Florida Statutes, Rules, and Regulations Common to All Lines

Under special circumstances, continuing education requirements may be extended beyond the 2-year period for a maximum period of?

12 months

Which of the following would be required to be licensed as an insurance producer?

A salaried employee who advertises and solicits insurance

An insurance producer just sold an insurance policy to his sister. What kind of business is this?

Controlled

All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT?

Dividends from a mutual insurer

Which of the following best describes an insurance company that has been formed under the laws of this state?

Domestic

No insurance policy form can be issued, delivered, or used in this state unless it has been?

Filed with and approved by the Office of Insurance Regulation

In insurance transactions, fiduciary responsibility means?

Handling insurer funds in a trust capacity

Which of the following best describes a misrepresentation?

Issuing sales material with exaggerated statements about policy benefits

Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?

Making comparisons between different policies

Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as?

Rebating

An insurance agent B likes to add additional coverages to applicants' policies and charge them for such coverages without their knowledge. The agents is guilty of?

Sliding

An insured submits a proof of loss form within 10 days of a loss. The insurer, however, does not acknowledge the form for 3 months. Which of the following violations has the insurer commited?

Unfair claims settlement

Continuing education must be met every?

2 years

All of the following are penalties for soliciting insurance for an unauthorized entity in this state EXCEPT?

Additional hours of continuing education in law and ethics

Which of the following is another term for an authorized insurer?

Admitted

Which of the following would NOT be a violation of state insurance regulations?

Agent C uses her license to write only business other than controlled

When transacting business in this state an insurer formed under the laws of another country is known as a/an?

Alien insurer

All of the following would be considered rebating EXCEPT?

An agent misrepresents policy benefits to convince a policyowner to replace policies

Failure of a licensee to maintain an appointment with an insurance company within 48 months after the date the license became effective will result in?

Expiration of the license

Which of the following would be an example of an unfair claims settlement practice?

Failing to acknowledge a claim within 30 days

On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. The company is guilty of?

Misrepresentation

On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. The company is guilty of ?

Misrepresentation

in what way can an agent demonstrate a high standard of ethics?

Putting the clients best interests before their own

All of the following are true regarding rebates EXCEPT?

Rebates are allowed if is in the best interest of the client

An agent offers his client free tickets to a sporting event in exchange for the purchase of an insurance policy. The agent is guilty of?

Rebating

Which of the following statements is INCORRECT?

Replacing insurance policies for the purpose of making commissions is legal

It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability>

Sexual orientation

When an insurer appoints an agent?

The insurer is bound by the agent's acts

An agent has been convicted of a crime punishable by a 1-year imprisonment. Within how many days must the agent notify the department of insurance?

30 days

An applicant for an insurance agent's license must?

Complete a prelicensing education course

The agent in charge of an agency must hold which of the following licenses?

General lines

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?

Illegal

Which of the following NOT an indication a company is an unauthorized insurance entity?

It has many underwriting guidelines

What is the major difference between a stock company and a mutual company?

Ownership

A participating insurance policy may do which of the following ?

Pay dividends to the policyowner

When an insurer terminates an agent's appointment, the insurer must do all of the following EXCEPT?

Provide a 30-day advance notice to the commissioner

Which of the following is an example of a producer being involved in an unfair trade practice of rebating?

Telling a client that his first premium will be waived if he purchases the insurance policy today

Which of the following is NOT true regarding a Certificate of Authority?

It is issued to group insurance participants

A participating insurance policy may do which of the following?

Pay dividends to the policyowner

All agents licensed in this state must complete how many hours of continuing education specific to law and ethics?

4

When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of?

Defamation

An agent's client needs additional insurance which the agent's own insurer cannot provide. The agent has to solicit additional coverage from another authorized insurer. This coverage is known as?

Excess

An insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming?

Foreign

Which of the following entities is not an insurer but an organization formed to provide insurance benefits for members of an affiliated lodge or religious organization?

Fraternal benefit society

All of the following are the general qualifications for an agent's license EXCEPT?

Have a high school diploma

Which of the following best describes the unfair trade practice of defamation?

Making derogatory oral statements about insurer's financial condition

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy?

Mutual

Pertaining to insurance, which of the following is an example of a producer's fiduciary responsibility?

Promptly forwarding premiums to the insurance company

Which of the following insurers are owned by stockholders?

Stock

Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of?

Twisting

How can an agent determine if an insurer is authorized to transact insurance in the state of Florida?

Visit the OIR website and conduct a company search

Which of the following is an agreement between an insured and an insurer agrees to indemnify the insured and an insurer, where the insurer agrees to indemnify the insured for specific losses in exchange for a premium?

The insurance contract