs are stolen. Who would cover Mark's clubs?
Marks HO3 policy
The insured has a CGL Policy with basic limits for medical. A customer fell in the parking lot and five witnesses saw the person fall and stated that there was no negligence on the part of the insured. Which of the following statements is correct?
Medical Payment Coverage could pay the expenses
Under the Farm Liability Coverage Form, what is covered?
Medical Payments and Personal Injury
Mr. B was hurt in an at-fault accident. How would Medical Payment pay out?
Medical Payments would be reduced by any payment made under PIP, Liability, or UM
Liability includes all EXCEPT:
Medical bills for the insured
All of the businesses listed below are not eligible for the BOP EXCEPT?
Merchant
Who is eligible for a BOP?
Merchant
Coverage Territory under the PAP includes all EXCEPT?
Mexico
PAP covered territory what is not covered?
Mexico
Where will coverage be suspended under the PAP?
Mexico
Misrepresentation includes:
Misleading an individual to believe something that is not true
Client lied on the stand and the judge charged them with contempt of court. What is this considered?
Misrepresentation
If the insured lied on their Health insurance application, what will this be considered
Misrepresentation
When a company advertises information that was intentionally false, this is known as:
Misrepresentation
When can an agent have their license suspended?
Misrepresentation
A Blue Sky Bond covers which of the following:
Misrepresentation by security dealers
If a PAP was in force more than 60 days, what are the reasons that a policy cannot be cancelled?
Misrepresentation of Marital Status
PIP does everything EXCEPT:
Modify insureds property damage to tort
An insured owns a gift shop & realizes when coming into work that his business has been broken into, with no premises damage, safe is broken into but no damage, the money & securities are taken. Under what policy will pay?
Money & Securities
Employee loses the bank bag on the way to the bank to make a deposit. How would the money be covered?
Money & Securities
The insured's store is burglarized and Money, Checks and Merchandise were damaged. What is covered under the Money & Securities Crime coverage?
Money & Securities
A large amount of cash was held on the premises. How would it be covered if stolen?
Money & Security
The insured purchased a Money & Securities Crime policy. The following loss occurred, what's covered under the above policy?
Money, Securities
How often does a Workers Compensation Disability Payment have to be made by law?
Monthly
How often does the state like payments to be made for persons collecting disability benefits?
Monthly
What is the common period of time for payments to be made for persons collecting disability benefits?
Monthly
What coverage give the insured the ability to select a fraction and at the time of the loss multiply the fraction time the limit under the Business Income policies.
Monthly limit
If an employee steals from their employer, what kind of hazard does this represent?
Moral
The insured is carrying their own products in the truck that their employee is driving. In order to cover the items inside the vehicle, the insured would need?
Motor Truck Cargo
Which of the following covers the liability of a common carrier for damage to property of others?
Motor truck cargo policy
Eligible vehicles under Florida No Fault law includes all EXCEPT
Motorcycles
MEWA is subject to State Regulation because:
Multiple Employers health insurance plan
ALL are considered NOT employments under Worker's Compensation EXCEPT?
Municipal Employees
Not-employment under Workers Compensation includes all EXCEPT:
Municipal Employees
The following are examples of not-employees under WC, EXCEPT?
Municipal worker
All of the following are correct regarding the RCBAP (Residential Condo Building Association Policy), EXCEPT?
Must be at least 70% residential
All of the following are characteristics of the FWCJUA except:
Must be denied by at least 1 standard carrier
The insured has a covered loss. Which of the following would be the responsibility of the insured at the time of the loss?
Must cooperate with the company
What is the difference between the authorized and unauthorized insurance company?
Must have a Certificate of Authority to be authorized
A man is borrowing autos of others. He is worried about protection. What does he need to cover this exposure if no auto is owned?
Named Non Owned
Coverage which provides Liability, Medical Payments, & UM for a named individual who does not own an automobile under PAP, to cover for operations of autos owned by others?
Named Non Owned
A person does not own a vehicle, however must provide the Department of Highway Safety and Motor Vehicle an SR-22. What coverage would be necessary?
Named Non-owned
Sally does not own an automobile and borrows a friends car. The friend does not have any insurance and Sallys drivers license is suspended when she is in the accident. What coverage can she purchase to reinstate her license?
Named Non-owned
If Rita did not own a vehicle but wanted to purchase a policy to cover her for liability, medical payments, and uninsured motorist while she drove someone elses car, what coverage would she purchase?
Named Non-owner coverage
All of the following are correct regarding FAJUA as it relates to Commercial Vehicles EXCEPT?
Named Non-owner policy can be purchased by the business
What is the difference between DP-2 and DP-3?
Named Perils on DP-2 and Open Perils on DP-3
What best describes the options available in writing Employee Theft coverage?
Named Schedule; Position Schedule and Blanket
Contractors Equipment Floater can be written on what basis?
Named peril / All risk
Insured (woman) went to England and lost her purse. There was $300 in money, the purse was valued at $75 and her make-up was worth $25. How much is payable under HO-3?
None
Who is not eligible for FAJUA?
Non Resident owns car
Best coverage coverage under Health FOR THE INSURED.
Non cancelable
Florida agents can work and sell in another state in which of the following situations?
Non resident license in the state they are selling a policy
What health insurance policy contains a clause that states: the insurance company cannot cancel the policy and cannot increase the premiums?
Non-cancelable
What is symbol 29 under the Garage Policy?
Non-owned Auto
Under the Truckers policy what is covered under Trailer Interchange?
