Chapter 26

The following are responsible for the Admin/enforcement of insurance laws : 1.) 2.) 3.)

1.) CFO 2.) Commissioner of the OIR 3.) Financial Services Commission

The insurance laws are administered/enforced by : 1.) 2.) 3.)

1.) CFO 2.) Financial Services Commission 3.) Commissioner of OIR

The CFO is : 1.) the head of the _____ 2.) a member of the _____

1.) Department of Financial Services 2.) Financial Services Commission

Financial Services Commission is composed of : 1.) 2.) 3.) 4.)

1.) Governor 2.) Attorney General 3.) CFO 4.) Commissioner of Agriculture

The association has a board of directors and maintains 3 separate accounts for each of the following : 1.) _____ accounts 2.) _____ accounts 3.) _____ accounts

1.) Health insurance 2.) Life insurance 3.) Annuity

CFO oversees 15 divisions and offices including : 1.) Bureau of _____ 2.) _____ 3.) _____ services

1.) Unclaimed Property 2.) Fraud 3.) Consumer

Florida resident property and casualty agents may use their residence as an insurance office if : 1.) 2.) 3.)

1.) a separate room is set aside by agent to conduct business 2.) such a room is easily accessible to the public 3.) existence of such a place is suitably advertised (like a sign in yard)

The CFO administers : 1.) regulation of insurance _____ 2.) insurance _____ 3.) insurance _____

1.) agents (licensing, etc) 2.) fraud 3.) consumer protection

An examination is NOT required for the following situations : 1.) Renewal of _____ 2.) Limited license application for _____, _____, ______, ______, or ______ insurance 3.) an applicant for a _____ license 4.) an applicant for a license as a life or health agent who has a _____ designation and has been in insurance business within the past four years 5.) an applicant who has a _____ designation and is applying for a license as a general lines agent, personal lines agent, or all-lines adjuster 6.) an applicant for license as a general lines agent or all-lines adjuster who has received a degree in insurance from an accredited institution which included at least _____ hours of Insurance Instruction 7.) an applicant for a license as a life agent who has received a degree in insurance from an accredited institution with a minimum of _____ hours of Insurance Instruction 8.) an applicant applying for a _____ license or a license transfer from another state if the applicant has completed pre-licensing exam requirements

1.) appointment 2.) travel, motor vehicle, credit, in-transit and storage, portable electronics 3.) temporary 4.) CLU (Chartered Life Underwriter) 5.) CPCU (Chartered Property Casualty Underwriter) 6.) 18 7.) 9 8.) nonresident

The board of directors of the association must have at least _____ but not more than _____ member insurers serving on the board At least _____ of the members of the board must be a domestic insurer

5, 9 1

The Health and Life Annuities & Variable Contracts License is _____ hours of approved prelicensing education

60

An appointing entity may terminate its appointment of any appointee at any time, with at least _____ days advance notice. Within _____ days after terminating the appointment of an appointee, company must file a written notice with the Department within _____ days including the reasons for the termination

60 30

A passing grade of _____% on the exam is valid for one year

70

_____ - someone who represents the insurer during the settelement of claims and whose job it is to help determine the amount of the claim payable under the contract

All-lines adjuster

What happens the filed form has not been approved or disapproved by the OIR within 30 days?

At the end of the 30 days it is considered approved

_____, _____, and _____ result in the unreasonable restraint of, or monopoly in, the business of insurance

Boycott, Coercion, Intimidation

The Bureau of Unclaimed Property is directly overseen by _____

CFO

The following are directly overseen by _____ : * Division of Accounting & Auditing (Bureau of Unclaimed Property) * Division of Insurance Agent and Agency Services * Division of Insurance Fraud * Division of Consumer Services * Office of Insurance Consumer Advocate

CFO

_____ has the authority to investigate insurance companies and producers, issue cease and desist orders, impose penalties, and seek a court injunction

CFO

The position of the _____ is an independently elected state office. Part of his/her duties include being a member of the Financial Services Commission (helps enforce insurance laws), be head of Department of Financial Services which, along with Commissioner of OIR, oversee the insurance industry

Chief Financial Officer

_____ involves using the values in an existing insurance policy or annuity to purchase another insurance policy or annuity with the same insurer for the purpose of earning additional premiums or commissions

Churning

Office of Insurance Regulation is run by the _____

Commissioner aka insurance commissioner aka commissioner of the Office of Insurance Regulation

The insurance industry is overseen by both the _____ and the _____

Commissioner of the OIR and the CFO

The head of the Office of Financial Regulation is the _____

Commissioner of the Office of Financial Registration

_____ is when an agent sells insurance policies on his/herself and others with whom the agent has a financial likeness (members of family, partners or employees of a business in which he/she or a member of family is engaged, etc...)

