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Florida Property and Casualty Insurance Practice Test

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Florida Property and Casualty
Property and Casualty Insurance
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Question: 537
250,000
210,000
150,000
300,000
wer: B
anation: The correct answer is B) $210,000. With a $250,000 per on/$500,000 per accident bodily injury liability limit, the insurer's mum liability for a single person's injuries is $250,000. However, sin ed was found 30% negligent, the insurer's liability is reduced by 30%,
aximum amount the insurer will pay is $250,000 x (1 - 0.3) = $210,0
stion: 538
ch of the following is a primary purpose of the Florida Hurricane strophe Fund (FHCF)?
A personal auto policy has a $250,000 per person/$500,000 per accident bodily injury liability limit. The insured is found 30% negligent in an accident that causes $300,000 in bodily injury damages to one person. What is the maximum amount the insurer will pay?
1. $
2. $
3. $
4. $ Ans
Expl pers
maxi ce the
insur so
the m 00.
Que
Whi Cata
1. To provide reinsurance coverage to all Florida property insurers
2. To offer flood insurance coverage to homeowners in Florida
3. To establish minimum hurricane deductibles for residential property policies
4. To assist private insurers in paying catastrophic hurricane losses Answer: D
Explanation: The primary purpose of the FHCF is to assist private insurers in paying catastrophic hurricane losses in Florida by providing them with reinsurance coverage at a lower cost than what they could obtain in the private reinsurance market.
Question: 539
meowner's insurance policy provides coverage for a dwelling and its ents. If the dwelling is destroyed by a fire, and the contents are also aged, how should the insurance company handle the claim?
he insurance company should pay the full policy limits for both the ling and the contents.
he insurance company should pay the actual cash value of the dwellin eplacement cost of the contents.
he insurance company should pay the replacement cost of the dwellin ctual cash value of the contents.
he insurance company should pay the depreciated value of the dwellin he depreciated value of the contents.
wer: C
anation: In a homeowner's insurance policy, the dwelling is typically red for the replacement cost, while the contents are covered for the ac
alue. The insurance company should pay the replacement cost of the
A ho cont dam
1. T
dwel
2. T g and
the r
3. T g and
the a
4. T g
and t Ans
Expl
cove tual
cash v
dwelling and the actual cash value of the contents.
Question: 540
Which of the following statements regarding the regulation of insurance in Florida is true?
1. The Florida Office of Insurance Regulation is responsible for licensing and regulating all insurance companies operating in the state.
2. The Florida Department of Financial Services is responsible for investigating and adjudicating consumer complaints against insurance companies.
3. The Florida Insurance Guaranty Association (FIGA) is funded by assessments on all Florida insurers to pay the claims of insolvent insurers.
wer: D
anation: All of the statements regarding the regulation of insurance in da are true. The Florida Office of Insurance Regulation is responsible sing and regulating all insurance companies operating in the state. Th da Department of Financial Services is responsible for investigating a dicating consumer complaints against insurance companies. The Flori ance Guaranty Association (FIGA) is funded by assessments on all Fl ers to pay the claims of insolvent insurers.
stion: 541
ch of the following statements regarding Florida's rating laws for prop asualty insurance is true?
ates must be filed for informational purposes only and cannot be pproved by the state.
All of the above statements are true. Ans
Expl
Flori for
licen e
Flori nd
adju da
Insur orida
insur
Que
Whi erty
and c
1. R
disa
2. Rates are subject to prior approval by the state and can be disapproved if they are found to be excessive, inadequate, or unfairly discriminatory.
3. Rates are completely deregulated, and insurers can use any rates they choose without filing them with the state.
4. Rates must be filed and approved by the state, but the state cannot consider the profitability of the insurer when reviewing the rates.
Answer: B
Explanation: In Florida, property and casualty insurance rates are subject to prior approval by the state. The state can disapprove rates if they are found to be excessive, inadequate, or unfairly discriminatory.
Question: 542
is the primary purpose of the Florida Homeowners' Construction very Fund?
provide financial assistance to homeowners for hurricane mitigation ts
offer a state-sponsored insurance option for homeowners who canno n coverage in the private market
protect homeowners from financial losses due to the insolvency of a sed contractor
regulate the rates charged by insurance companies for homeowners ance
wer: C
anation: The Florida Homeowners' Construction Recovery Fund is gned to protect homeowners from financial losses that may result from vency or improper actions of a licensed contractor. The fund provides ce of compensation for homeowners who have suffered damages due t
What Reco
1. To
effor
2. To t
obtai
3. To
licen
4. To
insur Ans
Expl
desi the
insol a
sour o a
contractor's failure to complete a project or perform work in a workmanlike manner.
Question: 543
Which of the following is NOT a primary purpose of the Florida Insurers Insolvency Fund (FIPF)?
1. To pay claims of insolvent insurers
2. To assess member insurers to cover the claims of insolvent insurers
3. To provide reinsurance coverage for member insurers
anation: The Florida Insurers Insolvency Fund (FIPF) is primarily gned to pay the claims of insolvent insurers and assess member insurer
those claims. It does not provide reinsurance coverage for member ers.
stion: 544
is the purpose of the Florida Hurricane Catastrophe Fund (FHCF)? provide primary insurance coverage for homeowners
offer reinsurance coverage to insurance companies writing policies i da
investigate and prosecute insurance fraud
set the rates and forms for all property insurance policies in the state wer: B
anation: The FHCF is a state-run reinsurance program that provides
To protect policyholders from losses due to insurer insolvency Answer: C
Expl
desi s to
cover insur
Que
What
1. To
2. To n
Flori
3. To
4. To
Ans Expl
additional reinsurance coverage to insurance companies writing property insurance policies in Florida. This helps stabilize the insurance market and ensure the availability of coverage, especially in the wake of major hurricane events.
