FL Statutes Property & Casualty

A. Health

MEWA ( Multiple Employer Welfare Arrangements ) best represent : A. Health B. Life C. Property D. Casualty

D. Leading the insured to believe something different than what is correct

Misrepresentation in Advertising by an insurance company is ? A. Defamation B. Twisting C. Rebating D. Leading the insured to believe something different than what is correct

A. Solvency

The Department of Financial Services audits insurance companies books for what reason ? A. Solvency B. To determine who their insureds are C. To determine how much exposure they have in one area D. To determine if the agents are licensed

A. 30 days " TEST "

The agent has to notify the DFS state when their phone number , email or mailing address changes within how many day ? A. 30 days B. 60 days C. 90 days D. 120 days

B. 3rd Degree Felony

What are the penalties when representing an Unauthorized Entity ? A. There is no penalty for representing an unauthorized Entity B. 2 Degree Felony C. 3 Degree Felony D. 3 Degree Misdemeanor

A. CPCU

What designation allow an individual to waive the exam for general lines ? A. CPCU B. CPSR C. CLU D. CPIW

A. Obtain a Certificate of Authority

What does an insurance company have to do to transact insurance in Florida ? A. Obtain a Certificate of Authority B. Obtain a License C. Pay the CFO Money D. Nothing is required

B. A company that is chartered outside of the state

What is a Foreign Insurance Company? A. A company that is chartered inside of the state B. A company that is chartered outside of the state C. A company that is chartered in another country D. A company that is not an alien company

B. Untimely explanation of a claim

What is an " Unfair Trade Practice " ? A. Administrative Duties are documented B. Untimely explanation of a claim B. OIR 's oversize of the Insurance Companies D Written explanation of all claims

A. Domestic

What is an insurance company that is incorporated in the state for which they are operating in : A. Domestic B. Foreign C. Alien D. Co Insurer

B. Foreign

What is an insurance company who is organized in a different state than the state they are operating in ? A. Domestic B. Foreign C. Alien D. Co Insurer

B. Writing only insurance for his assets

What is controlled business ? A. Agents represents only one company B. Writing only insurance for his assets C. Insurance company writes coverages only on the desired property D. Controlling the types of accidents an insured is covered for

A. A Charge for insurance or merchandise which is included in financing shall not increase or affect any other cost of merchandise or financing to the purchaser or borrower

What is price packing ? A. A charge for insurance or merchandise which is included in financing shall not increase or affect any other cost of merchandise or financing to the purchaser or borrower. B. Adding more to the premium than the specified amount indicated by the rating guides C. Collecting more down payment, so if the insured does not pays a monthly payment , the agency will have enough money to keep it insured for another 30 days D. Giving something to the insured in order to encourage them to buy your product.

C. Another agent with the same type license

Who can the agent share commission with ? A. A person who provides them a lead for potential client B. Another agent with any type of insurance license C.Another agent with the same type license D. None of the above

B. Another licensed agent with same type of license

Who could the agent split the commission with ? A. The customer B. Another licensed agent with same type of license C. Another licensed agent with any type of license D. No one

B. Insurance Company

Who does the agent represent when selling insurance ? A. Customer B. Insurance Company C. Department of Financial Services D. The agent himself

D. Department of Labor

Who would decide if an agreement between a union and an employer is a bona fide arrangement ? A. U.S Attorney General B. FBI C. Chief Financial Officer D. Department of Labor

A. Insured's

Who's interest does the CPCU represent ? A. Insured's B. Agent's C.companies D.Industries

B . Misrepresentation in Insurance

Why can an agent have their license suspended ? A. Bankruptcy B. Misrepresentation in Insurance C. Misdemeanor D. Legal problems

C. If they work for an agent they do not need to be licensed

A CSR Licensee can obtain a license in all of the following situations EXCEPT ? A. If they live in the Bordering States of Florida B. If they have 6 months of experience in all lines of Property & Casualty C. If they work for an agent they do not need to be licensed D. If they obtain a qualified designation they may waive the state exam

D. $ 50,000

A Commercial agent has been directed by the Department of Financial Services to Cease and Desist . What is the penalty if the agent does not ? A. $ 1,000 B. $ 2,500 C. $ 10,000 D. $ 50,000

D. Personal Auto Only

A Limited Lines CSR can help and assist an agent in their office with : A. Health Only B. Auto & Health only C. Personal Auto & Commercial Auto & Homeowners D. Personal Auto only

