Florida Insurance Licensing Practice Exam

Under one form of crime insurance, losses must occur during the policy period and be discovered within 1 year of policy expiration. This is:

1. The calculated period

2. The Loss Sustained Form

3. The waiting period

4. The Discovery Form

The correct answer is: The Loss Sustained Form

The Loss Sustained Form is the form of crime insurance in which losses must occur during the policy period and be discovered within 1 year of policy expiration. This means that if any losses occur outside of the policy period, they will not be covered. Additionally, if any losses are not discovered within 1 year after the policy expires, they will also not be covered. This type of insurance provides coverage for losses sustained during a specific period of time, rather than losses discovered during a specific period of time (which is the case with the Discovery Form). Options A, C, and D are incorrect because they do not accurately describe this specific form of crime insurance. The calculated period (A) is a general term that refers to any specific period of time that has been determined or calculated for a particular purpose. The waiting period (C) is the amount of time that must pass before certain benefits