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Download Microsoft 365 Certified: Fundamentals Exam Questions and Answers(solved)LATEST UPDATE 2023 and more Exams Nursing in PDF only on Docsity! Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Each of the following divisions falls under The Department of Financial Services EXCEPT? - correct answer ✅The Division of Consumer Activities Which of the following provides for loss of money and securities outside the premises in the care, custody and control of a messenger or armored car service resulting from theft, disappearance, or destruction? - correct answer ✅Outside the Premises What is the standard All Perils deductible in the Commercial Property Policy? - correct answer ✅$500 Which of the following best describes a "Controlled" Inland Marine Form? - correct answer ✅Standard provisions form is written according to filed rules and rates Under a Personal Articles Floater, which of the following is covered as valued property? - correct answer ✅Fine Arts Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Under the Dwelling Program forms, vandalism is not covered after the building has been vacant for how many days? - correct answer ✅60 days Under a Commercial General Liability Contract, how many days notice of cancellation must the insurer provide for non-payment of premium? - correct answer ✅10 Under Additional Coverages, how much applies for loss assessments imposed by an association against the insured for damage to property caused by a peril insured against under Coverage A? - correct answer ✅$1,000 The following are basic characteristics of a Property or Liability Insurance Contract EXCEPT: - correct answer ✅Loss Settlement Contract Rob has PIP with a $1,000 deductible. He has an auto accident causing $6,000 in medical bills. How much will his PIP pay? - correct answer ✅$4,000 - $6,000 - $1,000 deductible = $5,000 x 80% = $4,000 Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. All of the following are types of property that can be covered under a Personal Articles Floater EXCEPT: - correct answer ✅Firearms What is the standard deductible for Employee Theft coverage? - correct answer ✅$500 The Forgery or Alteration coverage under a Businessowners Policy is: - correct answer ✅$2,000 How many hours of continuing education is a newly licensed agent required to have for their first Continuing Education compliance period? - correct answer ✅24 Which of the following is NOT true regarding sole proprietors and partners in the non-construction industry as they relate to Workers Compensation? - correct answer ✅A maximum of three can elect to be covered Which of the following is not a way to purchase Uninsured Motorist Coverage? - correct answer ✅More than your bodily injury limits Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Camden's Wood Shop will be dropping off new cabinets at a jobsite on Monday, but will not actually install them until Tuesday. What kind of policy will they need to cover any loss to the cabinets? - correct answer ✅Installation Floater This Hospital Form applies with "medical incident" defined as an act or omission in furnishing of professional services related to making of a blood donation under the supervision of the insured: - correct answer ✅Blood Banks Which of the following is not a valid deductible for hurricane in the Dwelling program? - correct answer ✅1% If a loss occurs under the Building and Personal Property Coverage Form with the optional replacement cost provision, how long does the insured have to give intent to replace the damaged item in order to receive replacement cost adjustment? - correct answer ✅180 Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following is NOT a common deductible in an Aircraft Hull Policy? - correct answer ✅2% How many insuring agreements are there in a Commercial Crime Policy? - correct answer ✅7 Barry was driving his car in Florida where he has lived all his life when he is hit by an at-fault driver. Barry has $10,000 in medical bills, basic PIP with a $1,000 deductible and no medical payments coverage. How much will the at- fault driver have to pay for Barry's injuries? - correct answer ✅$2,800 - $10,000 - $1,000 = $9,000 x 80% = $7,200, the amount paid out by PIP. Barry can hold the at-fault driver responsible for the difference of PIPs maximum limit of $10,000 and the $7,200, which is $2,800 During a break-in at a business, the safe is removed from the location. This is defined as: - correct answer ✅Safe Burglary The Boiler and Machinery Policy provides automatic coverage for boilers at newly acquired locations for: - correct answer ✅90 days Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Trey has a collection of rare foreign coins, which are stolen. His 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. Assuming there is no deductible, how much will Trey's policy pay? - correct answer ✅$300 - Money is valued at its face value Which of the following is not an eligibility requirement for the RCBAP Flood Policy? - correct answer ✅25% mercantile floor area All of the following are covered under Personal and Advertising Injury EXCEPT: - correct answer ✅Bodily Injury This bond is required of investment companies guaranteeing against misrepresentation of Securities: - correct answer ✅Blue Sky Bond All of the following coverages can be added to the Business Auto Coverage Form by separate endorse¬ment EXCEPT: - correct answer ✅Liability Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following is NOT a benefit under PIP? - correct answer ✅Replacement services paid at 10% Luigi 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? - correct answer ✅Lost Instrument Bond Which of the following pays the principal sum for death or dismemberment if the named insured requests it and the company is released from further liability? - correct answer ✅Admitted Aircraft Liability The insurer must give how many days written notice of the nonrenewal, cancellation, or termination? - correct answer ✅120 The typical grace periods in Health Insurance for weekly, monthly, and all other premium payments are: - correct answer ✅7-10-31 Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following covers the liability of a common carrier