Ch 5
Pertaining to insurance, which of the following is an example of a producer's fiduciary responsibility?
Promptly forwarding premiums to the insurance company
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
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
A participating insurance policy may do which of the following?
Pay dividends to the policyowner
In order to maintain an insurance license, an agent licensed for less than 6 years will need to satisfy Florida's continuing education requirement of
24 hours every 2-year period.
All agents licensed in this state must complete how many hours of continuing education specific to law and ethics?
4
What is reinsurance?
An agreement between a ceding insurer and assuming insurer
How are state Insurance Guaranty Associations funded?
By their members - authorized insurers
All of the following actions can be described as twisting EXCEPT
Explaining to client the advantages of permanent insurance over term and suggesting changing policies
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
What term best describes the act of withholding material information that would be crucial to an underwriting decision?
concealment
Applications to an insurer must include all of the following information, EXCEPT
credit history report
When 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 charged him a higher rate for his insurance. This practice is considered
discrimination
When doing business in this state, an insurance company that is formed under the laws of another state is known as which type of insurer?
foreign
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