Florida statutes, rules, and regulations common to all lines
What are producers required to do in order to renew their license?
Complete continuing education hours and pay a renewal fee
The twin brothers applied for life insurance from company a, The company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charge him a higher rate for his insurance. This practice is considered
Discrimination
Two individuals are in the same risk and Age class; yet, they are charge different rates for their insurance policies due to an insignificant factor. What is this called?
Discrimination
Failure of a license to maintain an appointment with an insurance company within 48 months after the date the license became effective will result in
Expiration of the license
On a participating insurance policy issued by a mutual insurance company, dividends paid to policyholders are
Not taxable since the IRS treats them as a return of a portion of the premium paid
In what way can an agent demonstrate a high standard of ethics?
Putting the client's best interest before their own
What method do ensures use to protect themselves against catastrophic losses?
Reinsurance
An agent appointment has been denied. Which of the following is true?
State taxes may be refunded upon a written request
Which of the following is an example of a producer being involved in an unfair trade practice of rebating?
Telling a client that his first premium will be waived if he purchased the insurance policy today
Agents who persuaded shirts to cancel the policy in favor of another one when it might not be in the insured's best interest are guilty of
Twisting
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 laws?
absolute
Which of the following is true regarding branch agency licensing?
agent in charge must be licensed
What term is used for replacing insurance policies for the sole purpose of making commissions?
churning
Applications to an insurer must include all the following information except
credit history report
An insurance company is domiciled in Montana and transact insurance in Wyoming. Which term best describes the insurers classification in Wyoming?
foreign
What is the purpose of insurance guaranty association?
to protect policy owners, insureds and beneficiaries From financial losses caused by insolvent insurers
Which of the following insurers are owned by stockholders?
stock