for damage to property of others? - correct answer ✅Motor Truck Cargo Policy Jenny and Sue are riding with Jim in Jim's car. All individuals are Florida residents who own cars and carry basic PIP with no deductible. Jenny has $4,000 in medical bills, Sue has $12,000 in medical bills and Jim has $20,000 in medical bills. How much will PIP pay for Jim? - correct answer ✅$10,000 $20,000 x 80% = $16,000 HOWEVER, PIP only pays a maximum of $10,000 Which of the following roof types will be eligible for a Wind Mitigation discount? - correct answer ✅Hip An amount is stated up front, and in the event of a loss, the insured will receive that same amount, regardless of any external factors. This is defined as: - correct answer ✅Valued Policy Law Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Any claim for which the Umbrella Policy is primary is subject to a deductible known as the: - correct answer ✅Self-Insured Retention During the first 60 days that an automobile policy is in effect the company can cancel for any reason except non-payment of premium with how many days notice? - correct answer ✅45 days Part B Medical Payments coverage applies to medical services rendered after an accident up to how many years? - correct answer ✅3 years Commercial Package Policies combine or "package" individual lines of insurance into this type of contract: - correct answer ✅A Single All of the following are optional coverages under the Building and Personal Property Coverage Form EXCEPT: - correct answer ✅Business income coverage A policy condition, either based on information in the insureds application or inserted by the insurer, is defined as: - correct answer ✅Warranty Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following pays an agreed dollar limit for each day of total interruption, or a proportionate part of that limit for partial interruption? - correct answer ✅Valued Business Interruption Which of the following is NOT a characteristic of the Small Business Boiler and Machinery Policy? - correct answer ✅Business interruption is 25% of the limit but not an additional amount In the Business Income Coverage Form, the Maximum Period of Indemnity option gives coverage for how many days? - correct answer ✅120 days All licensed residential property insurance companies in Florida must accept this form when reporting mitigation features: - correct answer ✅Uniform Mitigation Verification Inspection Form ABC Health Insurer does not renew your policy since renewals are being declined on all similar policies within the state of Florida. What type of policy is this? - correct answer ✅Conditionally Renewable Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. All of the following are rating elements for the Business Auto Coverage Form EXCEPT: - correct answer ✅Age of the driver(s) When the insured transfers his rights against the other party to his insurer it is defined as: - correct answer ✅Subrogation Which of the following is NOT covered under an Aircraft Liability Policy? - correct answer ✅Cargo Liability Which of the following is NOT true of corporate officers as they relate to Workers Compensation? - correct answer ✅No more than 3 officers can be exempted in non-construction operations All of the following are considered Employment EXCEPT: - correct answer ✅A farm with six full-time employees Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. 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? - correct answer ✅60 days All of the following are considered Contract Bonds EXCEPT? - correct answer ✅Infrastructure Bond Pays for physical damage to the business' vehicle resulting from contact with another object: - correct answer ✅Collision All of the following are ways that liability limits can be expressed EXCEPT: - correct answer ✅Average Limit Which of the following does not trigger the Florida Financial Responsibility Law? - correct answer ✅An accident where the police are called Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. What is the purpose of the Extended Period of indemnity option in the Business Income Coverage Form? - correct answer ✅Increases the 30 day Extended Period of Indemnity grant up to 730 days Who guarantees repayment of a bond? - correct answer ✅Indemnitor The coverage which pays the cost of temporary repairs and to fasten permanent repairs or replacement is defined as: - correct answer ✅Expediting expense coverage Which of the following best describes the Business Income Coverage provided under the Businessowners policy? - correct answer ✅Actual loss sustained up to 12 months with no dollar limit A peril that is unique to policies covering dry cleaners is defined as: - correct answer ✅Confusion of Goods Which of the following guarantees the faithful performance of a person appointed by a court or named in a will? - correct answer ✅Fiduciary Bond Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Who is responsible for reviewing company rules and rates to be sure the law is being followed? - correct answer ✅Office of Insurance Regulation Which of the following is not a type of insurance that can be transacted with a "General Lines" insurance license? - correct answer ✅Life insurance written by carrier who is also represented for Property and Casualty If a licensee has their appointment terminated, how long does he or she have to be reappointed before his license is terminated? - correct answer ✅48 months Charging an applicant for a specific ancillary coverage in addition to the cost of the automobile insurance coverage applied for without his consent is defined as: - correct answer ✅Sliding An insurance company formed under the laws of Florida is defined as: - correct answer ✅Domestic Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. An insurance company formed under the laws of another state is defined as: - correct answer ✅Foreign All of the following are grounds for compulsory refusal, suspension, or revocation EXCEPT: - correct answer ✅Soliciting insurance in other areas of the state A licensed insurance agent may share commissions with which of the following? - correct answer ✅Non-Resident Agent Customer Representative Life Insurance Agen A plan in which the employer would, from its own funds, bear the financial responsibility