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ExamFX Insurance Exam Prep > Chapter 10 - Florida Statutes, Rules, and Regulations Common to All Lines > Flashcards

Chapter 10 - Florida Statutes, Rules, and Regulations Common to All Lines Flashcards

1
Q

What does domicile refer to?

A

The location where an insurer is incorporated, not necessarily where the insurer conducts business

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2
Q

What is a domestic insurer?

A

It is an insurance company that is incorporated in this state

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3
Q

What is a foreign insurer?

A

An insurance company that is incorporated in another state

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4
Q

What is an alien insurer?

A

An insurance company that is incorporated outside the United States

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5
Q

What document is required for an insurance company to transact insurance?

A

Certificate of Authority

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6
Q

Can insurers advertise protection by the Insurance Guaranty Association?

A

No

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7
Q

What six categories is it illegal for insurers to discriminate against?

A
  • Marital status
  • Race
  • Color
  • National origin
  • Creed
  • Ancestry
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8
Q

In florida, how frequent is the examination of authorized insurers?

A

Every 5 years

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9
Q

In florida, how long is an agent’s appointment valid?

A

2 years

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10
Q

In florida, the notice to the appointee of termination of appointment must happen within…

A

60 days

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11
Q

In florida, the notice to the Department of termination of agent appointment must happen within…

A

30 days

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12
Q

How far back must agencies maintain records of insurance transactions in Florida?

A

3 years

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13
Q

In Florida, how many hours of CE are required every 2 years?

A

24

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14
Q

In Florida, how many CE hours are required in a Law and Ethics update course every two years?

A

4 hours

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15
Q

In Florida, agents are required to notify the Department of change of name or address within…

A

30 days

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16
Q

In Florida, what is the maximum percentage of commissions from controlled business allowed in a 12-month period?

A

50%

17
Q

In Florida, agents are required to report agent felony or crime convictions to the Department within…

A

30 days

18
Q

Whom do insurance agents represent?

A

The insurer

19
Q

Who must be licensed as an insurance producer?

A

Anyone who solicits insurance and receives commissions from insurance transactions

20
Q

Name four unfair trade practices that producers should avoid?

A
  • Misrepresentation
  • Rebating
  • Defamation
  • Unfair discrimination
    Etc.
21
Q

What is controlled business?

A

Insurance on the producer’s own life or property, or the lives or property of the producer’s family or business associates

22
Q

What two people can usually be granted a temporary license?

A

Producer’s spouse or designee in case the licensed producer dies or becomes disabled

23
Q

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?

A

Authorized or admitted

24
Q

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?

A

Rebating

25
Q

Insurers are classified according to their domicile. What are the three types of insurers?

A

Domestic, foreign, and alien

26
Q

Who may share in the commission from the sale of a life insurance policy?

A

Only producers properly licensed for the type of insurance transaction

27
Q

What type of licensee represents the insured?

A

Broker

28
Q

What type of licensee represents the insurer?

A

Agent

29
Q

What are the most common penalties for violations of insurance statutes?

A

A cease and desist order, a fine, and license suspension or revocation

30
Q

If an agent advises a policyholder to replace an insurance policy but only does so for the purpose of making commissions, the agent has committed an act of

A

Churning

31
Q

An insured submits a proof of loss form within 10 days of a loss. The insurer, however, does not acknowledge the form for 3 months. Which of the following violations has the insurer committed?

A

Unfair claims settlement

32
Q

An applicant for a life agent’s license may obtain a temporary license for a maximum period of

A

6 months

33
Q

The agent in charge of an agency must hold which licenses?

A

General lines, life or health license

34
Q

Which authority grants and revokes licenses?

A

Department of Financial Services

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