Controlled business

_____ involves knowingly spreading any kind of oral or written statement with is false or maliciously critical of or derogatory toward any person

Defamation

What is penalty for following list of violations : * violation of Insurance Code or laws * engaging in twisting * pocketing premiums * engaging in unfair or deceptive acts * willfully over-insuring any property or health insurance risk * violation of the code of ethics * cheating on a licensing exam * being found guilty of a felony * failure to notify department in writing within 30 days after pleading guilty or no contest to a felony * knowingly aiding or abetting any person in violation of insurance code of laws * failure to comply with the child support enforcement program

Denial, suspension, revocation, or refusal to renew or continue license or appointment

Although the OIR helps in assisting insolvent insurers, it is the _____ that is appointed as the liquidator or rehabilitator

Department of Financial Services

_____ general powers and duties : * they enforce the Insurance Code * their powers and authority may be expressed or implied in the Insurance Code * they may conduct any investigation to determine if a person has violated the code * the Department and Office may each employ actuaries. Actuaries must be members of the Society of Actuaries or the Casualty Actuarial Society

Department of Financial Services

The _____ and the _____ oversees the insurance industry, and members of the Department have authority to make rules and issue penalties in order to carry out their responsibilities

Department of Financial Services CFO and the Commissioner of the Office of Insurance Regulation

An agent is allowed to write business with another company for which that agent is not appointed if the agent's own company rejects the application or if the amount is in excess of that which they will cover, this is called _____

Excess or rejected business

The OFR includes a Bureau of _____ that investigates suspected wrongdoing, both inside and outside of Florida, and may refer suspected violations to state or federal law enforcement or prosecutorial agencies.

Financial Investigations

The Office of _____ acts as a whistle-blower

Financial Investigations

OIR is an office within the Department of _____, which is headed by the _____

Financial Services CFO (Chief Financial Officer)

What are requirements in Florida of foreign and alien insurers?

Foreign - OIR requires a report of that company's most recent certified exam by it's home state Alien - examinations only covers business done in US

_____ is an intentionally deceptive act

Fraud

What happens when an unauthorized insurer becomes liable for a claim?

If unauthorized insurer fails to pay in full or part a claim, then any person who knew or reasonable should have known that the contract was entered into ellegally is LIABLE TO THE INSURED FOR THE FULL AMOUNT OR THE CLAIM OR LOSS NOT PAID

_____ insurer - means a member insurer, deemed by the Department to be potentially unable to fulfill its contractual obligations and not an insolvent insurer

Impaired

_____ insurer - means a member insurer against which an order of liquidation with a finding of insolvency has been entered by a court

Insolvent

_____ - protects policyowners and consumers in the event the insurer becomes insolvent

Insurance Guarantee Fund

_____ - the BUSINESS LOCATION where someone is engaging in any activity that by law may be performed only by a licensed insurance agent

Insurance agency

_____ applications must include : * the name of each owner * partner * officer * director * treasurer, and * limited liability company member who directs or participates in the management or control of the agency * street and email addresses of the agency * any branch location * the name of the agent in charge of the agency and branch

Insurance agency

_____ is generally, when you are trying to make yourself, your company, or your products look better than they are for purpose of making a sale

Misrepresentation

_____ involves talking about yourself or your own company, _____ involves talking about others

Misrepresentation, defamation

Are sexual abuse, psychological treatment, physical abuse allowed to impact issuance of a policy, payment of claim, rate increases, etc...

NO

Does the Department endorse any professional designations

NO

Can an unaffiliated agent receive commissions from an insurance company whose products the agent is comparing or recommending?

