Insurance Rules and Regulations

An emergency insurance adjuster license in the State of Florida is good for ____ days.

180

Mervyn is from Kansas, a state that does not license insurance adjusters. Which of the following is TRUE?

If Mervyn wants to be licensed in Florida, he can designate Florida as his home state, and he must meet all the same requirements as a Florida adjuster.

In 1945 Congress passed the McCarran-Ferguson Act. What does that act do?

The McCarran-Ferguson Act opened the way for states to govern the insurance industry.

The Insurance Guaranty Association is a mechanism that covers claims in the event of:

an insurer's insolvency.

The HIPAA was enacted by the US Congress in _________.

1996

Eric works in Florida for Gemutlich Insurance. His company is licensed to sell insurance in Florida, but is based out of Munich, Germany. Gemutlich Insurance was formed under German law, but follows all applicable Florida laws and possesses a Florida Certificate of Authority to sell their product. Which type of insurer does Eric work for?

Alien Insurer

Bill lives in a state which doesn't require adjuster licensing, but he wants to get a job in Florida as an adjuster. He is confused about which state he should list as his home state, since his home state does not actually license claims adjusters. Bill should list _______ as his home state.

Florida

The set of patient privacy rules that all health care providers, insurance companies, physicians offices, hospitals, and pharmacies must follow is called the _____________.

HIPAA - Health Insurance Portability and Accountability Act

Loggers, roofers, and coal miners would fall into which of the following categories?

High-risk employees

Under which law is an insurer required to explain its reasons for denying coverage?

IIPPA

The Commissioner of Insurance Regulation oversees the Office of Insurance Regulation. Which of the following is NOT one of the functions of the OIR?

Overseeing licensing of all adjusters in the state of Florida.

Ryan must complete continuing education courses before the deadline for his Florida license. He knows it's important, but he has been putting off his coursework, and now the credits are overdue. Ryan is 8 hours short; what can he expect?

Ryan will have to send a written request for an extension to the Department of Financial Services.

Addie lives in Texas, a state that is reciprocal with Florida CE when it comes to licensing adjusters. Addie has a license in her home state as well as a license in Florida. How much continuing education does Addie need to complete in order to renew her license in Florida?

Since Addie is not a resident adjuster in Florida, she simply needs to stay compliant in her own state in order to be able to renew her non-resident license in Florida.

Florida Insurance Code states the qualifications required to become a licensed insurance adjuster in the state of Florida. Which of the following is NOT one of the requirements for applicants?

Spend 20 hours in the field working with a licensed insurance adjuster

Which of the following would NOT affect the rating for comprehensive and collision coverage on a vehicle?

The color

Which of the following is NOT a rating factor for a personal auto liability policy?

The condition of the vehicle

Which of the following is NOT a purpose of insurance regulation?

To prohibit insurance-rating

Rachel is starting an insurance company in Naples, Florida. She has a great business model and has begun recruiting some fantastic sales people. In addition to submitting to occasional financial audits in the future, Rachel's company must also:

become a member of a Guaranty Association.

Third Party Administrators:

do not assume any risk for the policies they handle.

Risk retention groups do NOT:

have the support of state Guaranty Funds.

Guaranty Associations are funded by:

insurers.

*The main purpose of an Insurance Guaranty Association is:

to make sure that insurers are able to pay claims, even in the event of an insolvency.

An insurance adjuster in Florida must complete CE every ____ years.

two

Which of these statements about foreign insurers in Florida is TRUE?

A foreign insurer can usually only issue insurance to someone who was denied coverage by domestic insurers.

Which of the following would NOT result in disciplinary action from the Department of Financial Service

Accepting advance premiums

Which of the following is NOT one of the responsibilities of Florida's Chief Financial Officer?

Act as liaison between Florida and the federal government

During catastrophes, which of the following is TRUE?

Adjusters licensed in other states can act as emergency adjusters in Florida.

Angie just got her adjuster license in Florida on May 11, 2016. Her birthday is March 10, 1983. When will her license expire?

Angie's license will only expire if she goes 4 years without an appointment.

Greg was in the process of completing the CE for his Florida adjuster license when unforseen circumstances made it necessary for him to drop everything and take care of his aging mother for a year. Now, Greg's license is about to expire and he does not have the CE credits he needs. What should he do?

Apply to the Department of Financial Services for an extension.

When a company collects a consumer's personal and financial information, the methods for that collection, as well as the ways in which the information is used and shared, are all regulated by the:

Fair Credit Reporting Act (FCRA).

Jill wants to start an insurance agency selling property insurance. As such, she must belong to a Guaranty Association, of which there are a few different types. Which of these groups would best fit Jill's needs?

Florida Insurance Guaranty Association

Which of the following is NOT true about the National Association of Insurance Commissioners?

It provides benefits for insurance commissioners

Which of the following is NOT one of the roles of the Florida Department of Financial Services?

Licensing and regulating insurance companies