for the covered health claims of its own participating employees is defined as: - correct answer ✅Self-Insured Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. An employee welfare benefit plan or other arrangement that is established or maintained to provide one or more of various insurance benefits (including health insurance) to the employees of two or more employers is defined as: - correct answer ✅MEWA Which of the following is NOT a possible consequence for Aiding and Abetting an Unauthorized Insurer: - correct answer ✅Conviction of a second- degree felony An insurance company formed in Berlin, Germany is defined as: - correct answer ✅Alien Which of the following roof types will be eligible for a Wind Mitigation discount? - correct answer ✅Hip Which of the following defines how the roof trusses are attached to the wall framework? - correct answer ✅Roof to Wall Connection Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following are considered openings in a dwelling? - correct answer ✅Double Pained Window Doors with glass Doors without glass Where can a listing of tested and approved coverings and other opening protection be found? - correct answer ✅The Florida Department of Consumer Affairs website By contacting the Miami-Dade Building Code Compliance Office Which of the following roof coverings are barriers to water penetration of the roof? - correct answer ✅Shingles Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Established during the 1993 legislative session to provide employers with Workers' Compensation Insurance in the State of Florida who are unable to obtain coverage in the private marketplace: - correct answer ✅FWCJUA This association was created for applicants who are unable to obtain automobile insurance in the private market: - correct answer ✅FAJUA Within how many days is a Medicare Supplement Policy returnable for a full refund? - correct answer ✅30 If an insured elects a lump sum benefit instead of a monthly disability benefit it is defined as: - correct answer ✅Elective Indemnity The policy that pays a flat amount per day of hospitalization regardless of expenses or other insurance is defined as: - correct answer ✅Hospital Indemnity Insurance Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. This program provides comprehensive health services to members for a prepaid fixed fee with a goal of preventive activity: - correct answer ✅HMO The provision that states the insured would not have to pay premiums after a certain length of disability is defined as: - correct answer ✅Time limit on certain disability clause The typical grace periods in Health Insurance for weekly, monthly, and all other premium payments are: - correct answer ✅7-10-31 The time after the premium due date where the policy remains in force even if the premium has not been paid is defined as: - correct answer ✅Grace Period How many days notice must a Health insurance company give when canceling a Health Policy? - correct answer ✅20 Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. After two years from the date of issue only fraudulent misstatements in the application can be used to void the policy or deny a claim. This is defined as: - correct answer ✅Limitations on insurer defenses The pre-existing conditions provision in Medicare Supplement Policy is limited to: - correct answer ✅6 months All of the following are features of Major Medical Insurance EXCEPT? - correct answer ✅Has limited coverage for most expenses A selected group of hospitals and medical practitioners in a given area that have joined together in an effort to reduce medical costs is defined as: - correct answer ✅PPO Health insurance insures against loss by: - correct answer ✅All of the Choices Provided Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. The Boiler and Machinery Policy provides automatic coverage for boilers at newly acquired locations for: - correct answer ✅90 days Which of the following is NOT a characteristic of the Small Business Boiler and Machinery Policy? - correct answer ✅Business interruption is 25% of the limit but not an additional amount Which of the following pays an agreed dollar limit for each day of total interruption, or a proportionate part of that limit for partial interruption? - correct answer ✅Valued Business Interruption Which of the following provides important mechanical breakdown coverage generally not available under any other insurance policy? - correct answer ✅Boiler and Machinery Insurance Boiler and Machinery insurance protects an insured against the effects of catastrophic property loss to which of the following? - correct answer ✅Boilers Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Generators Compressors All of the following are located on a Boiler and Machinery Coverage form EXCEPT: - correct answer ✅Exhibits The coverage section of the Boiler and Machinery Coverage Form states the insurer will pay for direct damage to covered property from: - correct answer ✅A covered cause of loss Under a Boiler and Machinery Coverage Form, the insurer will defend the insured against claims or suits arising out of covered occurrences. What is the dollar limit for this coverage? - correct answer ✅No limit Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following is NOT a common deductible in an Aircraft Hull Policy? - correct answer ✅2% 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 defined as: - correct answer ✅Hangarkeepers Liability Jeremy's airplane is in the shop being repaired. What coverage would he need to be covered in a rented airplane? - correct answer ✅His policy will automatically cover the exposure A coverage that is similar to premises and operations coverage in the Commercial General Liability Policy covering bodily injury and property damage liability for aviation risks is defined as: - correct answer ✅Airport and Air Meet Liability Which of the following pays the principal sum for death or dismemberment if the named insured requests it and the company is released from further liability? - correct answer ✅Admitted Aircraft Liability Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. A person who holds property of others for a special purpose and returns it at some future time is defined as a(n): - correct