Florida Statutes, Rules, and Regulations Common to All Lines QUIZ

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

General lines

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

Which of the following is true regarding branch agency licensing?

agent in charge must be licensed

The requirement that agents not commingle insurance monies with their own funds is known as

fiduciary responsibility

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

insurance contract

During a sales presentation a producer intentionally makes a statement which may mislead the insurance applicant. This describes

misrepresentation

Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?

twisting

Continuing education requirements must be met every

2 years

In order for an insurer to legally transact insurance, it must obtain which of the following?

Certificate Authority

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.

Insurance companies may be classified according to the legal form of their ownership. The type of company organized to return any surplus money to their policyholders is

Mutual insurer

All of the following would be considered an insurance transaction EXCEPT

Obtaining an insurance license

All of the following are true regarding rebates EXCEPT

Rebates are allowed if it's in the best interest of the client.

What are the 2 offices of the Financial Services Commission?

The Office of Financial Regulation and the Office of Insurance Regulation.

If an agent is in the military, which of the following is true?

The agent cannot sell a policy to another active military person who is of a lower rank.