D. Policyholders

A Mutual Insurance company is owned by which of the following ? A. The Investors B. The Stockholders C. The Officers D. The policyholders

B. Insurance Company

A licensed insurance agent represents whom ? A. Client B. Insurance Company C. Chief Financial Officer D. Agency they work for

C. No requirement for any partner and officer must be licensed if there is at least one licensed agent working in the agency

A new agency has been formed. How many of the partners or Corporate Officers must be licensed ? A. One partner must be licensed B. All Partners and Officers must be licensed C. No requirement for any partner and officer must be licensed if there is at least one licensed agent working in the agency D. A partner in the agency must be licensed in 90 days

D. Defaming another company

Agent can do all EXCEPT ? A. Show proof of Financial Statements B. Talk about financial stability of Insurance Company C. Print out a company newsletter D. Defaming another company

A. Policy sold to family members

Agent has sold many policies. Which of the following sales is considered " Controlled Business " ? A. Policy sold to family members B. Policy sold to a neighbor's business C. Policy sold to a person through a referral D. Policy sold to a friend

A. Public

Agent should put the interest of the __________,first ? A. Public B. Agency C. Company D. DFS

B . 3 years " TEST "

Agents Records must maintain insureds files of policy transactions in agent office , for how long ? A. 5 years B. 3 years C. 2 years D. 1 years

A. Defamation

All are " Misrepresentation " EXCEPT A. Defamation B. Misleading the insured C. Lying to the insured D. Causing the insured to believe something that is not correct

C. Underwriting

All are considered " Transacting Insurance " EXCEPT : A. Selling Insurance B. Negotiating insurance C. Underwriting D. Servicing the client needs

C. Pass the insurance Law " ????? " Check answer in book ????

All are functions of the CFO EXCEPT, ? A. To administer the insurance law B. Revoke insurance licenses C. Pass the insurance Law D. Monitor Financial Solvency of the insurers

D . Governing Investments

All of the following are included in the Chief Financial Officers duties EXCEPT : A. Governing over Domicile Insurance Companies B. Licensing insurance companies C. Issuing Certificate of Authority D. Governing Investments

B. Agent must apply to office of insurance regulation

All of the following are the requirements for an agent to renew their license EXCEPT ? A. Must complete continuing education B. Agent must apply to Office of insurance regulation C. The insurance company must file a renewal appointment with DFS D. Agent must apply to office of insurance regulation

D. Post-Exemption Clause

All of the following are under ERISA , not subject to Florida Department of Financial Services control EXCEPT A. Savings Clause B. Deemer Clause C. Pre-Emption Clause D. Post- Exemption Clause

C. Obtaining An insurance license

All of the following are unfair trade practices , EXCEPT : A. Twisting B. Rebating C. Obtaining an insurance license D. Unfair Claims practices

C. Obtaining an Insurance License

All of the following are unfair trade practices except : A. Twisting B. Rebating C. Obtaining an insurance license D. Unfair Claims practices

A. Foreing " TEST "

An insurance company in New Mexico wants to do business in Florida . The State of Florida would consider this company which of the following ? A. Domestic B. Foreign C. Alien D. Co-Insurer

A. Insurance Company receives a Certificate of Authority

Authorized insurance companies - What does the insurance company have to do ? A. Insurance Company receives a Certificate of Authority B. Permitted to discriminate C. Can twist policies since they are approved D. None of the above

A. Agent places additional items on the premium without explaining them to the insured.

CFO interprets the law on rebating as all of the following EXCEPT? A. Agent places additional items on the premium without explaining them to the insured. B. Agent returns part of the commission or something of value to encourage the person to buy insurance from them. C. Agent reduces the premium for the insurance by taking less commission. D. the buyer receives a $100 gourmet meal if they buy insurance from the agent.

