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FLORIDA 2-20 AGENTS LICENSE FINAL
EXAM AND STUDY GUIDE NEWEST 2024-
2025 ACTUAL EXAM COMPLE TE 300
QUESTIONS AND CORRECT DE TAILED
ANSWERS (VERIFIED ANSWERS )
|ALREADY GRADED A+
FLORIDA 2-20 AGENTS LICENSE FINAL
Under which one of the following provisions of the Building and Personal Property Coverage Form (BPP) is the maximum payment $10,000 or five percent of the building limit, whichever is less? - ANSWER- Increased Cost of Construction additional coverage
Alterations or additions made to the building at the expense of an insured who does not own the building and who cannot legally remove them are referred to as - ANSWER- Improvements and betterments.
Which one of the following statements is correct with respect to the Non-Owned Detached Trailers coverage extension of the 1 / 4
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Building and Personal Property Coverage Form (BPP)? - ANSWER- It permits the insured to extend 'your business personal property' to include trailers leased to expand office space or to provide additional storage or work areas.
Which one of the following statements is correct with respect to the Commercial Property Conditions? - ANSWER- They apply to all coverage forms included in a commercial property coverage part, unless a coverage form contains a condition to the contrary.
The owners of Uncle Reggie's Steakhouse are insured under a Building and Personal Property Coverage Form (BPP) that covers their building and business personal property for $350,000 and $100,000, respectively. The policy has a $2,500 deductible. A fire results in $350,000 worth of damage to the building and a $70,000 loss of business personal property. In what amounts should the policy provide coverage for this loss? - ANSWER- $347,500 Building and $70,000 Property
A Commercial Package Policy (CPP) premium may be modified by a package modification factor. This factor - ANSWER- Is a discount justified by the greater efficiency in providing a package policy.
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Worldwide Warehousing has a Building and Personal Property Coverage Form (BPP) with a $1,000,000 limit on a building and a $5,000 deductible. The warehouse suffers a $1,010,000 fire loss. Which one of the following amounts will Worldwide's insurer pay? - ANSWER- $1,000,000
The Causes of Loss—Basic Form differs from the Causes of Loss—Broad Form in which one of the following ways? - ANSWER- The Broad Form provides coverage for loss caused by collapse of a building or personal property resulting from specified perils.
A description of the property insured, a list of mortgagees, and the applicable coinsurance percentage(s) are shown on which one of the following documents? - ANSWER- Commercial property declarations
Which one of the following statements is correct with respect to the Building and Personal Property (BPP) Coverage Form? - ANSWER- The BPP lists several types of classes of property that do not qualify as covered property.
Which one of the following statements is correct with regard to the Causes of Loss—Broad Form? - ANSWER- The weight of snow, ice, or sleet cause of loss does not cover damage to personal property in the open. 3 / 4
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Which one of the following statements is correct with respect to Property Not Covered under the Building and Personal Property Coverage Form (BPP) - ANSWER- Only contraband or property in the course of illegal transportation or trade is totally uninsurable by endorsement or in other policies.
Which one of the following is an exclusion unique to the Causes of Loss—Special Form? - ANSWER- Smog
Smith Construction Company is covered under an unendorsed Commercial General Liability (CGL) Coverage Form. While working at a job site, Smith ruptured a natural gas line causing a small fire to a neighboring retail store. The following claims
have been made against Smith due to this occurrence: Fire
damage to the neighboring store, Pain and suffering claimed by the store owner, Loss of income by the store owner until repairs are made to the store, and Fire damage to the backhoe owned by Smith. Which one of the following statements is correct? - ANSWER- The backhoe is property owned and is excluded.
Which one of the following is true of the supplementary payments in the Commercial General Liability (CGL) Coverage Form? - ANSWER- The obligation to pay these supplementary payments ends when the limit of insurance is exhausted.
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