Non-owned Trailers
ABC Trucking company is hauling a non owned trailer & the following loss occurs. There is loss to Non owned trailer damage / loss of use to the non-owned trailer for 10 days And damage to the insured truck What is covered under trailer Interchange?
Non-owned trailer damage
Who would not be eligible under FAJUA?
Non-resident owning real estate
Who is NOT eligible for FAJUA?
Non-resident who has their car here more than 90 days out of the last 365 days non-consecutive
Health insurance coverage that insures the policy premium will never increase and coverage cannot be cancelled is?
Noncancellable
3 Rare Stamps were put in the mail. Each were valued at $3,000. How much would be paid if the items were lost in the mail
None
A Dealer put 4 rare coins valued at $2,000 each, in the mail. How much would be paid if they were lost in the mail?
None
A business computer brought home was stolen. What is payable for the business data?.
None
Our insured has 10/20/10 of liability coverage. Our insured was test driving a car and was in an at-fault accident. The Garage policy for the Dealership was a CSL of $150,000. What is the amount our insured will be covered for under the Garage policy if the damages were $50,000?
Nothing
The insured's hot water heater burst causing water damage to the rest of the house. How will the DP-1 policy respond?
Nothing
An employee steals a car, under the Garagekeepers coverage what will be covered.
Nothing because an employee stole it
How does PIP pay for a motorcycle accident of a daughter who is still living in the house?
Nothing paid - motorcycle is not a defined motor vehicle
Financial Services Commission has regulatory authority over?
OIR & OFR
The Financial Services Commission is the regulatory authority over:
OIR and OFR
The City of St. Petersburg wants to have Joe, the contractor build a five million dollar building but requires him to get a bond from the ABC Insurance Company. Who are the parties to the bond?
Obligee, Principal, Surety
What does an insurance company have to do to transact insurance in Florida?
Obtain a Certificate of Authority
All of the following are unfair trade practices except:
Obtaining an insurance license
All of the following describes the Employee Theft coverage forms EXCEPT?
Occupation schedule
An accident included continuous and repeated exposure to the same harmful conditions, is referred to as:
Occurrence
An accident including continuous and repeated exposure to the same harmful conditions, is referred to as?
Occurrence
An accident with continuous and repeated exposure to the same harmful conditions is known as?
Occurrence
What are the two forms of CGL?
Occurrence - Claims made
Under the DP 2, all of the following are additional limits of insurance EXCEPT?
Off Premises Personal Property
Coverage extensions under the Building Personal Property Coverage form includes all EXCEPT?
Off premises sign coverage $5,000
All of the following Departments are under the Department of Financial Services EXCEPT
Office of Insurance Regulations
All of the following are the Departments under DFS, EXCEPT:
Office of Insurance Regulations
Insured has a recreational motorized vehicle. Where is coverage provided?
On the premises only
Flood coverage must inundate
One house over two acres.
A type of health insurance that cannot be canceled during the policy term, but for which the company reserves the right to non-renew at policy at expiration is:
Optionally Renewable
What policy under Health insurance cannot cancel the policy does not have to renew, but can increase the premiums if the insured elects to continue coverage.
Optionally Renewable
The insured has a home. During a fire loss one wall is damaged and the other is not damaged. If the insured is required to tear down the undamaged wall, what will pay to build it back to specifications?
Ordinance & Law
What is Coverage G under the Farm Coverage Form?
Other Farm Structures
What is covered under the Farm Coverage and not under Homeowners?
Other Farm Structures
A business in Florida opens another location in GA. They hire employees who reside in GA. A Georgia employee is hurt. How can the coverage be obtained?
Other States
An employee was hired in Florida and moved to another state to manage an office for our insured. How can the Florida Workers Compensation policy provide benefits for this worker?
Other States
Policy was written properly. Florida based company was doing business in GA. Georgia employee gets hurt what coverage will apply to this claim?
Other States
A FLORIDA OWNED COMPANY OPENS A NEW OPERATION IN GEORGIA AND AN EMPLOYEE IS INJURED AT THE NEW GEORGIA OPERATION, HOW WOULD COVERAGE BE PROVIDED?
Other States - Part Three
Debris removal in the DP-1 can be found in what section?
Other coverages
Part 3 in Workers Compensation policy is:
Other states
Flood waters cause a $40,000 car to collide with a tree. What coverage would pay?
Other than Collision
Tom purchased 10/20/10 liability, Uninsured Motorist 10/20, PIP and Collision coverage with a $250 deductible and Other Than Collision with a deductible of $100. When hitting a horse, what coverage would apply?
Other than Collision
Which of the following is considered a "Your Covered Auto"?
Owned trailer
Under the Garage policy, what would be covered under Garagekeepers?
Owner took car home while driving the vehicle the fuel pump exploded
Which of the following may purchase the CPL?
Owner/ Occupant Mobile Home Apartment
What form includes liability for operations of independent contractors which is specifically listed when performing work on behalf of the insured and causes BI & PD ?
Owners & Contractor Protective
All are covered under Professional Liability EXCEPT?
Owners & Contractors Protective
The Insured hired an independent contractor. The insured has claims for Bodily Injury and Property Damage arising out of operation performs by the independent contractor for the insured. What is necessary to cover these claims?
Owners & Contractors Protective Liability
The insured hired an independent contractor. The insured has claims for BI/PD arising out of operations performed by the independent contractor for the insured. What is necessary to cover these claims?
Owners & Contractors Protective Liability
A cabinetry company hires a framing company to build a frame for the cabinets to sit on. If the cabinetry company wants to protect themselves what coverage would they need.