D. Department of Financial Services Employee

Due to a death or disability of the licensed agent and for the purpose of continuing the agency operations, a temporary license may be granted to all EXCEPT ? A. Business Associate B. Son of Agent C. Personal Representative D. Department of Financial Services Employee

A. Investigate the claim

Duties of the adjuster at the time of the loss is : A. Investigate the claim B. Go see the insured in person C. Make an inventory of the insured's personal property D. Wait for the injured party to call the company before investigating the loss

A. The highest goal is the aspiration to put others before self

Ethics - Altruism A. The highest goal is the aspiration to put others before self B. Selling the insured a policy where the agent can receive the highest commission C. Only sell the policy if the insured is a good risk D. Cancel all insureds who have had more than two claims

B. Non resident license in the state they are selling a policy

Florida agents can work and sell in another state in which of the following situations ? A. By bordering States B. Non resident license in the state they are selling a policy C. Does not have to have a license D. Must be related to a person in that state

A. The company must notify the Department Financial Services in writing that the agent no longer represents that company.

How Does an insurance company terminate an appointment of an agent? A. The company must notify the Department Financial Services in writing that the agent no longer represents that company. B. The company will send a letter to the ages. The agent must notify the Department of Financial Services if they are terminated. C. Nothing is required to be done until next renewal. D. The CFO is only Interested in who is appointed, not when they are terminated.

A. Request that an insurance company permit the agent to represent them and then send an appointment form and the appropriate fee to the Department of Financial Services.

How can an insurance agent obtain an appointment in the State of Florida ? A. Request that an insurance company permit the agent to represent them and then send an appointment form and the appropriate fee to Department of Financial Services. B. The Department of Financial Services appoints the agent to the specific companies they desire them to represent. C. the Agent must be sponsored before sitting for the state exam. The agent must then work only for that company. D. There is no requirement to be appointed as long the agent has passed the state exam .

B. 2 years

How long is an agent appointed ? A. 1 year B. 2 years C. 3 years D. 4 years

A. 24 Months

How long is the agent's appointment good for ? A. 24 Months B. 36 Months C. 48 Months D . Unlimited

C. Every 3 three years

How often does the Chief Financial Officer audit insurance companies ? A. Once a quarter B. Once a year C. Every three years D.Every five years

B . 20 hours every 24 months

If an agent has been licensed for more than 6 years - what is the continuing education requirement ? A. 10 hours every 24 months B. 20 hours every 24 months C. 28 hours every 24 months D. 24 hours every 24 months

B. Alien

If an insurance company is chartered in Canada , it would be considered a : A. Domestic B. Alien C. Foreign D. Co-Insurer

D. Within 48 months from date of termination

If the Agency, for which the agent was appointed through, terminates the agents appointment , how long does the agent have to reactivate the appointment before being considered a first time applicant . ? A. Within 2 weeks of termination B. Within 30 days of termination C. Within 1 year from date of termination D. Within 48 months from date of termination

B. 2 Degree felony

If the Agent is found to be working for an unauthorized company , all of the following penalties would apply EXCEPT ? A. 3 Degree felony B. 2 Degree felony C. Agents license is revoked D. Agent Pays Claims

A. Misleading an individual to believe something that is not true

Misrepresentation includes : A. Misleading an individual to believe something that is not true B. Misrepresenting a fact with the intent to cause one to drop a policy to take another C. Defaming a person character D, Defaming a organizations character

D. Build Employer / Employee Relationships

PEO ( Professional Employer Organization ) is used for all the following EXCEPT ? A. Workers Compensation B. Unemployment Insurance C. Health Insurance D. Build Employer / Employee Relationships

B. Administrative Duties

Professional Employer Organization function is : A. Employer/Employee relationship B. Administrative duties C. Hire / Fire D. Job Duties

D. All of the above

Rebating is which of the following ? A. Charging Less Premium B. Accepting less commission C. Giving something of value in order to encourage people to buy coverage D. All of the Above

A. Representing to an applicant that specific ancillary coverages is required by Law

What is the act of Sliding ? A. Representing to an applicant that specific ancillary coverages is required by law B. Sharing Commissions with others C. the Law permits providing more coverages than requested or agreed upon by insured D. Misrepresenting a fact to the insured to get them to drop their existing policy to purchase from the agents

B. 24 hours every 24 months

What is the amount of time for a licensed agent's continuing education with less than 5 years of licensure A. 20 hours every 24 months B. 24 hours every 24 months C. 28 hours every 24 months D. 40 hours every 24 months

A. Sliding

What is the concept when the agent begins adding ancillary coverages to the insured"s policy ? A. Sliding B. Misrepresentation C. Defamation D. Discrimination

