Chapter 10 - Florida Statutes, Rules, and Regulations Common to All Lines Flashcards
What does domicile refer to?
The location where an insurer is incorporated, not necessarily where the insurer conducts business
What is a domestic insurer?
It is an insurance company that is incorporated in this state
What is a foreign insurer?
An insurance company that is incorporated in another state
What is an alien insurer?
An insurance company that is incorporated outside the United States
What document is required for an insurance company to transact insurance?
Certificate of Authority
Can insurers advertise protection by the Insurance Guaranty Association?
No
What six categories is it illegal for insurers to discriminate against?
- Marital status
- Race
- Color
- National origin
- Creed
- Ancestry
In florida, how frequent is the examination of authorized insurers?
Every 5 years
In florida, how long is an agent’s appointment valid?
2 years
In florida, the notice to the appointee of termination of appointment must happen within…
60 days
In florida, the notice to the Department of termination of agent appointment must happen within…
30 days
How far back must agencies maintain records of insurance transactions in Florida?
3 years
In Florida, how many hours of CE are required every 2 years?
24
In Florida, how many CE hours are required in a Law and Ethics update course every two years?
4 hours
In Florida, agents are required to notify the Department of change of name or address within…
30 days
In Florida, what is the maximum percentage of commissions from controlled business allowed in a 12-month period?
50%
In Florida, agents are required to report agent felony or crime convictions to the Department within…
30 days
Whom do insurance agents represent?
The insurer
Who must be licensed as an insurance producer?
Anyone who solicits insurance and receives commissions from insurance transactions
Name four unfair trade practices that producers should avoid?
- Misrepresentation
- Rebating
- Defamation
- Unfair discrimination
Etc.
What is controlled business?
Insurance on the producer’s own life or property, or the lives or property of the producer’s family or business associates
What two people can usually be granted a temporary license?
Producer’s spouse or designee in case the licensed producer dies or becomes disabled
If an insurer meets the state’s financial requirements and is approved to transact business in the state, it is considered what type of insurer?
Authorized or admitted
An agent offers a client free tickets to a sporting event in exchange for the purchase of an insurance policy. What is the agent guilty of?
Rebating