No

When can an unaffiliated agent receive commission?

They can continue to receive residual commission from sales made before becoming unaffiliated as long as those commissions are disclosed to client when making recommendations or evaluations of policies from that entity

_____ - basically anything that needs to be done during the purchase process of an insurance product

Transacting

True or False If an agency license is required for a location, that agency license will continue indefinitely until it is canceled, suspended, revoked, or otherwise terminated

True

True or False The Commissioner of the Office of Insurance Regulation is NOT included in the Financial Services Commission

True

_____ invoves misleading representations or incomplete or fraudulent comparison of any insurance policies or insurers for the purpose of inducing any person to lapse, forfeit, terminate, or convert any insurance policy ot to take out a policy of insurance with ANOTHER insurer

Twisting

_____ agents are self-appointed, and act as basically consultants for insurance products

Unaffiliated

_____ - agent who does not (and may not) have current affiliation with an insurer or agency

Unaffiliated agent

Which Act gave the CFO power to seek a court injunction? Can the OFR also seek a court injunction

Unfair Trade Practices Act Yes

Sliding, Coercion, Misrepresentations, False Advertising, Defamation, Unfair Discrimination are all examples of _____

Unfair methods of competition

Do mail order insurance companies fall under the same rules as a normal insurer with regard to being authorized?

Yes

If an agent is charged with a felony or crime punishable by imprisonment for up to a year, can the Department temporarily suspend the agent's license until the agent is convicted or adjudication is withheld?

Yes

Is the appointment fee the same to become an unaffiliated agent as would be required by an insurer to appoint an agent?

Yes

Is the same agent allowed to be in charge of several locations of the agency?

Yes as long as insurance activities that require a licensed insurance agent do not occur at any location when an agent is not physically present

All of the following are characteristics of a mutual insurance company EXCEPT a.) management elects the board of directors b.) the policyowners are the owners of the company c.) dividends, if any, are paid to policyowners d.) it must be incorporated in order to operate

a.)

Of the following terms, which best describes the act of replacing existing life insurance with a new life insurance policy based upon incomplete or incorrect representation a.) twisting b.) rebating c.) embezzlement d.) concealment

a.)

The major areas of regulation by the OIR include which of the following a.) policing against unauthorized insurance activities b.) proposing legislation to regulate the insurance industry c.) enacting new insurance laws d.) issuing certificates of authority to insurers

a.)

Violation of the controlled business statute occurs if an agent sells most of his/her business to a.) employees of a business owned by his/her father b.) members of his/her civic club c.) city and county employees d.) members of the local medical society

a.)

A fraternal life insurance organization can operate as any of the following EXCEPT a.) corporation b.) society c.) association d.) charitable trust

d.)

Sliding consists of all the following activities except a.) telling an applicant that certain ancillary coverage is required by law when it is not b.) advising a client that certain ancillary coverage is included at no additional charge when such a charge is required c.) charging an applicant for ancillary coverage over the cost of coverage applied for without the applicant's consent d.) recommending that a client take cash value from one policy to make other investments

d.)

Which of the following penalties imposed upon the agent by the Chief Financial Officer does NOT match the offense a.) failure to answer a subpeona can result in a $1,000 fine b.) violation of the Insurance Code can result in suspension of license c.) a fraudulent act can result in prosecution by the Attorney General d.) violation of a cease and desist orde r can result in a fine of no more than $2,500

d.)

A _____ is any combination of words, any acronym or job title that indicates or implies that a licensee has special knowledge or training in advising or servicing consumers beyond the knowledge or training required for the license held

designation

In Florida, in order to offer insurance products, insurance companies must first get a certificate of authority from the OIR regardless of where to company is _____

domiciled

_____ - term describing issuing a policy after underwriting

effectuation

When someone willfully submits fraudulent signatures on an application or policy document, they commit a 3rd degree _____, fines may not be greater than $_____ for each non-willful violation, or not greater than $_____ for each willful violation

felony $5,000 $75,000

If the agent pleads guilty or no contest to a _____ or a crime punishable by imprisonment of _____ year/s the agent must notify the Department within _____ days of entering the plea

felony 1 30

Anyone who is engages in any type of insurance activity without a certificate of authority commits a _____ of the _____ degree

