Florida Insurance Claims Adjuster License Practice Exam

What are the minimum requirements for the Financial Responsibility Law?

1. 10/30/10 requirements

2. 10/20/10 requirements

3. 15/30/15 requirements

4. 20/40/15 requirements

The correct answer is: 10/20/10 requirements

The Financial Responsibility Law requires drivers to have a minimum amount of liability insurance coverage, and the law varies by state. The minimum requirements refer to the amount of coverage in thousands of dollars, represented by three numbers such as 10/20/10 or 15/30/15. The first number refers to the maximum coverage for bodily injury per person, the second number refers to the maximum coverage for bodily injury per accident, and the third number refers to the maximum coverage for property damage per accident. Option A is incorrect because it represents the minimum requirements for some states, but may not be the same for all states. Option C is incorrect because it has higher coverage amounts than the correct answer. Option D is incorrect because it has higher coverage amounts for bodily injury and property damage. Therefore, the correct answer is option B, 10/20/10 requirements.