FL statutes, Rules and Regulations

Can an insurer cancel a property policy for nonpayment of premium?

Yes, 10 days written notice and reason of cancellation given to the insured

What is the maximum service charge a general lines agent may charge per installment for financial insurance premiums?

$3

What is the maximum service charge a general lines agent may charge per year for financial insurance premiums on policies issued by the agent?

$36 maximum per year. $3 per installment x 12 months = $36

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 law?

Absolute

Which is the following is the closest term to an authorized insurer?

Admitted

Which of the following is true regarding branch agency licensing?

Agent in charge must be licensed

What types of structures are elegible for coverage in the citizens property insurance corporation

All types of structures

What is a foreign insurance?

An insurer with a home office in another state

If an insurance company makes a statement that it's policies are guaranteed by the existence of insurance Guaranty Association, that would be considered

An unfair trade practice

If an insurance company makes a statement that it's policies are guaranteed by the existence of the insurance Guaranty Association, that would be considered

An unfair trade practice

How often must domestic insurance companies be examined by the Chief Financial Officer in Florida?

At least ever 5 years

How are state insurance Guaranty Associations funded?

By their members - authorized insurers

What organization offers coverage on properties in areas of FL deemed especially susceptible to windstorm damages?

Citizens property insurance corporation

FL UM law requires that every auto policy that provides primary liability coverage for a specific motor vehicle must include "stacked" UM at the same limits as apply coverage, unless the insured, in writing A. rejects the UM coverage B. Electa UM coverage at limits than those that apply to liability C. Elects "non-stacked" UM coverage D. Any of those above

D

In what areas is coverage available through the Citizens Property Insurance Corporation?

Defined areas

Witch of the following authorities grants and revokes licenses?

Department of Financial Services

In FL , the financial Responsibility law is administrated by

Department of highway safety and motor vehicles

Which of the following would be an example of an unfair claims settlement practice?

Failing to acknowledge a claim within 30 days

Circulating deceptive sales material to the public is what type of Unfair Trade Practice?

False advertising

When an insurer plans to non renew a commercial property insurance policy, it must

Give at least 45 days advance written notice of its intent and state the reasons why the policy will not to be renewed

The time of limitation on certain defenses provision in health policies deals with which of the following?

Incontestability of statements on the application

The office of insurance regulation is responsible for all of the following insurer activities EXCEPT

Issue of securities

Which of the following best describes a misrepresentation ?

Issuing sales material with exaggerated statements about policy benefits

Which of the following NOT an indication a company is an unauthorized insurance entity?

It has many underwriting guidelines

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

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

What is the major difference between a stock company and a mutual company?

Ownership

According to FL state law, before demanding litigation, parties may demand mediation for all of the following EXCEPT

Personal injury claims filed for $15,000 or more

Which of the following statements is INCORRECT with regard to surplus lines insurance?

Policies written by a surplus lines insurer typically contain standard coverages and forms

Limited fungi, wet or dry rot, or bacteria endorsement in HO policies applies to

Property and liability losses

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 insurance agent X has been found guilty of a felony and was sentence to 3 years in prison. What would be the appropriate plan if action?

Send a written notification to the department of insurance

Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting?

Stock

What are the 2 offices of the Financial Services Commission

The Office of Financial Regulation and the Office of Insurance Regulation

If a person accumulated more continuing education hours than is necessary to fulfill the requirements for a 2-year period, which of the following will occur?

The extra hours may be continued into the next period

Within how many days must a property insurer pay on a claim after the settlement is reached?

20 days

Joe's DL was reviled 90 days after his auto insurance policy was issued. If the insurer chooses to cancel his auto policy, it must give Joe a minimum of ______ notice

45 days

A producer who fails to segregate premium monies from his ow. Personal funds is quilt of

Commingling

What is the legal defense that can be used in most states in which proportionate damages may be awarded when both the plaintiff and defendant were negligent?

Comparative negligence

Which of the following is a statutory defense?

Comparative negligence

Permitting individuals of the same class to be charged a different rate for the same insurance is the unfair trade practice of

Discrimination Ex: twins with different economic situation. Company cheated higher to one b/c is better than the other one.

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?

Illegal under any circumstances

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 purchased the policy?

Mutual

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

The insurance contract

How many hours of continuing education are general lines agents required to complete ever year in the subject of hurricane mitigation options?

1 hour

Which of the following would NOT be considered a misrepresentation on the part of the insurer?

Backdating policies to secure a lower premium for the insured

For cancellation of a commercial property during the first 90 days, for a reason other than non payment or premium, the insurer must give the insured advance written notice of at least how many days?

20

In order to maintain an insurance license, an agent will need to satisfy Florida' s continuing education requirement of

24 hours of continuing education in every 2-year period

An insurer must give 20 days' written notice to the insured when canceling a property insurance policy for reasons other than nonpayment of premium if the policy is cancelled within how many days after its issue?

90

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