Property And Casualty Chapter 15 Exam

Expenses are unreasonably high in relation to services rendered

A rate request will be determined to be excessive if it:

30

A change of address must be reported to the DFS within how many days after moving?

Has an appointment and license to sell homeowner insurance

A homeowner agent may share a commission or any valuable consideration with anyone who:

1st degree felony

A person acting as an insurer without a Certificate of Authority and collects $150,000 in premiums is guilty of which of the following?

90

A person must maintain proof of financial responsibility if physically present within Florida for more than how many days during the preceding 365 days?

Unacceptable driving record since effective date

After the first 60 days a policy is in force, the underwriter cannot cancel for which of the following reasons?

3 years

All insurance carriers authorized in Florida must be audited by the Office of Financial Regulation once every __________.

Churning

An agent who induces a client to use the cash value of an existing policy to buy an additional but unneeded policy is guilty of _______________.

Contributory fault bars recovery in any other means

Choose the false statement about the Contributory Negligence Law.

A property insurer must transmit claims payments directly to the primary policyholder

Choose the statement that is true about the payment of claims.

2%, 5%, or 10% of the policy dwelling limits

For a dwelling with limits of $250,000 or more, the insurer must offer hurricane deductibles of:

Fine for violation of a cease and desist order up to $50,000

The Department of Financial Services can impose which of the following penalties?

Regulate the state Medicaid program

The Division of Financial Services also has the power to do the following, except:

$300,000

The Florida Insurance Guaranty Association will assume the contractual obligations of an insolvent insurer up to _________ for any one policy.

5%

The insurer must offer alternative deductible amount applicable to hurricane losses equal to which of the following?

$10,000, $20,000, $10,000

The respective minimum limits of auto liability must be at least:

$10,000 in medical and disability benefits and $5,000 in death benefits

The standard PIP coverage limit is:

At least 45 days' written notice

What is the nonrenewal notice requirement after a homeowners or personal auto policy has been in effect for more than 90 days?

Must be accompanied by a driver with a valid license and who is at least age 21 and sitting in the passenger seat

When operating a motor vehicle, the holder of a learner's permit:

An agent must inform the Department of any change in address within 30 days

Which of the following are part of the legal responsibility of maintaining an insurance license?

An insured may request limits that are less than the bodily injury limits

Which of the following are true regarding uninsured/underinsured motorists coverage?

A bank account with an adequate balance

Which of the following cannot be used to show proof of financial responsibility?

Misleading and convincing an insured to surrender, lapse, or exchange an existing policy for a different one, to the insured's detriment

Which of the following correctly describes the practice of Twisting?

Agent report

Which of the following forms does not require approval from the Office of Insurance Regulation?

A policyholder who has been insured for at least one year, if the agent of the insurer verifies the previous coverage

Which of the following is NOT an exception to the requirement to inspect a motor vehicle prior to issuing physical damage coverage?

Residential and multi-peril residential policies are subject to the diligent effort requirements

Which of the following is correct with regard to surplus lines?

The Association guarantees payments for fidelity and surety bond coverage

Which of the following is false regarding the Florida Insurance Guaranty Association?

Commissions may be shared with a person who is licensed and appointed in a different line of business

Which of the following is incorrect with regard to commissions and compensation?

The insurer must renew the policy to a stated age, but may increase the premium in the underwriting class

Which of the following statements correctly describes a Guaranteed Renewable health insurance policy?

Health insurance includes Workers' Compensation coverages

Which of the following statements is NOT correct regarding health insurance?

Every insurer authorized to transact property insurance in Florida must provide coverage for a catastrophic ground cover collapse

Which of the following statements is correct concerning coverage for a catastrophic ground cover collapse?

Animal Liability covers lost pets

Which of the following statements is false regarding additional perils covered under the HO-2,3,4, and 6?

A dual endorsement from any mortgage holder or lienholder is required for amounts payable under the policy for personal property and contents

Which of the following statements is false with regard to payment of claims?

A policy may be cancelled for nonpayment of premium within the first 60 days

Which of the following statements is incorrect with respect to cancellation and nonrenewal of a personal auto policy?

Noncancellable

Which renewable option provides the greatest degree of protection for the insured?

First-time applicants under the age of 21

Who among the following applicants for a motorcycle license would be required to complete a motorcycle education course?

A person providing truthful information about the financial condition of an insurer may still be subject to civil liability

With regard to civil immunity and testimony, which of the following is false?

All accounts, records, documents, files, etc. must be freely available to the examiners

With regard to market conduct examinations:

An agent must maintain separate bank accounts for each insurer he/she represents

With respect to a producer's fiduciary capacity, which of the following is true?