Owners and Contractor Protective
Insured has a vacant lot and wants to hire a contractor to build a commercial building, what kind of policy is needed to protect the owner, if the insured is sued?
Owners and contractors Protective Liability
All of the following would not be covered under a CPP, except:
Professional Liability
What bond will indemnify the obligee if payments are not made?
Payment Bond
What is the bond that guarantees the principal will pay the salaries, bills and other expenses on the job?
Payment Bond
In a Performance Bond the Principal is liable to the Surety for:
Payment if job isnt completed
Insured caused damage to a non-owned 18 foot watercraft with a 125 hp engine. How much would be payable under the General Liability policy.
Pays BI/PD damage when the non-owned boat is in the insureds care, custody and control if under 26 feet
All are the major characteristic's of the Major Medical Policies EXCEPT?
Pays a flat dollar limit per day
Which of the following statements are true about the Supplementary Payments of CGL?
Pays beyond the policy limit
Which is the definition of "Uninsured Motorist:?
Pays for bodily injury to the insured cause din a Not-at-Fault accident of the insured
Which is the definition of "Uninsured Motorist"?
Pays for bodily injury to the insured caused in a Not-at-Fault accident of the insured
Liability Deductible on Garage Policy
Pays for the damage arising out of their work except $100 deductible
Under the Personal Auto Policy, what is considered NOT covered under Medical Payments?
Pays individuals in the other vehicle if the insured is At-Fault
Insured has a DP-3. Two cows were leaning on a fence and gets struck by lightning. What will be paid?
Pays nothing.
A contractor purchased a Bid Bond and accepts the job. The contractor has a Performance Bond. He began the job - did not complete the job. How much will be paid?
Pays to finish the job
A Cookie store needs a policy to cover fluctuating inventory during specific periods of time. What is the coverage form you would recommend?
Peak Season
Candy store has a widely fluctuating inventory through November until February. What coverage should he have?
Peak Season
How could you modify the Reporting Form where no reports are required?
Peak Season
What is endorsed to a Commercial Property Coverage Form to provide higher limits during specific periods of the policy?
Peak Season
What policy increases or decrease your inventory coverage for a specific period of time?
Peak Season
How is the Boiler and Machinery Breakdown Policy deductible applied?
Per Accident
When a deductible is applicable in a Mechanical Breakdown policy, how is it applied?
Per Breakdown
Coverage limits on Professional Liability policies as it relates to:
Per Claim
How will the deductible for Mechanical Breakdown apply?
Per Disablement
Under the Professional Liability coverage the limits represent?
Per claim/per aggregate
All of the following are common deductibles in an aircraft hull policy except:
Percentage
In certain coastal areas in Miami, windstorm insurance is subject to which of the following deductibles?
Percentage
Windstorm insurance in certain coastal areas is commonly written subject to which of the following deductibles?
Percentage
The Farm liability policy automatically includes which of the following?
Personal injury liability
Under the BAP, what is symbol 7 most frequently used to activate?
Physical Damage
What coverage uses a symbol when rating a PAP?
Physical Damage
The Named Non-Owner Coverage endorsement can include all EXCEPT?
Physical Damage Coverage
What is the most common use for Symbol 7?
Physical damage
Which is considered a professional under PS&D without an endorsement?
Physician
Who is automatically covered under PS&D Policy without additional premium?
Physicians
All could be covered under the Physicians, Surgeons and Dentists Policy EXCEPT?
Physicians and Surgeons
What describes putting a contract into effect?
Policy
PAP, what Is not listed on the Declaration Page?
Policy Form definitions
Mr. M had his insured vehicle stolen on 4/20 and had set up to have new insurance on 5/1. The car was recovered on 5/28. How would the policies apply coverage?
Policy in effect on 4/20
Agent has sold many policies. Which of the following sales is considered "controlled business'?
Policy sold to family members
"Other Insurance Conditions" includes all of the following concepts, EXCEPT:
Policy would only pay a claim if required by court
Other Insurance Conditions - include all of the following concepts EXCEPT:
Policy would only pay a claim if required by court
BAP Physical Damage coverage includes all EXCEPT?
Pollution
Under the General Liability policy, there is an exclusion endorsement that is popular with the companies. What is the endorsement?
Pollution
Rationale for regulatory concern with unauthorized insurance includes all of the following EXCEPT:
Potential problems between the State and Federal governments
What is true regard Pre & Post Judgment Interest?
Pre Judgment interest is within and Post is paid in addition to the limits
What will prevent you from getting health insurance?
Pre-existing conditions
What coverage is incorporates a group of doctors and hospitals in a certain area are trying to reduce medical costs?
Preferred Provider Organization
If a Bid Bond is requested, how do we identify the person doing the work?
Principal
Who are the parties to a Bond?
Principal, Obilgee, Surety
What is not eligible for a BOP?
Private Home
Coverage G - under Farm Coverage Form includes coverage for all EXCEPT
Private Household shed
Coverage G would coverage all except:
Private Shed
The insured has a HO Policy she purchased for $100,000 and her husband not knowing, also purchased a HO Policy for $200,000. They suffer a $75,000 loss. How will the policies pay?
Pro rata, ($100,000 policy pays $25,000 and the $200,000 policy pays $50,000)
There are two policies on one house when a claims is made. How will it pay?
Pro-rata
The court requires Sarah to obtain a bond to handle an estate of a deceased person. The bond she would purchase would be?
Probate
What is the type of Bond that is designed for those who administer estates of deceased persons?
Probate
Johnny owns the Spot Airport has an Air-meet policy. All of the following would be available benefits under the policy, EXCEPT?