answer ✅Bailee When the cost to salvage and recondition a vessel exceeds its value, the loss is known as: - correct answer ✅Constructive total All types of taking property by force is defined as: - correct answer ✅Enemies Fraud by the master or crew at the expense of the ship owner with the intention of reaping gains is defined as: - correct answer ✅Barratry Camden's Wood Shop will be dropping off new cabinets at a jobsite on Monday, but will not actually install them until Tuesday. What kind of policy will they need to cover any loss to the cabinets? - correct answer ✅Installation Coverage Form Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. A peril that is unique to policies covering dry cleaners is defined as: - correct answer ✅Confusion of Goods TRS Inc. has an accident at sea and loses the cargo onboard its vessel. In order to be paid for the shipping charges that were lost, they would need to be insured by which of the following coverages? - correct answer ✅Freight Coverage As a general rule, Inland Marine forms do not cover which of the following? - correct answer ✅- wet marine - merchandise in course of manufacture - real estate Which of the following best describes a "Controlled" Inland Marine Form? - correct answer ✅Standard provisions form is written according to filed rules and rates Which of the following is an example of an instrumentality move transportation or communication? - correct answer ✅Television tower Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following covers the liability of a common carrier for damage to property of others? - correct answer ✅Motor Truck Cargo Policy A loss caused by Jettison, which is settled by each paying their proportionate share of the loss, is defined as: - correct answer ✅General Average Which of the following is NOT considered a Peril of the Sea? - correct answer ✅Fire Voluntary throwing overboard of parts or cargo to save the vessel from sinking is defined as: - correct answer ✅Jettison The Motor Truck Cargo Policy: - correct answer ✅Insures a truck carrier for liability arising out of the transportation of cargo. This bond is required of investment companies guaranteeing against misrepresentation of Securities: - correct answer ✅Blue Sky Bond Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. A process wherein the Surety and Principal exercise joint control over assets is defined as: - correct answer ✅Joint Control To perform a service for qualified individuals whose affairs require a guarantor is defined as: - correct answer ✅Surety Depending upon the nature of the guarantee, the Surety will wish to satisfy itself on all of the following EXCEPT: - correct answer ✅The inexperience or capabilities of the principal to perform The Discovery Period is: - correct answer ✅12 months or within 60 days after its expiration Trey has a collection of rare foreign coins, which are stolen. His 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. Assuming there is no deductible, how much will Trey's policy pay? - correct answer ✅$300 Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Employee Theft is defined as: - correct answer ✅Unlawful taking of property to the deprivation of the insured Safe Burglary is defined as: - correct answer ✅To take or attempt to take property from within a locked safe or vault by unlawful entry, with visible signs of forced entry, or taking of the safe or vault from inside the premises. How many insuring agreements are there in a Commercial Crime Policy? - correct answer ✅7 When Securities are part of a crime loss, how are they involved? - correct answer ✅Valued as of the date of discovery Employee Theft coverage may be written in all of the following ways EXCEPT: - correct answer ✅Joint Coverage What is the standard deductible for Employee Theft coverage? - correct answer ✅$500 Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following provides for loss of money and securities outside the premises in the care, custody and control of a messenger or armored car service resulting from theft, disappearance, or destruction? - correct answer ✅Outside the Premises Which of the following insures losses to the fraudulent transfer of funds through the use of a telephone or fax machine: - correct answer ✅Funds Transfer Fraud Which of the following covers only losses that both occurred and were discovered during the policy period, or within one year of its expiration? - correct answer ✅Loss Sustained The monetary limit that applies to the loss of manuscripts, drawings, and records or the cost of reconstructing them is: - correct answer ✅$5,000 During a break-in at a business, the safe is removed from the location. This is defined as: - correct answer ✅Safe Burglary Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. know the insured has up to $50,000 for Personal Property. So, $25,000 is allowed for furniture, clothing and other ordinary personal property. $2,500 is allowed for damage to guns. $1,500 is allowed for damage to jewelry, furs All of the following are considered Aircraft Liability Coverages EXCEPT: - correct answer ✅medical liability Jenny and Sue are riding with Jim in Jim's car. All individuals are Florida residents who own cars and carry basic PIP with no deductible. Jenny has $4,000 in medical bills, Sue has $12,000 in medical bills and Jim has $20,000 in medical bills. How much will PIP pay for Sue? - correct answer ✅9,600 The Discovery Period is: - correct answer ✅12 months or within 60 days after its expiration Which of the following is NOT true of the Supplemental Extended Reporting Period? - correct answer ✅provides for one new aggregate limit Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. The internal limits for hazardous substances and ammonia contamination in the Small Business Boiler and Machinery Broad Form is: - correct answer ✅25k Which of the following is NOT covered under an Aircraft Liability Policy? - correct answer ✅cargo liability Under a Boiler and Machinery Coverage Form, the insurer will defend the insured against claims or suits arising out of covered occurrences. What is the dollar limit for this coverage? - correct answer ✅no limit Which of the following is NOT true regarding sole proprietors and partners in the