felony 3rd

Remember, any insurance agent licensed in Florida who knowingly represents or aids an unauthorized insurer commits a _____ of the _____ degree

felony 3rd

A _____ is a person in a position of special trust and confidence, nearly always in the context of money

fiduciary

At any time while an individual's license is in force, an insurer may apply to the Department for an additional appointment as a _____ or _____ agent

general lines agent life or health

IF a branch location of an insurance agency transacts business under the name and federal tax ID number of the licensed agency them it is not required to be licensed. The branch location must have designated with the Department a licensed insurance agent _____

in charge of the branch location

If the OFR finds that conduct in question is likely to cause _____ or substantial loss of _____, it may issue emergency cease and desist order that remains in effect for _____ days

insolvence assets 90

Each place of business must possess a/an _____ license to be allowed to conduct insurance business in its own name or under a trade name

insurance agency

Remember, an agent legally represents the _____

insurance company

The purpose of the Florida licensing statutes is to help protect the general public by requiring a minimum level of _____ if the licensee before conducting business in the area of insurance

insurance knowledge and competence

Which is considered more serious... market conduct examination or investigation?

investigation

An insurer must file copies of all rating forms with the OIR, including manuals and schedules and any changes in either of those, without doing so the insurer will not be allowed to _____

issue or renew any health policies unless this has been done

Continuing education requirements must be completed by the _____ day of the licensee's birth month, unless licensee was granted a waiver

last

The only type of people in state of Florida that are allowed to receive any type of commission are _____ and _____ agents

licensed and appointed

Insurance company audits aka _____

market conduct examinations

_____ - term describing delivery of policy, free-look, additional receipts. disclosures, etc

matters subsequent to effectuation

Life (including Annuities & Variable Contracts) license is _____ hours of approved prelicensing education

40

The requirement for Health license is _____ hours of approved prelicensing education

40

If you allow _____ months to elapse without appointment, you will lose you license altogether and have to re-apply as a _____

48 (4 years) first-time applicant

Applicants may not take an examination for a license type more than _____ times in a 12 month period

5

The OIR may do market conduct examination as often as they deem necessary on insurer,but it must examine each domestic insurer at least once every _____ years

5

Engaging in unfair methods of competition can result in fines of not greater than $_____ for each non-willful violation and not greater than $_____ for each willful violation these fines may not exceed the amount of $_____ for each non-willful violation or a total amount of $_____ for all willful violations

$2,500 $20,000 $10,000 $$100,000

Fines for twisting, churning, or fraudulent signatures may not exceed a total amount of $_____ for each non-willful violation

$50,000

Violation of a cease and desist order may result in a maximum fine of $_____ and _____ of a person's certificate of authority or license

$50,000 suspension or revocation

Aggregate liability of the association shall not exceed : * $_____ in net cash surrender and net cash withdrawal values for life insurance * $_____ in net cash surrender and net cash withdrawal values for deferred annuity contracts, or * $_____ for all benefits including cash values, with respect to any ony life * in no event will the association be liable for any penalties or interest

* $100,000 * $250,000 * $300,000

Any agent or insurance agency that diverts or misappropriates funds commits the offense with following penalties : * $_____ or less is a misdemeanor of the _____ degree * > $300, but < $_____ , is a felony of the _____ degree * $20,000 or more, < $_____, is a felony of the _____ degree * $100,000 or more is a _____ or the _____ degree

* $300, 1st * $20,000, 3rd * $100,000, 2nd * felony, 1st

If a domestic company has had a certificate of authority in Florida less than _____ years then the OIR must conduct an examination once a year

1

The total of all assessments upon a member insurer will be an average of _____% of premiums received over each of the most recent _____ calendar years

1% 3

The following principles serve as standards to be followed by the Department, Commission, and Office in interpreting the law. Policy owners have to right to : !.) _____ prices and marketing to help them get the best value when comparing policies 2.) obtain comprehensive _____ 3.) accurate, fair, and balanced information about the policy in _____ 4.) a _____ stable insurer 5.) be serviced by a producer who is _____ and honest 6.) a policy that uses understandable _____ 7.) an insurer that tries to help prevent _____ and quickly delivers _____ 8.) a balanced and positive regulation by the _____, _____, and _____