Products
Dread Disease is best described for which of the following?
Provides benefits for a specific single illness
The business gives you a company car to drive and you were at-fault in the accident. How will the BAP apply?
Provides coverage for defense under liability benefits of the BAP
The business gives you a company car to drive and you were at-fault in the accident. How will the Business Auto Policy apply?
Provides coverage for defense under liability benefits of the BAP
How would the Basic Extending Reporting Period (BERP) be applied?
Provides coverage if claim reported within the reporting period
Extended PIP does which of the following?
Provides payment for lost wages at 80%
Why would an individual purchase HMO?
Provides preventative medicine
A fundamental doctrine in property insurance that holds that when there is an unbroken connection between an occurrence and damage that grows out of the occurrence, then the resulting damage is part of the occurrence, is known as:
Proximate Cause
Insured had a loss from fire, with resulting damage of smoke and water. What best describes this sequence of events?
Proximate Cause
Insured had a loss from fire, with resulting damage of smoke and water. What best describes this sequences of events?
Proximate Cause
Our insured has DP-2 and lightning hits a tree knocking out the power out causing spoilage. Which of the following is the concept
Proximate Cause
Wind loss blows down a tree on the premises and knocks out the power causing spoilage of food. What is this considered?
Proximate Cause
Lightning hit a tree and the tree fell on the house and also an electric line on the premises, causing power line to result in spoilage food, what concept should this be considered
Proximate cause
What is an unbroken connection between the occurrence and the damage resulting in all the damage from the loss being paid?
Proximate cause
Agent should put the interest of the __________first.
Public
CPCU Designee ethics hold in highest regard, which of following:
Public
Which of the following are NOT coverages under Workers Comp Part II?
Punitive Damages
Which of the following is imposed to punish the defendant because of the particularly willful nature of their wrongdoing?
Punitive Damages
Which of the following is imposed to punish the defendent because of the particularly willful nature of their wrongdoer?
Punitive Damages
The Diamond Jewelry Store has an Employee Theft Policy. It is the desire of management to have more coverage on Tom than that available for the loss against other employee. Which statement is correct?
Purchase Excess Coverage for Specified Employees
How do we cover custom painting?
Purchase an endorsement
An insured wants coverage for the customization for his van on his PAP, he should:
Purchased on endorsement and advise insurer of cost of customization
Insured (women) went to England and loss her purse. Lost was money, purse, and make-up. What is covered?
Purse, make-up
DP-2 Broad A water heater exploded and will cost $12,000 for the damage to the roof and walls. If adequate coverage is available, how would it be covered?
RC
All of the following are covered by a mechanical breakdown policy except:
Radiator damaged in accident
Generally all of the following are covered under Mechanical Breakdown policy except?
Radio and antenna
Disability Income. How would the policy respond if the insured became a coal miner during the policy term and a disability occurred?
Receive a reduction of benefits due to a more hazardous occupation
When the Agent represents a company, the agent has right to:
Receive an Appointment with the Company
What is the purpose of PIP?
Reduce need to go to tort
which of the following is true regarding Medical Payments coverage in PAP?
Reduced by A and C coverage
Dad purchased a Homeowners policy. The daughter which is a full time student, living at home, hurt someone by mistake. Where will coverage be provided?
Section II
Dad purchased a Homeowners policy. The daughter who is a full time student living at home, hurt someone by mistake. Where will coverage be provided?
Section II
Under what section is Incidential Farming eligible by endorsement under HO?
Section II
Homeowner has borrowed a 45 hp in-board boat and takes out a guest. The guest gets hurt on the boat. How could this covered?
Section II HO
What is the CPL most like?
Section II under HO
Our insured injured a person with their motorized wheelchair. How would the insured be defended?
Section II under HO policy
Under the Crime policy, what is tickets, tokens, and credit cards and receivables considered.
Securities
How is MONEY AND SECURITIES coverage addressed under the BUSINESSOWNERS POLICY?
Selected as an optional coverage
Under the Financial Responsibility Law, how can a person comply?
Self Insurance to $30,000 net liquid assets Certificate of Deposit in the amount of $30,000 Insurance with minimum of 10/20/10
What acts like a deductible UNDER the UMBRELLA policy?
Self Insured Retention
What acts like a deductible under the umbrella policy?
Self Insured Retention
An umbrella can be broader than the underlying policies and may respond as primary coverage. The policy contains a feature that is similar to a deductible that applies when this situation occurs. This is called:
Self insured retention
Controlled business is defined as:
Selling insurance to individuals over whom the agent has a financial influence
What can the Agent offer without getting a signed statement from the insured under Uninsured Motorist?
Selling limit the same as BI
Defined Motor Vehicles in the NO Fault Law includes which of the following?
Semi Trailers
All are an insured under HO policy EXCEPT?
Separated Spouse
Who is not an insured under the Homeowners policy?
Separated spouse
Insurance applies separately to each insured, best describes which of the following:
Severability
The policy condition that says that coverage applies equally to each insured as if the other insureds did not exist is called:
Severability
What is a liability clause which means that insurance applies separately to each insured?
Severability
What is eligible under the Employment Practices policy?
Sexual Harassment
If extra money is needed to fund the FAJUA, how is it funded?
Shared by insurance companies in the regular markets
All of the following are types of property that can be covered under a Personal Articles Floater except:
Show Dogs
PAF covers all of the following EXCEPT
Show Dogs
Under the PAF, which of the following would not be covered?