A. Moral is enforceable by law - Ethic is a belief

What is the difference between Moral and Ethic's in the Law ? A. Moral is enforceable by law - Ethic is a belief B. Moral is a belief _ Ethic is enforceable by law C. Moral is a right or wrong - Ethic is based on the laws passed by legislature D. Moral is a belief - Ethic is how the accident happened l

A. Must have a Certificate of Authority to be authorized

What is the difference between the authorized and unauthorized insurance company ? A. Must have a Certificate of Authority to be authorized B. Must have a license in at least 5 states C. Must be licensed only in Florida D. Must be licensed in all 50 states

A. To Administer the Insurance Laws

What is the primary Function of the CFO? A. To Administer the Insurance Laws B. To pas laws regarding the insurance industry C. To negotiate the ethical standards with the insurance industry. D. to become the advocate for the insurance agents int he state.

B. MEWA

What section of ERISA is also under State control ? A. Labor Laws B. MEWA C. SEC D. Health Insurance

C. Alien

What type of company is founded in Stockholm, Sweden ? A. Domestic B. Foreign C. Alien D. Captive

B. Apparent Authority Apparent Authority means leading a third party to believe the agent had the authority to conduct the action, however did not, Implied Authority means the agent assumed they had the right dhas

What would be considered misrepresentation if the insured lead the customer to believe a fact and did not correct them ? A. Implied Authority B. Apparent Authority C. Appraisal D. Subrogation

C. Receive an Appointment with the Company

When a Agent represents a company, the agent has right to : A. Settle Claims B. Issue Checks C. Receive an appointment with the Company D. Issue a Certificate of Authority

C. Receive an appointment with the Company

When a Agent represents a company, the agent has right to : A. Settle Claims B. Issue Checks C. Receive an appointment with the Company D. Issue a Certificate of Authority

A. Misrepresentation

When a company advertises information that was intentionally false, this is know as : A. Misrepresentation B. Products and Completed Operations C. Twisting D. Rebating

B. Misrepresentation

When can an agent have their license suspended ? A. Bankruptcy B. Misrepresentation C. Misdemeanor D. Legal problems

C. Every 3 years

When can an insurance company be audited ? A. Every 6 months B. Every year C. Every 3 years D. Every 5 Years

A. 48 months

When will a person be considered a 1st time applicant if they do not maintain the appointment ? A. 48 months B. 24 months C. 12 months D. No limitation

B. ERISA

Which of the following are Exempt from State Laws ? A. MEWA B. ERISA C. PEO D. UNION

C. Charging differ rtes to some people within the same actuarial class, anticipating all other factors are the same

Which of the following best describes discrimination in the realm of insurance law ? A. Not allowing individual of a certain gender to read a policy B. Excluding all individuals from a certain nationality C. Charging differ rates to some people within the same actuarial class. anticipating all other factors are the same D. Not offering coverage in the state

A. Fines

Which of the following can the Chief Financial Officer impose as penalties ? A. Fines B. Jail Time C. Community Service D. None of the Above

C. Requiring Auto Club on Auto Policy

Which of the following does " SLIDING " best referred to : A. Required PIP to be on Auto Policy B. A person that slips on the insureds premises C. Requiring Auto club on Auto Policy D. None of the above

C. A company that was chartered in Paris and doing business in Florida.

Which of the following is an Alien Company? A. A company that was chartered in Atlanta and licensed in Georgia B. A company that was chartered in San Francisco and doing business in Maine C. A company that was chartered in Paris and doing business Florida D. A company that is under investigation from the department of Financial Services

B. Agent gives back part of the premium to the insured

Which of the following is considered " Rebating " ? A. Insurance company ask the agent to give back part of their commission to them B. Agent gives back part of the premium to the insured C. Agent asks the insurance company to give the agent additional discount D. The agent gave a discount to the insured

C. Agent with a 2-20 License

Who can Appoint a CSR ? A. Manager of an Agency B. Owner of the Agency C. Agent with a 2-20 License D. Agent with an Insurance License

A. Spouse

Who can be appointed a Temporary License to take care of business due to disability of an agent ? A. Spouse B. Department of Financial Services Employee C. A sales Agent of another line of business D. CPA

B. Personal Representative of an agent

Who can sell a temporary license due the death of agent? A. 2-20 Agent not appointed B. Personal Representative of an agent C. Customer Service Representative D. Adjuster

C. Insured

Who can sue the agent for mishandling of the insurance programs ? A. Florida court B. Chief Financial Officer C. Insured D. Another agent