1.) competitive 2.) coverage 3.) markting materials 4.) financially 5.) competent 6.) language 7.) losses, claims 8.) department, commission, and office

3 main rules to know about rebating : 1.) No _____ 2.) Current _____ must be posted in prominent public view at producer's place of business 3.) The most recent _____ years rebate schedules must be kept on hand somewhere at the agency

1.) discriminating 2.) rebating schedule 3.) 5

Residents of other states are covered in event insurer becomes insolvent only if ; 1.) insurers that issued policy are _____ in FL 2.) such other states have associations _____ to the FL association, and 3.) such persons are _____ for coverage by such associations

1.) domiciled 2.) similar 3.) not eligible

The OIR has several major responsibilities including : 1.) _____ of insurance companies 2.) establishing initial _____ requirements of insurance companies 3.) policing against unauthorized _____ 4.) ongoing regulation of _____ activities 5.) assisting in _____ or _____ insolvent insurer

1.) licensing 2.) financial 3.) insurance activities 4.) insurance company 5.) rehabilitating or liquidating

During an investigation, the OFR has the power to : 1.) administer _____ 2.) take _____ 3.) issue _____

1.) oaths 2.) testimony 3.) subpeonas

During an examination or investigaton the Department may act as an attorney by doing the following : 1.) administer _____ 2.) examine _____ 3.) receive _____ 4.) _____ witnesses 5.) take _____, and 6.) require by _____ books , papers, records, files, etc...

1.) oaths 2.) witnesses 3.) evidence 4.) subpeona 5.) testimony 6.) subpeona

An advertisement that is an invitation to contract must disclose the provisions relating to : 1.) 2.) 3.)

1.) renewability 2.) termination, and 3.) modification of benefits, losses covered, or premiums

Financial Services Commission is composed of : 1.) 2.) 3.) 4.)

1.) the Governor 2.) the CFO 3.) the Attorney General 4.) the Commissioner of Agriculture

Under Fl law an agent can write controlled business provided that the premiums of other policies sold to the public written during any _____ month period are _____ the amount of controlled business written

12 greater than or equal to

Appointments form insurance company last _____ years, at which point your insurance company would have to renew your appointment with the _____

2 Department of Financial Services

Insurance companies, by law, have _____ days to respond to the department once a consumer complaint has been filed

20

No matter now long initial appointment was, subsequent appointments will always last _____ months

24

Initial appointments are good for no less than _____ months and no longer than _____ months

24 36

Continuing education requirements : During first 6 years in the insurance field - _____ hours every _____ years >6 years in the field - _____ hours every _____ years *_____ hours must be in Law & Ethics

24, 2 20, 2 5

Exception to Continuing Education requirements : A person licensed > _____ years or more and is a _____ or _____ or has a a Bachelors of Science degree in risk management must complete only _____ hours every 2 years

25, CLU, CPCU 5

Commission for examining group health insurance contracts must be kept by licensed agent for _____ years after services have been performed

3

Every agent or agency must keep record pertaining to a premium payment for at least _____ years after payment

3

Agents must notify the Department within _____ days of change of any contact information

30

All insurance forms must be filed with OIR within _____ days in advance of delivery to a consumer

30

If a government agency in Fl or any other state takes action against a licensee or agency, that licensee or agency has within _____ days of final disposition to submit copy of relevant documents to the Department

30

It is considered unfair claims practice to fail to affirm or deny full or partial coverage of claims within _____ days after proof-of-loss statements have been completed

30

The Department will issue a license number within _____ days after passing your exam

30

Willfully submitting fraudulent signatures on an application or other policy-related document is a _____ degree felony

3rd

All advertisements must be available within the file for a period of _____ years or until the next examination of the insurer, whichever is longer

4

Does coverage under Insurance Guaranty Fund apply in following cases : * the portion of variable contract not guaranteed * fraternal benefit societies * health maintenance insurance * dental service plan * pharaceutical service plan * ambulance service plan * pre-need funeral or service contract insurance * prepaid health clinic insurance * portion of policy or contract exceeding association limits * policy or contract providing Medicare Part C or Part D benefits

No

IF an agency is owned and operated by a single licensed agent who does business in his/her own name and that person does not employ other licensees, then is that agency required to have an insurance agency license?