Show dogs
What is not covered under PAF
Show dogs
All of the following describe insurable interest except:
Shows a similarity between insurance and wagering
All of the following are eligible for homeowners coverage except:
Single family, tenant occupied home
All of the following are ways that liability limits can be expressed except:
Statutory limit
Motor Truck Cargo, EDP and Cargo in Transit is considered which of the following?
Uncontrolled Forms
Adding ancillary coverages without the insured knowledge or stating the coverages are required by law is known as:
Sliding
Adding ancillary coverages without the insureds knowledge or stating they are required by law, is known as?
Sliding
What is the concept when the agent begins adding ancillary coverages to the insured's policy?
Sliding
What are the Coverage Forms for Boiler & Machinery Coverage.
Small Bus Boiler & Machinery and Small Business Boiler & Machinery Broad Form AND Boiler & Machinery
Financial Responsibility would apply in each of the following EXCEPT?
Small amount of Property Damage
Under Section II of the General Liability Policy, who can be insured?
Sole Proprietor
Who needs a WC policy?
Sole Proprietor with 2 employees in construction
An owner of a construction firm called the agent to inquire into Workers' Compensation. How is the sole proprietor coverage addressed in construction?
Sole proprietor may not opt out of the coverage
Which of the following are correct regarding sole proprietor businesses under workers comp?
Sole proprietors are not to be counted except in construction
Mom has a PAP with Liability, PIP, MP and UM. Resident son has a motorcycle policy.Riding his motorcycle and in an accident, how will coverage apply?
Sons policy
Which of the following BEST describes the property coverage available under the Businessowners program?
Special form, however insured could reduce premium by purchasing Basic Cause of Loss
Each item is separately listed on the policy, yet coverage is provided to all items with individual limits. Choose the correct term:
Specific
Each item is separately listed on the policy, yet providing coverage to all items within individual limits is known as:
Specific
Your insured has a home under construction and has not moved in. Theft of some of the construction materials occurs. What is covered?
Specifically excluded
Our insured purchased the Consequential Damage endorsement under the Boiler and Machinery Policy. What type of property will be covered under the endorsement if loss occurs?
Spoilage of food
All of the following are defended under the CGL policy for corporations EXCEPT
Spouse
Which of the following reasons are applicable in the cancellation clause when the automobile policy is in force over 60 days
Spouse Drivers License suspended
All of the following are defined as insured in the CGL except:
Spouse of a corporate office
A General Liability Policy written on Corporations will cover all EXCEPT?
Spouses
When does the insured NOT have to sign a form in relationship to UM?
Stacked
Under the Farm Coverage Forms, the following coverages are available EXCEPT?
Standard
When the insurance company pays the insured for a loss that should have been collected from a company of the at fault party, all rights for recovery of the insured is transferred to the insureds insurance company. What is this called?
Subrogation
When the insured transfers his rights against the other party to his insurer it is know as:
Subrogation
When the insureds insurance company pays the insureds for damage that was collectible and the insureds rights are transferred to the insurance company, what is this concept?
Subrogation
When the insurer pays the insured for a covered loss, any rights of recovery from an at-fault party are transferred to the insurer. This is known as:
Subrogation
When the insurer pays the insured for a covered loss, any rights of recovery from an at-fault party are transferred to the insurere. This is known as:
Subrogation
All of the following are exclusions under the Aviation policy EXCEPT:
Substitute Planes
All are Exclusions under Aviation, EXCEPT
Substitute planes
The insured's vessel was damaged and they had to store cargo away from the damaged vessel. What would address this concern?
Sue & Labor
In Ocean Marine a clause that requires the insured to take all steps necessary to save & preserve goods from loss or to minimize a loss which has occurred?
Sue and Labor
Our insured has damage to the vessel and temporarily stores cargo in warehouse. What would this act be considered.
Sue and Labor
Supplementary payments under the CGL. Which statement is true?
Supplementary Payments are paid in addition to the policy limits
A SCHOOL BOARD CONTRACTED WITH PENSACOLA COUNTY TO FURNISH DESKS AND CHAIRS FOR THEIR CLASSROOMS. WHICH OF THE FOLLOWING BONDS MIGHT BE PURCHASED TO PROVIDE PROTECTION FOR THE PRICING THEY AGREED UPON?
Supply Bond
A bond that guarantees the supplies needed for a construction project will be delivered on time and at the agreed upon price is called:
Supply contract bond
The bond which guarantees the payment of materials in full upon completion of the work is called:
Supply contract bond
ABC Insurance Company issued a contractor a bond to complete a job for the City of St. Petersburg. What is the order of the parties involved in a bond?
Surety, Principal, Obligee
What parties are always the parties to a Bond?
Surety, Principal, Obligee
What symbol is used for Any Auto under the Garage policy?
Symbol 21
In a Business Auto Coverage form, if you wanted to apply coverage to specifically described vehicles, which symbol would you use?
Symbol 7
What symbol is most commonly used for physical damage coverages in the BAP?
Symbol 7 Specific Vehicles
Insured has a DP-3. Loss occurs. Which of the following are paid?
TV burned in fire
DP-1 What is covered?
Table top burned by a coffee pot
Insured was in an accident, without insurance coverage. What would occur under the Financial Responsibility Law?
Tag Suspended
All of the following are the insured's "Duties At the Time of the Loss" EXCEPT"
Take no action until reporting the claim to the insurer
Which of the following is the definition of burglary?
Taking of property by unlawful entry or exit with visible signs of forced entry
Ted owns a trucking business and has a Truckers Policy with Trailer Interchange policy to cover his semi-tractors. He is pulling a trailer that belongs to Marcy and he in an accident in which Ted is at fault, who would be defended in Teds Liability if the insured hurt someone in another vehicle?
