Florida statutes, rules, and regulations common to all lines

What are producers required to do in order to renew their license?

Complete continuing education hours and pay a renewal fee

The twin brothers applied for life insurance from company a, The company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charge him a higher rate for his insurance. This practice is considered

Discrimination

Two individuals are in the same risk and Age class; yet, they are charge different rates for their insurance policies due to an insignificant factor. What is this called?

Discrimination

Failure of a license 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

On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are

Not taxable since the IRS treats them as a return of a portion of the premium paid

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

Putting the client's best interest before their own

What method do ensures use to protect themselves against catastrophic losses?

Reinsurance

An agent appointment has been denied. Which of the following is true?

State taxes may be refunded upon a written request

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 purchased the insurance policy today

Agents who persuaded shirts to cancel the policy in favor of another one when it might not be in the insured's best interest are guilty of

Twisting

What level of authority is given to the Office of Insurance Regulation with respect to examination of insurer's activities to determine compliance Unfair Trade Practice laws?

absolute

Which of the following is true regarding branch agency licensing?

agent in charge must be licensed

What term is used for replacing insurance policies for the sole purpose of making commissions?

churning

Applications to an insurer must include all the following information except

credit history report

An insurance company is domiciled in Montana and transact insurance in Wyoming. Which term best describes the insurers classification in Wyoming?

foreign

What is the purpose of insurance guaranty association?

to protect policy owners, insureds and beneficiaries From financial losses caused by insolvent insurers

Which of the following insurers are owned by stockholders?

stock