{"id":112795,"date":"2023-08-15T20:34:34","date_gmt":"2023-08-15T20:34:34","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=112795"},"modified":"2023-08-15T20:34:35","modified_gmt":"2023-08-15T20:34:35","slug":"florida-2-20-agents-license-exam-2023-2024-real-exam-300-questions-and-correct-detailed-answersagrade","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/08\/15\/florida-2-20-agents-license-exam-2023-2024-real-exam-300-questions-and-correct-detailed-answersagrade\/","title":{"rendered":"FLORIDA 2-20 AGENTS LICENSE EXAM 2023-2024 REAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS|AGRADE"},"content":{"rendered":"\n

FLORIDA 2-20 AGENTS LICENSE EXAM 2023-2024
REAL EXAM 300 QUESTIONS AND CORRECT
DETAILED ANSWERS|AGRADE
Keith commutes into the city in his car, and he provides a ride to two co-workers
who live near him. Every other week, the co-workers take turns buying the
gasoline for Keith’s car. Does this activity create a public or livery conveyance
situation that would preclude liability coverage under Keith’s Personal Auto Policy
(PAP)? – ANSWER- No, because Keith is involved in a share-the-expense car
pool.
An insured covers his owned auto with more than one Personal Auto Policy (PAP),
each from a different insurer. In the event of a claim for medical payments
coverage, – ANSWER- Each insurer pays its pro rata share based on the proportion
that its limit of liability bears to the total of applicable limits.
The Insuring Agreement in Part A – Liability Coverage of the Personal Auto Policy
contains descriptions of all of the following EXCEPT: – ANSWER- Limit of
Liability
Tom and Martha insure their house with an unendorsed HO-3\u2014Special Form (HO3) with a Coverage A\u2014Dwelling limit of $300,000, which is the replacement cost
of the house. A thief breaks into the house while Tom and Martha are on vacation
and steals the following items: \u2022$500 cash\u2022$50,000 stock certificates. Ignoring any
deductible that may apply, how much, if any, will Tom and Martha’s insurer pay
for the loss of the items? – ANSWER- $1,700
Under the HO-3\u2014Special Form (HO-3) Section I\u2014Conditions, the Loss
Settlement condition – ANSWER- Establishes the process for determining the
amount to be paid for a property loss.
Property described in Coverages A, B, and C of an HO-3\u2014Special Form (HO-3)
that is destroyed, confiscated, or seized by order of any governmental or public
authority is – ANSWER- Excluded.
Adam and his insurer disagree on the amount of a loss covered by his homeowners
policy. Adam wants the insurer to pay $10,000 toward the loss. The insurer’s
representative feels that the loss should be valued at $5,000. How could the
appraisal process resolve this situation? – ANSWER- Adam and the insurer will<\/p>\n\n\n\n

each select an appraiser, and the two appraisers will submit their differences to an
impartial umpire who will reach a resolution.
Which one of the following has special limits of liability within Coverage C of the
HO-3\u2014Special Form (HO-3)? – ANSWER- Theft of firearms
A storm causes power lines to break ten miles from the insured’s premises. The
loss of electrical power causes food in the insured’s freezer to thaw and spoil.
Coverage for this loss is – ANSWER- Excluded because the power failure occurred
off the residence premises.
If law enforcement officials seize an insured’s personal computer to search for files
that might be related to a crime, the insured under an HO-3\u2014Special Form (HO-3)
may be unsuccessful in claiming a theft loss on the computer due to the –
ANSWER- Governmental Action exclusion.
Sam and Sophia insure their house with an unendorsed HO-3\u2014Special Form (HO3) policy. Sam stores a small fishing boat and trailer behind the house. While they
are out for the evening, a fire destroys most of their kitchen and completely
destroys the boat and trailer. Assuming Sam’s boat and trailer are valued at $4,000
and ignoring any deductible that may apply, what amount will their HO-3 insurer
pay for the loss of the boat and trailer? – ANSWER- $1,500
The Florida Valued Policy Law applies to: – ANSWER- mobile homes
For a Dwelling Flood policy, which is correct: – ANSWER- Primary residences are
covered at replacement cost on building losses.
Sally insures her house with an unendorsed HO-3\u2014Special Form (HO-3) with a
Coverage A\u2014Dwelling limit of $275,000, which is the replacement cost of the
house. A fire destroys the house including a collection of blueprints belonging to
Sally’s employer, valued at $10,000. Sally was storing the blueprints at her home
while her office was changing locations. Assuming no deductible applies, how
much, if any, will Sally’s HO-3 insurer pay to replace the blueprints? – ANSWER-
$0
One of the main factors used in developing a base premium for a homeowners
policy is – ANSWER- The public protection class.<\/p>\n\n\n\n

Bert and Maggie insure their house with an unendorsed HO-3\u2014Special Form (HO3) with a Coverage A\u2014Dwelling limit of $300,000, which is the replacement cost
of the house. A fire destroys their detached garage. The cost to replace the garage
is $35,000. Ignoring any deductible that may apply, how much will Bert and
Maggie’s insurer pay to replace the detached garage? – ANSWER- $30,000
Coverage for other structures is automatically provided under the HO-3\u2014Special
Form (HO-3) policy with a limit that is – ANSWER- 10 percent of the Coverage A
limit
Renee is an insured under an unendorsed HO-3\u2014Special Form (HO-3) with a
Coverage C\u2014Personal Property limit of $100,000. She owns a secondary
residence that contains $15,000 of personal property. Only her primary residence is
listed on the declarations page of the HO-3 policy. A fire destroys all of Renee’s
personal property at her secondary residence. How much of this loss will be paid
by Renee’s HO-3 policy? – ANSWER- $10,000
A homeowners policy premium is determined by first developing the base
premium. The base premium is influenced by certain factors, including which one
of the following? – ANSWER- Dwelling location
Ralph has an unendorsed HO-3\u2014Special Form (HO-3) policy. While coming
home from a coin show, Ralph discovers that his automobile was broken into and a
package containing $2,000 in coins, some tools, and groceries was stolen.
Disregarding any deductible that may apply, will Ralph’s HO-3 insurer pay for the
loss of the coins? – ANSWER- Yes, the coins are covered up to a specified limit.
Jim and Sue, a young married couple, are under contract to purchase a
condominium unit. Which one of the following ISO policy forms is best designed
to meet their homeowners insurance needs? – ANSWER- HO-6\u2014Unit-Owners
Form
Allen, a sole proprietor, is crossing the street when he is struck by a passing
uninsured auto. He sustains $2,500 in medical bills, $3,000 damage to the laptop
he was carrying, and $1,000 in lost wages. Allen’s business auto policy has
$100,000 liability limit and $5,000 medical payments limit. Assuming there is no
other coverage, how much will his business auto policy pay? – ANSWER- $2,500
An animal damaged the interior of an insured’s automobile while it was parked
with the windows down. Which one of the following types of physical damage<\/p>\n\n\n\n

coverage under the Business Auto Coverage Form would cover this loss? –
ANSWER- Comprehensive
Martha drives her auto, which is insured under a Business Auto Coverage Form,
outside the state in which it is licensed. The other state requires a $25,000 bodily
injury limit for underinsured motorists coverage. Martha’s policy does not provide
underinsured motorists coverage but does provide a $15,000 liability limit for
uninsured motorists coverage. How would Martha’s Business Auto Coverage Form
respond to a $30,000 underinsured motorists bodily injury claim in the other state?<\/p>\n\n\n\n