Teds and Marcy's
Newly acquired vehicle coverage applies in all of the following EXCEPT:
Temporarily Borrowed vehicle
Newly acquired vehicle coverage applies in all of the following EXCEPT?
Temporarily borrowed vehicle
Under an Employment Practices Liability there is worldwide coverage. Where would a claim need to be filed?
US and Puerto Rico
Which of the following are NOT applicable under the Homeowners policy?
Temporary Location is 5 Days
What is a binder?
Temporary insurance
Which of the following best describes Binders?
Temporary insurance
Which of the following best describes binders
Temporary insurance
Which of the following is NOT applicable under the Homeowners policy?
Temporary location for 5 days
Binder is best described as:
Temporary verification of coverage until the original policy is received
Binder is best described as?
Temporary verification of coverage untile the original policy is received
A man age 65 was granted a three month medical certificate to fly to Canada by the FAA. Why is he not covered?
The FAA Special Waiver
If a claim occurs anywhere in the world under the Employment Practices Liability coverage, where must the claim be brought, to be covered?
US, Puerto Rico
The Running Down clause in the Ocean Marine Policies will cover?
The Other Vessel
If an agent is licensed and appointed by a specific insurance company, can the agent bind policies?
The Statutes permit the agent to bind
How much is a mortgage company entitled to recover if a covered loss occurs to covered property?
The amount of the outstanding portion of the loan or policy limit whichever is lower
If a commercial condominium situation where the building form and the unit owners form both cover the same property in a loss, which of the following applies?
The association form is primary and the unit owners is excess
Surety bond condition is:
The bond is noncancellable
The insured purchased a policy when employed as a florist. When the insured became disable it was determine the insured has recently change careers to a coal miner. How will this effect the claim payment?
The claim will be reduced since the insured move to a more hazardous position
Insurance Company wrote a Boiler and Machinery policy and later determines that the insured's business is more hazardous than advised, then what?
The company can cancel immediately
How does an insurance company terminate an appointment of an agent?
The company must notify the Department Financial Services in writing that the agent no longer represents that company.
ABC Company has a boiler and machinery policy with a Limited Coverage Endorsement. Their compressor breaks down and extensive repairs are needed. What is payable under ABCs Boiler and Machinery policy?
The cost of temporary repairs until completed work is done
All of the following are correct regarding the SERP EXCEPT
The coverage is automatic if the policy is non-renewed
Which of the following is correct regarding Trees and Shrubs under the DP 2 & 3?
The coverage is considered an additional amount of insurance
Mr. T vacated his house, has a DP2 coverage of $100,000. He left the house March 1 and put his home up for sale June 30. He suffered a $10,000 vandalism loss. They may deny his claim because:
The house was vacant for 60 days and therefore not covered.
The EDP Policy provides all EXCEPT:
The incomplete advertising for services of insured
Who are the parties to the insurance contract?
The insured and insurance company
What is the definition of "Assignment" and related to insurance?
The insured cannot transfer the policy to another person unless approved by the insurer
A $50,000 Bid Bond was purchased to cover the construction of a $1,000,000 building. You failed to accept the job for the amount bid, how much will the bond pay?
The difference to the next bid accepted
If an employer who is not required to carry Workers Comp purchases a policy and an employee is injured, the employer:
The employee received coverage from the WC policy.
A multiple employer welfare benefit plan or other arrangement is established or maintained to provide one or more various benefits to:
The employees of two or more employers
What best describes the Emergency Program under NFIP?
The first initial phase of the communitys involvement when entering into the National Flood Insurance Program
Mr. Green is performing custom farming for another person and has gross receipts of $300,000. Mr. Green damages property of others. What is covered under the standard Farm policy?
The gross receipts amount is over the automatic Custom Farming limit
Ethic's - Altruism
The highest goal is the aspiration to put others before yourself.
All of the following are exclusions common to all three Causes or Loss Forms except:
Theft
Employee is injured by a third party and will receive WC benefits. Which of the following statements are correct regarding the injured employee suing the third party.
The insured is permitted to sue - however WC insurer may seek recovery from the injured employee for amount paid by WC
Insured rented a condo on vacation. An invited guest slips in the unit and the unit starts on fire. If both are sued, who will be defended?
The insured only
Which one is covered on the HO policy?
The insured's dog bites a mailman
All are considered when rating an Aviation Hull Policy EXCEPT:
The location where the aircraft is kept hangered/stored
Under the HO-3 a loss occurred from hidden decay, causing a wall to collapse and a pipe to leak in the wall for six weeks. Which of the following best describes this situation?
The loss is payable regardless of time frame
What is correct regarding Medicare Supplement insurance policies?
The policy exclusions are set by standardization and cannot be changed
How much is payable under Parental Vicarious Liability?
The policy limit the insured purchases
A Mutual Insurance company is owned by which of the following?
The policyholders
The insureds Car was stolen on April 20. The insured purchased a new policy on May 1st. The Car was recovered on May 27th. Which policy would pay the loss?
The previous policy term in which the car was stolen
What is the function of CPIC Citizen Property Insurance Corporation
The program is State Program which is to the avenue of last resort for individuals wanting to purchase residential property coverage
The insured has a HO-3 and has a guest staying at their house for two weeks. Fire loss damages the property of the guest. How will the insureds HO policy respond?
The property of the guest can be covered if the insured wishes that the Personal Property limit to apply under the insureds HO policy
Burglary is defined as:
The taking of property by a person unlawfully entering or leaving the premises, as evidenced by visible signs of force entry or exit
What is considered a third party claim?