No

Is being a licensed insurance agent sufficient to conduct insurance business?

No must also be appointed, only exception is unaffiliated agents

The _____ also has the authority to issue cease and desist orders in certain cases, as well as seek court injunction and also to make investigations inside and outside of Florida

OFR

The _____ audits insurance companies within the state

OIR

The _____ is responsible for approving policy rates and forms, market conduct examinations (audits), overseeing agencies and investigating violations

OIR

The _____ may suspend or revoke the certificate of authority if member fails to pay an assessment when due or fails to comply with approved plan of operation of the association

OIR

The _____ is concerned with other financial institutions, such as banks, credit unions, and the securities industry

Office of Financial Regulation (OFR)

The _____ is responsible for : * banks * credit unions * other financial institutions * finance companies, and * the securities industry

Office of Financial Regulation (OFR)

Specific duties of the _____ include : * rate-making supervision * policy forms approval * market conduct investigation * issuing insurer certificates of authority * assessing insurer solvency * regulating viatical settlements * regulating premium financial arrangements * administrative supervision

Office of Insurance Regulation

The _____ is concerned with insurance companies, issuing certificates of authority, premium regulation, reserves, marketing, etc...

Office of Insurance Regulation

The _____ is responsible for all activities pertaining to the regulation of insurers and other risks-bearing entities

Office of Insurance Regulation

Within the Department of Financial Services, the two offices concerning insurance are the _____ and the _____

Office of Insurance Regulation (OIR) Office of Financial Regulation (OFR)

_____ - someone other than a licensed attorney who represents the public, helps the insured in negotiating the settlement of claims that are covered by insurance contract

Public adjuster

_____ is when agent puts additional coverages (ancillary) on a policy that bought an extra cost to the policyowner without being honest about it

Sliding

_____ will be appointed as the liquidator or rehabilitator in any liquidation or rehabilitation proceeding involving a domestic insurer

The Department

Which of the following is correct about the Department of Financial Services' right to examine as agent's records a.) an examination can be conducted at any time to discover any unfair trade practices b.) an agent's records involving a premium transaction are confidential and not subject to examination c.) the CFO may examine an agent's records only once per year, unless good cause is shown for more frequent examinations d.) the statutes do not give the Department an absolute right to examine the affairs of insurance licensees to discover unfair trade practices

a.)

Licensees unable to comply with continuing education requirements due to _____ may submit a written request for a waiver to the Department

active duty in military

As of October 15, 2015, all registered insurance agency "registrations" were converted to _____

agency licenses

The term _____ does not include customer representative, limited customer representative, or service representative

agent

All of the following activities could result in the suspension of an agent's license EXCEPT a.) misrepresenting the financial condition of an insurance company b.) selling any replacement policy that causes an insured to lapse an existing policy c.) attaining a license for the sole purpose of handling controlled business d.) demonstrating incompetency to transact business as an insurance agent

b.)

If an agent changes his or her residence address, he or she must notify the Department of Financial Services within a.) 15 days b.) 30 days c.) 60 days d.) a change of residence address does not require notification

b.)

In insurance regulatory language, which of the following properly identifies a "foreign" insurance company a.) insurance company whose home office is in another country b.) insurance company whose home office is in another state c.) insurance company that has no local representative d.) insurance company whose policies are in a foreign language

b.)

Transacting insurance does NOT include which of the following activities a.) soliciting the purchase of insurance b.) negotiating an agent contract with an insurance company c.) negotiating an insurance contract d.) recommending specific types of insurance based on a policyowner's needs

b.)

What two authorities can impose penalties for violation of state insurance laws a.) CFO and the legislature b.) CFO and the courts c.) Legislature and the courts d.) Courts and the NAIC

b.)

Appointment always expires on the last day of your _____

birth month

All of the following activities violate the Florida Insurance Code EXCEPT a.) dividing commission on a life insurance policy with any licensed agent b.) dividing commission on a life insurance policy with a license health agent c.) dividing commission on a life insurance policy with another agent who is licensed and appointed to sell the same line of insurance d.) dividing commission on a life insurance policy with a licensed life insurance broker who regularly transacts life insurance

c.)