Question: 545
Which of the following is not a requirement for an insurance company to maintain a certificate of authority to operate in Florida?
1. Maintain a minimum amount of capital and surplus
2. Comply with all solvency and financial reporting requirements
3. Obtain approval from the Florida Office of Insurance Regulation for all policy forms and rates
stry wer: D
anation: There is no requirement for an insurance company to have a mum of 10 years of experience operating in the insurance industry in o aintain a certificate of authority to operate in Florida. The other three rements listed are necessary for an insurance company to maintain its ficate of authority.
stion: 546
is the purpose of the "Windstorm Mitigation Discount" in Florida? provide a financial incentive for homeowners to Strengthen the hurrica
tance of their homes
fund the operations of the Florida Hurricane Catastrophe Fund (FH investigate and prosecute instances of hurricane-related insurance fr
Have a minimum of 10 years of experience operating in the insurance indu
Ans Expl
mini rder
to m requi certi
Que
What
1. To ne
resis
2. To CF)
3. To aud
4. To establish a standard set of hurricane-related policy exclusions Answer: A
Explanation: The Windstorm Mitigation Discount in Florida is designed to encourage homeowners to make improvements to their homes that enhance the structure's resistance to hurricane-force winds. Insurers are required to offer
discounts on premiums to homeowners who implement approved mitigation measures.
Question: 547
Which of the following is NOT a valid reason for an insurance company to refuse to write a homeowner's insurance policy in Florida?
he property is located in an area that is prone to flooding.
he property has been the subject of multiple claims within a short peri
he policyholder has a poor credit history.
he insurance company has reached its maximum exposure in the state. wer: D
anation: An insurance company cannot refuse to write a homeowner's ance policy in Florida solely because it has reached its maximum exp state. The other options (property location, multiple claims, and poo history) are valid reasons for an insurer to refuse to write a policy.
stion: 548
ch of the following is a key feature of a "deductible" in a property ance policy?
T
T od of
time.
T
T
Ans Expl
insur osure
in the r
credit
Que
Whi insur
1. The deductible amount is the maximum amount the insurer will pay for a covered loss.
2. The deductible amount is the minimum amount the insured must pay before the insurer will make any payment.
3. The deductible amount is the same for all policyholders, regardless of their individual risk factors.
4. The deductible amount is automatically waived for any claims related to
natural disasters. Answer: B
stion: 549
is the purpose of the "Appraisal" clause in an insurance policy? allow the insured to choose the appraiser
require the insurer to pay for the cost of the appraisal
provide a process for resolving disputes over the value of a loss limit the insurer's liability for the cost of the appraisal
wer: C
anation: The purpose of the "Appraisal" clause in an insurance policy ide a process for resolving disputes over the value of a loss. This clau ws the insured and the insurer to each appoint an appraiser, who will t together to determine the amount of the loss. If the appraisers cannot
e, they will appoint an umpire to make the final determination. This he sure a fair and objective evaluation of the loss.
Explanation: A key feature of a "deductible" in a property insurance policy is that the deductible amount is the minimum amount the insured must pay before the insurer will make any payment for a covered loss.
Que
What
1. To
2. To
3. To
4. To
Ans
Expl is to
prov se
allo hen
work
agre lps
to en
Question: 550
Which of the following is not a requirement for an insurance agent to be licensed in the state of Florida?
1. Maintaining a minimum level of continuing education credits
2. Submitting to a background check
3. Receiving an endorsement from the insurance company they represent Answer: D
ground check, they do not need to receive an endorsement from the ance company they represent in order to be licensed. The licensing pr dependent of any specific insurer.
stion: 551
mmercial general liability (CGL) policy provides coverage for bodily y and property damage liability. Which of the following is not a cover ity under a CGL policy?
iability for a slip-and-fall accident that occurs on the insured's premise iability for damage to a client's property caused by the insured's negli iability for a defamatory statement made by the insured about a comp iability for a professional error or omission made by the insured in the se of providing professional services
wer: D
Explanation: While insurance agents in Florida must meet requirements such as passing a licensing exam, maintaining continuing education, and passing a
back
insur ocess
is in
Que
A co
injur ed
liabil
1. L s
2. L gence
3. L etitor
4. L
cour Ans
Explanation: Liability for a professional error or omission made by the insured in the course of providing professional services is not covered under a commercial general liability (CGL) policy. This type of liability is typically covered under a separate professional liability or errors and omissions (E&O) policy.
Which of the following is not a common exclusion in a standard commercial property insurance policy in Florida?
1. Damage caused by floods
2. Damage caused by earthquakes
3. Damage caused by sinkholes
wer: D
anation: Damage caused by power outages is generally not excluded u ndard commercial property insurance policy in Florida. Damage from ds, earthquakes, and sinkholes are more common exclusions that may re separate coverage.
stion: 553
ch of the following is the most important factor in determining the ium for a property and casualty insurance policy?
he insured's credit score
he insured's age and gender
he type and amount of coverage
he insured's insurance claims history
Damage caused by power outages Ans
Expl nder
a sta floo requi
Que
Whi prem
1. T
2. T
3. T
4. T
Answer: D
Explanation: The insured's insurance claims history, including the frequency and severity of past claims, is the most important factor in determining the premium for a property and casualty insurance policy. The insured's credit score, age, and gender may also be considered, but to a lesser extent.

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