The third person with a claims against the insured
A hotel on the coastal areas in Miami has a loss. If a covered loss occurs on what basis would the claim be settled?
The value to build it back to code
The insured has a Money & Securities policy. All of the following situations will be covered EXCEPT?
There was an inventory shortage
The insured's air conditioning system was stolen. Under the DP-3 what will be payable?
They system will be payable as it was permanently attached to the dwelling
Our insured has a DP-3, what is covered?
Thief steals compressor and air conditioner
Which of the following best describes the Emergency Program under the Flood policy?
This is the first initial phase a community is placed until the areas flood potential can be determined
How many parts are in the Workers Compensation policy?
Three
Who can exclude themselves from WC coverage with a special form?
Three corporate officers
Under the Crime policies which of the following is considered Securities?
Tickets, tokens.
Business Income is also known as?
Time Element
Why does the CFO audit insurance companies?
To determine financial solvency
What is the purpose of FAJUA?
To provide coverage to those who cannot obtain it in the voluntary market
The Florida Valued Policy Law applies to:
Total loss of only building if cause by fire
Florida Valued Policy Law applies to
Total losses to a building by a covered peril
Which of the following types of property does the Florida Value policy Law apply to:
Total losses to only buildings, if caused by a covered peril
Which of the following cannot be endorsed higher under HO?
Trailer & Watercraft
A trucker loses control, the windshield is broken, the fender is dented, and a non-owned trailer is totaled. How do you cover the damage to the non-owned trailer under the Truckers Policy?
Trailer Interchange
The coverage in the Truckers coverage form which provides comprehensive or specified perils and collision for non-owned trailers attached to the insureds tractor is called:
Trailer interchange coverage
Insured purchased a Truckers policy with Trailer interchange. The insured borrowed the ABC Company trailer and had an at fault accident. The Trailer was damage to $18,000 and there was loss of future income of $20,000. What will be covered under our insureds Truckers policy
Trailer only
What cannot be increased under HO forms?
Trailers
What coverage is considered Additional Coverages under Part D of the PAP?
Transportation Expense
The highest motive for an agent to best serve their clients is?
Treating people as you want to be treated
What is the highest motive for an agent to best serve his clients?
Treating people as you would want to be treated
Tree was struck by lightning and fell on the house and garage, also damaging the appliances and the car in the garage. What is payable?
Tree, house, garage
A Band sends their instruments to New York to perform in a show. How would coverage be afforded to the instruments while being shipped?
Trip Transit
A band ships their instruments via the mail to New York. What policy will cover this?
Trip Transit
In the liability section of the Businessowners Policy, what is the aggregate limit for products coverage?
Twice the occurrence limit
Misrepresentation to convince a person to lapse a policy of another company to take yours is known as:
Twisting
Misrepresentation to convince a person to lapse a policy with another company to take yours is known as:
Twisting
The state comprehensive health Insurance Plan requires how many rejections, before one is eligible to be covered?
Two
What is the maximum number of roomers and boarders permitted for the insured to no longer be eligible for the Homeowners coverage?
Two
What is the maximum number of roomers or boarders permitted for the insured to no longer be eligible for the Homeowners coverage?
Two
What is the maximum time for pre-existing conditions on health insurance policies
Two Year
Flood must inundate how much in order to be considered a flood?
Two acres
What is the benefit of a "Blanket" policy?
Two different properties under one policy
What is the benefit of a Blanket policy?
Two different properties under one policy
CGL all are included in general aggregate EXCEPT
Two times the occurrence
The Businessowners policy has a General Aggregate. How would it be expressed?
Two times the occurrence limit
What would be the primary factor in figuring disability benefits for a Workers comp payment?
Type of impairment
What will not be a factor in receiving a discount in PAP?
Type of vehicle
All of the following are Additional Perils provided on Broad and Special Farm Property Policies EXCEPT?
Voluntary Parting
All of the following are additional perils found in the Farm Property Broad Form except?
Voluntary parting
On Farm Broad Coverage Form, what would not be covered?
Voluntary parting
Employee is hurt in a commercial auto. If all the following coverages were available in the claim, what order will these coverages be payable?
WC and PIP and Medical Payments
A worker at manufacturing plant was injured the 2nd day on the job. He was advised by Dr. Frank to take the next 14 days off work. How will WC respond?
WC will reimburse worker for 7 days
What is not one of the responsibilities of the insured at the time of the loss?
Wait patiently for the adjuster
The loss conditions spell out the insured "Duties in the Event of a Loss". All of the following are the responsibility of the insured EXCEPT?
Wait patiently for the adjuster to call
What is the period of time from issue of the policy and the acceptance before sickness benefits begin?
Waiting period
What is voluntary or intentional relinquishment of a known right?
Waiver
ALL ARE REQUIRED PARTS OF A HEALTH POLICY EXCEPT?
Waiver of Premium
If the insured is disabled, what will allow the insurance company the ability to pay the insureds premium until they are no longer disabled
Waiver of Premium only if the insured is totally disabled
The provision that states the insured would not have to pay premiums after a certain length of disability is called
Waiver of premium
A requirement by the insurer for action of the insured to obtain coverage or a discount would be referred to as:
Warranty
An action by the insurer requires an insured to obtain coverage or becomes eligible for a discount if met:
Warranty
What is a flood?
Water damage from the lakes or rivers overflowing
Flood is defined by the policy as:
Water rose and subsided came suddenly and gone
All coverage limits under the special limit section of the HO policy can be increased, EXCEPT?