All of the following are reasons the insurance industry is subject to governmental regulation EXCEPT the a.) public trust aspect of the business b.) financial impact of the business on the economy c.) need to monitor the premium payment practices of the public d.) duty to protect the public due to the technical nature of insurance contracts

c.)

An insurance company can be any of the following EXCEPT a.) domestic and admitted b.) foreign and nonadmitted c.) domestic and alien d.) alien and nonadmitted

c.)

The definition of "transacting insurance" includes all of the following EXCEPT a.) soliciting a contract of insurance b.) negotiating a contract of insurance c.) underwriting a contract of insurance d.) effectuating a contract of insurance

c.)

The general powers and duties of the OIR include all of the following EXCEPT a.) enforce the Florida Insurance Code b.) determine if an insurance company has violated the Insurance Code c.) enact statutes to govern the insurance industry d.) disseminate information regarding its activities

c.)

Which of the following activities is NOT a violation of the Insurance Code a.) charging a fee that is more than the premium stated in the policy b.) collecting premiums and depositing them in the agent's personal account c.) writing as much non-controlled insurance business as controlled business d.) offering a premium rebate if the insured contracts for other insurance business

c.)

Which of the following would be considered an unfair claim practice a.) implementing standards for proper investigation b.) denying a claim after reasonable investigation of the facts c.) misrepresenting insurance policy provisions affecting a loss d.) acting promptly on claims communication

c.)

No person or company is allowed to do anything in the insurance business in Florida unless they have been authorized by a _____ issued by the _____

certificate of authority OIR

A _____ is any designation that indicates or implies that any individual or organization meets certain established criteria beyond the criteria required for the license held

certification

A court injunction is issued by _____ and demands that a person do a certain thing or refrain from doing a certain thing

circuit court

If a foreign or alien member insurer is subject to liquidation proceeding in its home state, the Department will be appointed _____

conservator

Failure to comply with _____ is considered contempt of court, and any expenses incurred by the OFR during investigation will be assessed against the person or financial institution being investigated

court order

An insurer that is appointing a first time appointee must, at the same time as the appointment, conduct a full detailed _____ and _____ report of the licensee and keep it on file, and make reports available to Department upon request

credit and character

The members of the board of directors will be elected by the _____ and are subject to approval of the _____

member insurers Department

Florida Life and Health Insurance Guaranty Association is a non-profit legal entity. All life, health, and annuity insurers are _____ of the association as a condition of their authority to transact insurance in FL

members

Anyone who willfully obstructs the investigation process is guilty of a _____ (felony or misdemeanor)

misdemeanor

The offenses of twisting and churning result in a _____ of the 1st degree and fines not greater than $_____ for each non-willful violation or not greater than $_____ for each willful violation

misdemeanor $5,000 $75,000

The fines for twisting, churning, and fraudulent signatures are the same, but twisting and churning are _____ while fraudulent signatures are _____

misdemeanors felonies

An insurance agency and any branch location must file with the _____ and _____ of the agent in charge and the _____ of the insurance agency with the Department at the Department's designated website A change of the designated agent in charge needs to be provided within _____ days after such a change and will be approved by the Department

name and license number physical address 30

A company that does not have certificate of authority is also referred to as a _____. _____. or _____ company

non-admitted, non-licensed, unapproved

Advertising to the general public with a _____ requires that such location be a licensed and appointed agency location

physical address

No insurer in FL may refuse to issue a policy or charge a higher premium on a life or health insurance policy solely because person to be insured has been diagnosed as having _____

sickle cell trait

With excess or rejected business no additional appointment is required and commissions can be paid to the agent under what is known as a _____ This is governed under Florida's _____ law

single case agreement Exchange of Business

_____ - inducement to purchase insurance

solicitation

No advertisement may use logos, names, etc that would lead a reasonable person to conclude that the advertisement or the insurance company is linked to any agencies of _____

the government

Are agents permitted to make appointments at coffee shops, etc with individual consumers?

yes

Would hanging a sign on front lawn be considered advertising to the public and require location to be licensed as agency?

yes