non-construction industry as they relate to Workers Compensation? - correct answer ✅A maximum of three can elect to be covered If an employer who is not required to carry Workers Compensation purchases a policy and an employee is injured, the employer: - correct answer ✅Is obligated to furnish medical treatment or care Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following is considered an "Employee"? - correct answer ✅Part- time employee working 10 hours every week The limit on medical coverage in the Workers Compensation Policy is - correct answer ✅Unlimited Part Three of a Workers Compensation Policy defines: - correct answer ✅Other States Temporary Total Disability is compensated at: - correct answer ✅66 2/3 or 66.67 of AWW for 104 weeks All of the following are considered Employment EXCEPT: - correct answer ✅A farm with four full-time employees A small farm should have five or less full-time employees Another name for a "Cost Plus" plan is: - correct answer ✅Retrospective Rating Plan Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Jenny's Craft Shop has a Businessowners policy with $1,000,000 for liability. The policy includes Products and Completed Operations coverage. The aggregate for this coverage is: - correct answer ✅2 million All of the following are benefits of a Commercial Package Policy EXCEPT: - correct answer ✅Additional policies to underwrite Areas of eligibility in a Businessowners Policy include all of the following EXCEPT: - correct answer ✅Banks What amount applies to Business Personal Property other than "Money and Securities," "Valuable Papers and Records" and "Accounts Receivable" while off premises? - correct answer ✅$5,000 The Fire Department Service Charge under a Businessowners Policy is: - correct answer ✅$1,000 The Forgery or Alteration coverage under a Businessowners Policy is: - correct answer ✅$2,000 Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. This optional coverage insures against theft, disappearance, or destruction of money and securities: - correct answer ✅Money and Securities What is the per-person Medical Payments limit under the Businessowners Liability Coverage Form? - correct answer ✅$5,000 Which of the following coverages are elective in a Commercial Package Policy? - correct answer ✅Pollution Liability Employment-Related Practices Liability Commercial Inland Marine Commercial Package Policies combine or "package" individual lines of insurance into this type of contract: - correct answer ✅single Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following exposures is NOT included in a standard commercial package: - correct answer ✅Aviation Surety Ocean Marine Which of the following is NOT a basic limit under the Commercial General Liability Policy? - correct answer ✅$55,000 fire damage limit - What is the Medical Payments coverage limit for a Commercial General Liability Policy? - correct answer ✅$5,000 per person If a client wanted to buy a policy to cover liability arising out of a specific construction project by a specific contractor, which of the following would Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. All of the following are true of the Lawyer's Professional Policy EXCEPT: - correct answer ✅Includes coverage for paralegals Mr. Smith conducts farming operations for his neighbor based on a $5,000 annual contract. If he backs his tractor into someone else's truck, what would he need on his farm liability policy to be covered? - correct answer ✅Custom farming endorsement 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: - correct answer ✅Self- insured retention What does Employment Related Practices Liability cover? - correct answer ✅Liability arising out of injury from employment related offenses The Farm Liability Policy automatically includes which of the following? - correct answer ✅Personal injury liability Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following is NOT true of the Supplemental Extended Reporting Period? - correct answer ✅Provides for one new aggregate limit An Excess Policy that provides the same coverages, provisions, and exclusions as the underlying policy is called: - correct answer ✅Follow Form Excess Which of the following best describes an insured's position regarding coverage under the Commercial General Liability Policy when a product is manufactured in the U.S and a claim occurs in Japan? - correct answer ✅Covered only if the lawsuit is brought in the U.S., Canada, or Puerto Rico Under a Commercial General Liability Contract, how many days notice of cancellation must the insurer provide for non-payment of premium? - correct answer ✅10 Which of the following is NOT a coverage territory for Commercial General Liability? - correct answer ✅France - The CGL coverage territory includes the U.S. and its territories or possessions, Puerto Rico and Canada. The definition is expanded to all other Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. parts of the world as to BI or PD provided the suit is brought in the U.S., its territories or possessions, Puerto Rico or Canada, and the insurer agrees to the resulting settlement One cannot insure against a loss that is already known to have occurred. This is defined as: - correct answer ✅Known Loss Rule Any claim for which the Umbrella Policy is primary is subject to a deductible known as the: - correct answer ✅Self-Insured Retention This Hospital Form applies with "medical incident" defined as an act or omission in furnishing of professional services related to making of a blood donation under the supervision of the insured: - correct answer ✅Blood Banks Which of the following are excluded under Employment Related Practices Liability? - correct answer ✅Criminal Acts Americans with Disabilities Act Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. If Rhonda 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 else's car, what coverage would she purchase? - correct answer ✅Named NonOwner Coverage - Named NonOwner Coverage provides Liability and Uninsured/Underinsured coverage for those that do not own a personal vehicle of their own Larry has a Personal Automobile 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 is driving the furnished car. What endorsement would you add to his