Watercraft & Trailers
What cannot be increased?
Watercraft Trailers
All of the following are exclusions under the Garage Liability, EXCEPT:
Watercraft on Premises
Exclusions under D of a PAP mainly apply to:
Wear & tear
Under the Flood policy, what is not covered property?
Weather proofing of windows
What length of time does the state like payments to be made for person collecting disability benefits?
Weekly or Monthly
What length of time does the state like payments to be made for persons collecting disability benefits?
Weekly or Monthly
Who is not considered an owner of a vehicle?
Weekly or monthly lease
Which of the following is included in the Broad Cause of Loss forms and not under the Basic?
Weight of Ice, Snow
What Causes of Loss are unique to the Broad form?
Weight of the snow
Will Workers' Compensation pay medical payments in other states?
When employee travels to other states, WC pays if the employee does not deviate from the employer's cause
All are NOT applicable to "Subrogation" EXCEPT:
When insurer pays the insured for a covered loss, any rights of recovery from an at-fault party are transferred to the insurer.
Which of the following is considered "Uncontrolled Business" by Florida Law?
When more than 50% of the agents clients, the agent has financial influence over
Are intentional acts ever permitted?
When the insured is protecting their property
Under the automobile policies, when does the company cease to defend?
When the limit is exhausted by payment
Insured bought a house from a bank. When would there not be insurable interest of the financial institution?
When the mortgage is paid off
Underwriting considerations include all EXCEPT?
Where it is garaged
All of the following are considered to be examples of when work is complete UNDER the Builders Risk Policy except:
Work is done at that site if more than one site
All of the following could be covered under the CPP EXCEPT?
Worker Compensation
What is controlled business?
Writing only insurance for his assets
Owner has a DP policy on a property that has been vacant for 20 days that incurs $5,000 of building damage loss due to burglary, will the policy pay?
Yes, because incurred building damage
An attorney left his employment at a law firm. Subsequently, a suit was brought involving a case handled by the firm. Under the firms Professional Liability policy, is there coverage for the attorney?
Yes, if he worked for the firm at the time of the incident
When traveling to a state where the minimum limits are 20/40/10 and you have 10/20/10 under your policy, what is applicable?
Your limits will meet the minimum requirements of the state in which you travel
What forms are promulgated by the bureau and filed for uniform use?
controlled
What are the duties of the CFO?
creating rules
The purpose of the appraisal process under Mechanical Breakdown policy is to:
determine how much to pay in a claim
The insurance company issued a Bid Bond. If the contractor does not enter into the contract with the Obligee. What best describes how the bond will respond?
difference between the bid and the next bid accepted
When can an insurance company be audited?
every 3 years
A dealership has a car needed to be driven from Orlando to St. Petersburg Florida. When does coverage for physical damage stop on the automobile being driven from point of purchase?
over 50 miles
Sandy has a flood policy. How much should be flooded before her flood policy would respond?
over a 2 acres of land
Flood is defined by the doctrine of?
overflow of inland waters, mudslide, unusual and rapid accumulation of water
A Hangerkeepers policy could be considered a form of:
Bailee's Customer Policy
Hangerkeepers policy could be considered a form of:
Bailiee's Customers Policy
An agent is working for an unauthorized company. What would the agent not have to do?
Be charged with a 2nd degree misdemeanor
A private plane is leaving a private airfield and the door opens on the landing. The baggage of a friend falls out, how is this covered?
Cargo Liability
ABC has a Boiler and Machinery Policy. The insured acquires a new boiler. What is the coverage for newly acquired?
Covered up to 90 days
A feature of the Boiler & Machinery that is not in other policies?
Exclusions are dismissed in this type of policy
Craig is 65 years of age & has received a 13 month pilot's license. He has been given permission to fly to Canada under special permit. Which of the following would be correct?
He would have no coverage due to permit
The main coverage problem area involving unauthorized insurance agencies is:
Health Insurance
What is covered under MEWA?
Health Insurance
Mr. T's airplane is in the shop being repaired. He needs to rent a plane to get to a business meeting. What would he need to do to be covered in the rented plane?
His policy will automatically cover the exposure
A private plane was flown by its owner, listed on the declaration pay, to Mexico under special permit from the FAA. How would a claim be handled?
No coverage
The unauthorized health plan and the entity sponsoring it are not subject to the state insurance regulations. This is referred to as?
"Pre-emption"
Agent represented an unauthorized MEWA. What is the penalty?
3rd Degree Felony
An agent who knowingly represents an unauthorized insurance entity is penalized in which of the following ways:
3rd Degree Felony
The boiler and Machinery policy gives automatic coverage for boilers at newly acquired locations for how many days?
90 days
Under Boiler and Machinery, what period of time does the insured have to call the agent to advise there is a newly acquired machinery in the insureds care?
90 days
What period of time does a business owner have to report new machinery on a boiler and machinery policy?
90 days
XYZ Company has sold Air Meet Insurance to Bob. While rushing to her gate, Sally slips and has medical bills of $5,500. As Bob helps her up, he yells at Sally, who in turn sues Bob for personal injury. How would Bob be covered for Personal Injury?
Air Meet Policy by endorsement
The plane was parked and it was overtuned by wind. What coverage would apply?
Aircraft Hull Policy
The plane was parked and it was overturned by wind. What coverage would apply?
Aircraft Hull Policy
A coverage that is similar to premises and operations coverage in the CGL covering bodily injury and property damage liability for aviation risks is called:
Airport and air meet liability