PAP? - correct answer ✅Extended non- owned coverage -This coverage is furnished or available for the regular use of the person, for using all types of non-owned autos in business, and for using non-owned autos when carrying persons or property for a fee Stephanie has $100,000 non-stacked Uninsured Motorist with three 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? - correct answer ✅$100,000 Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. - We are looking at non-stacked coverage, so she would receive up to $100,000. Had she chosen the stacked option, and with three vehicles, she would have been eligible for up to $300,000 During the first 60 days that an automobile policy is in effect the company can cancel for any reason except non-payment of premium with how many days notice? - correct answer ✅45 days All of the following are covered by a Mechanical Breakdown Policy EXCEPT: - correct answer ✅Radiator damaged in an accident Which of the following situations requires nonresidents to comply with the Florida No-Fault law? - correct answer ✅Have a vehicle in Florida more than 90 days of the preceding 365 days Uninsured Motorist coverage under the Personal Automobile Policy pays for which of the following? - correct answer ✅Bodily injury to the insured caused by a hit and run driver - While liability insurance protects an insured against claims of others, uninsured motorists (UM) coverage is a form of coverage to pay Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. compensatory damages for bodily injuries, under one's own policy, for amounts which would otherwise have been recovered from the liability insurance of another, either an uninsured motorist, or one who carries liability limits that are lower (known as Underinsured Motorist) than the insured's damages. In other words, UM is a first party coverage Part B Medical Payments coverage applies to medical services rendered after an accident up to how many years? - correct answer ✅3 years All of the following are Supplementary Payments under the Personal Automobile Policy EXCEPT: - correct answer ✅$300 bail bonds - Hide Feedback In providing a defense against claims, the company must pay various associated costs to investigate and resolve the claim, such as interest accruing after judgments, premiums for appeal bonds and bonds to release attachments. In addition, the company must pay for the cost of bail bonds, up to $250, which are required of the insured because of accidents including related traffic law violations, and up to $200 per day for the insured's loss of earnings because of attendance at trials or hearings at the insurer's request Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Extended PIP does which of the following? - correct answer ✅Provides payment for lost wages at 80% - Extended PIP reimburses for 100% Medical, 80% Work Loss, and 100% Replacement. Lost wages falls under the Work Loss category Which statement below best describes the insured's position under the Florida No-Fault Law when the total medical and work loss bill exceeds the PIP benefits without exceeding a threshold? - correct answer ✅Insured can sue for the economic loss not paid or payable under PIP; no suit for intangible damages such as pain and suffering All of the following are penalties for not complying with the No-Fault Law EXCEPT: - correct answer ✅Confiscation of automobile Which of the following does not trigger the Florida Financial Responsibility Law? - correct answer ✅An accident where the police are called - Hide Feedback Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Operation of the law is 'triggered' by an accident, which involves Bodily injury (BI); Property damage (PD) when a vehicle is rendered inoperative; Serious traffic violations The typical coverage for rental reimbursement on a Mechanical Breakdown policy is: - correct answer ✅$15 per day/$75 maximum One night while driving home from dinner, Doug hits an animal on a dark stretch of road. He is carrying Part D-damage to your auto, on his vehicle with a $250 deductible for other than collision coverage and a $500 deductible for collision. The damage to his vehicle is $3,250. How much will his policy pay? - correct answer ✅$3,000 - Collision with an animal will fall under "Other than Collision Coverage," which has a $250 deductible. $3,250-$250 = $3,000 Which of the following is not a way to purchase Uninsured Motorist Coverage? - correct answer ✅More than your bodily injury limits - The UM law requires that every policy that provides primary liability coverage for a specific motor vehicle must include "stacked" UM at the same limits as apply for Liability coverage, unless the insured, in writing, (1) rejects Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. UM coverage; or (2) elects UM coverage at limits lower than those that apply for liability; or (3) elects "Non-stacked" UM coverage Which of the following is a "Defined Motor Vehicle" under the Florida No- Fault Law? - correct answer ✅18 wheel tractor-trailer rig All of the following are penalties for non-compliance with the Florida Financial Responsibility Law EXCEPT: - correct answer ✅Have your car impounded Coverages required in order to comply with the Florida Financial Responsibility Law are: - correct answer ✅Bodily injury liability and property damage liability - Hide Feedback If, at the time of the occurrence (accident), there is auto liability insurance in effect with limits of not less than 10/20/10 (or $30,000 single limit) the law's requirements are satisfied. Alternate ways that satisfy the law include being a qualified self-insurer or posting a bond or cash that guarantees responsibility for the 10/20/10 limits Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Which of the following best illustrates the concept of Indemnity - correct answer ✅Paying the insured the actual cash value (ACV) of a television that is 4 years old A contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies is defined as - correct answer ✅Insurance The insurers responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property against further loss, and to give the insurer proof of the loss is defined as a(n)? - correct answer ✅conditional contract The following are basic characteristics of a Property or Liability Insurance Contract EXCEPT - correct answer ✅Loss Settlement Contract The __________ states that when there is an unbroken connection between an occurrence and damage that grows out of the occurrence, then the resultant damage is all a part of the occurrence: - correct answer ✅Doctrine of Proximate Cause Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. A policy condition, either based on information in the insureds application or inserted by the insurer, is defined as: - correct answer ✅Warranty Property insurance policies usually contain a(n) __________ clause, stating the insured cannot dump damaged property on the insurer and demand its full value: - correct answer ✅abandonment An amount is stated up front, and in the event of a loss, the insured will receive that same amount, regardless of any external factors. This is defined as: - correct answer ✅Valued Policy Law what is the standard All Perils deductible in the Commercial Property Policy? - correct answer ✅$500 3 optional coverages under Building and Personal Property coverage form - correct answer ✅- agreed value - building ordinance coverage - peak season coverage Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. - Value Reporting, Inflation Guard, and Replacement Cost are additional optional coverages True or False: Business income coverage is an optional coverage under the Building and Personal Property coverage form. - correct answer ✅false. Value Reporting, Inflation Guard, and Replacement Cost are additional optional coverages Builders Risk Coverage Form contains a provision requiring the insured to carry and amount of insurance that equals the completed value of the building. This is defined as: - correct answer ✅Need for adequate insurance Cause of Loss - Broad Form- includes all basic perils plus some additional perils. what is one of the additional perils? - correct answer ✅Falling objects Fire, Vandalism, Volcanic Action are all covered causes of loss in the Cause of Loss- Basic Form. What is not covered? - correct answer ✅Earthquake Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. what is the purpose of the Extended Period of Indemnity option in the Business Income Coverage Form? - correct answer ✅increases the 30 day Extended Period of Indemnity option in the Business Income Coverage form In the Farm Property policy, coverage for barns would be found in - correct answer ✅coverage G the form that is used for income replacement under the Commercial Property program is defined as - correct answer ✅Business Income Coverage Form Value of Property $100k, 80% coinsurance clause applies. Amound carried is 80k. there is an 80k loss. recovery will be - correct answer ✅80k. Since the insured carried the equivalent of 80% of the property value at the time of loss, he will receive the loss paid in full, which is $80,000 Builders Risk Coverage Form in amount of 100k. Completed value of structure is 150k. building complete june 1. on dec 15, there is a loss of 10k. how much do they get? - correct answer ✅nothing. Builders Risk will not Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. cover this. Over six months have gone by since the building was completed. Builders Risk states that if the building is accepted by purchaser, is complete 90 days after construction, or 60 days after the building is occupied in whole or in part or the building is put to its intended use, coverage will expire. Those reasons suffice as explanation for this answer Are Growing Crops covered under Farm Coverage Form? - correct answer ✅no The endorsement used to cover value of undamaged portion of building which must be demolished is defined as - correct answer ✅Building Ordinance Property insurance covering the loss suffered by a tenant due to termination of a favorable lease because of damage to the leased premises by a covered cause is defined as - correct answer ✅Leasehold Interest Coverage Form Which of the following is true of Pollution Cleanup and Removal: - correct answer ✅The policy will pay a maximum of $10,000 total for all covered losses during any 12-month period. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. All of the following perils are covered in all of the Causes of Loss forms and optionally may be excluded - correct answer ✅- vandalism - windstorm -sprinkler leakage Loss caused by sprinkler leakage is covered under which commercial property causes of loss forms - correct answer ✅all 3 Declarations declares - correct answer ✅- the insureds and property covered - limits of insurance - deductibles - inception and expiration dates identify the forms and endorsements that apply - contain certain information relevant to the risk such as mortgage holders Commercial Property Insurance is also known as - correct answer ✅Commercial Fire and Allied Lines Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. - your business personal property - personal property of others automatic coverage - correct answer ✅30 days automatic coverages is provided for 1. new buildings under construction at the insured premises, or building acquired at other premises up to 250k per building, and 2. newly acquired business, personal property at insured and acquired locations, no more than 100k at each building Builders Risk Coverage Form - correct answer ✅damage to property under construction Business Income Coverage Form - correct answer ✅Business Income, and Period of restitution. Extra Expense Coverage Form - correct answer ✅pays for expenses in excess of normal operating expenses than an organization incurs to continue operations while is being repaired or replaced Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. leasehold interest coverage form - correct answer ✅property insurance coverage the loss suffered by a tenant due to termination of a lease because of damage to the leased premises by a covered loss. legal liability coverage form - correct answer ✅ Business Automobile Policy (BAP) - correct answer ✅also referred to as Commercial Automobile Insurance. Types of Automobiles are covered under a Business Auto Policy - correct answer ✅- private passenger type auto -commercial autos- trucks, truck tracktors, semitrailers, commercial trailers, - public autos - including vehicles used as public or livery conveyances (defined as the transporting of people/ goods such as taxi or delivery service) - special types of vehicles including self propelled vehicles with permanently attached equipment like snow removal, road maintenance and street cleaning, cherry pickers and air compressors Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. the Business Auto Policy includes one of three coverage forms in addition to the Commercial Package Policy's Common Policy Conditions and Declarations - correct answer ✅- Business Auto Coverage Form - Garage Coverage Form - Truckers Coverage Form Business Auto Coverage Form - correct answer ✅provides coverage for business vehicles (other than garage or trucking businesses) regardless of whether they are owned, leased, hired or borrowed. Garage Coverage Form - correct answer ✅designed for auto dealerships, garages, parking lots and service stations. The form typically includes coverage for physical damage to owned, non owned, and hired vehicles and liability arising out of the conduct of the operations Trucker coverage form - correct answer ✅ISO discontinued this form Sections of Business Auto Coverage Form - correct answer ✅Section 1- Covered Autos Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. symbol 2 - correct answer ✅"Owned Autos Only" - All automobiles owned Symbol 3 - correct answer ✅"Owned Private Passenger Autos Only." Like symbol 2, but does not cover anything other than private passenger. no trucks, buses symbol 4 - correct answer ✅owned autos other than private passenger autos only symbol 5 - correct answer ✅owned autos subject to no fault symbol 6 - correct answer ✅owned autos subject to compulsory uninsured motorist law' NOT USED IN FLORIDA Symbol 7 - correct answer ✅Specifically declared autos Symbol 8 - correct answer ✅hired autos only Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. symbol 9 - correct answer ✅non owned autos only Section 2- Liability - correct answer ✅provides coverage in the event the business' negligent acts result in bodily injury or property damage to a third party as the result of operating a vehicle. coverage is similar to that found on a personal auto policy. Section 2 liability does NOT apply to - correct answer ✅- liability assumed under any contract, except for liability under insured contracts - employees injuries; employers liability or responsibilities under a worker comp or similar law, or liability of one employee to another in the course of employment - damage to property owned or transported by or in the care of the insured - liability resulting from handling of property before it is moved - liability from movement of property by a mechanical device - liability for pollution - liability from mobile equipment (cherry pickers, air compressors) - racing stunts or demolition contests Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. - war section 3- physical damage - provides coverage for prop damage to the business' covered vehicles under 3 classifications - correct answer ✅- comprehensive - specified causes of loss - collision section 4 - Business Auto Conditions - correct answer ✅this section describes the insured business and the insurance company's obligations if a loss should occur Section 5- Definitions - correct answer ✅This section discusses the critical terms in the vehicle form such as the meanings of accident, insured, vehicle, or suit Optional Endorsements - correct answer ✅-Named Individuals- broadened PIP - Individual Named insured Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Example of the "Florida Valued Policy Lae" - correct answer ✅a homeowner had his home insured for 80k. it was totally destroyed in a hurricane. His company paid the 80k Replacement cost is defined as - correct answer ✅actual cost to repair or replace at todays prices typically what percentage of dwelling coverage is personal property? - correct answer ✅50% what is the settlement type for Flood? - correct answer ✅Replacement Cost All of the following can be written under a single flood policy - correct answer ✅dwelling, detached garage, contents, but NOT shed. DP-1 - correct answer ✅Building losses are paid ACV, Content losses are paid ACV, lightning is a covered loss, but building losses are NOT covered on an All Risk basis. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. 3 eligibility requirements for the RCBAP flood policy - correct answer ✅one or more residential units, 25% mercantile floor area, 75% owner occupied. Hurricane deductible - correct answer ✅there is a standard deductible of $500 for all perils OTHER than hurricane. a $500 minimum deductible applies for hurricane, but the insurer must off the option of 2%, 5%, or 10%. The Causes of Loss- Broad Form includes all of the basic perils plus some additional perils. what is an example of additional perils? - correct answer ✅falling objects Vandalism is not covered after the building has been vacant for how many days? - correct answer ✅60 Under a Personal Articles Floater, there is 30 days automatic coverage for newly acquired property for things like jewelry, furs, cameras. but not... - correct answer ✅fine arts Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions. Under a Personal Articles Floater, what is covered as VALUED property? - correct answer ✅Fine Arts. valued property. One coverage difference that distinguishes fine arts from the other classes of property is that "valued" coverage applies automatically if an insured lives on 10 acres of land, how much of their land must be inundated in order to be considered a flood? - correct answer ✅2 acres. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property) from: a. Overflow of inland or tidal waters; b. Unusual and rapid accumulation of runoff of surface waters from any source; and c. Mudflow What is a basic type of Excess Liability Policy? - correct answer ✅Follow Form a quality withing an object tending to damage or destroy itself - correct answer ✅inherent vice Under Additional Coverages, how much applies for loss assessments imposed by an association against the insured for damage to property Florida Property & Casualty Insurance Exam Questions and Answers Latest 2023 (Verified Answers) 500+ Questions.