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20-44 Licensing > Statutes > Flashcards

Statutes Flashcards

1
Q

What are the requirements to obtain a FL insurance license?

A

18 years or older
Resident of the state of Florida
US citizen or work authorization
70% higher on state exam

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2
Q

Can you hold a resident license in another state when obtaining your FL insurance license?

A

No

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3
Q

What are the Continuing Education (CE) Requirements for 20-44?

A

24 hours bi-annually by end of licensee’s birth month

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4
Q

What happens if you do not complete your CE’s when due?

A

$250 fine

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5
Q

True or false: I just moved from Lakeland to Tampa, I have 60 days to update my insurance license.

A

False - must notify state within 30 days

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6
Q

What is the penalty for violation of notifying state of change of address, phone, or email?

A

1st offense = $250
2nd offense and after = $500+ or suspension/revocation of license for up to 24 months

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7
Q

Who is the head of the Department of Financial Services (DFS)?

A

CFO = Chief Financial Officer

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8
Q

Who is the head of the Office of Insurance Regulation (OIR)?

A

Commissioner of Insurance

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9
Q

What does the DFS do?

A

approves licenses to agents and adjusters; investigates ethics violations, and administers justice within domain of insurance.

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10
Q

What does the OIR do?

A

examines an insurance company’s financial records and approves whether or not they can do business within the state.

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11
Q

What is a certificate of authority and who holds these?

A

Authorized insurers have it and it gives them permission to conduct business

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12
Q

Misrepresentation

A

Lying or deceiving a person about any of the benefits terms or conditions of an insurance contract.

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13
Q

Sliding

A

Telling the insured that an optional coverage is either (1) required by law or (2) included in the policy at no charge. It also means (3) adding a coverage to a policy without disclosing the coverage was added for additional premium.

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14
Q

Twisting

A

Twisting occurs when an insurance agent replaces an existing life policy with a new one using misleading tactics. It does not mean that every time an agent replaces a life insurance policy that twisting has occurred.

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15
Q

Churning

A

Churning occurs when aninsurance agent replaces a policyholder’sinsurance policy for anotherinsurance policy, usually without consulting the policyholder and often with no changes to the coverage itself. Agents who engage inchurning do so in order to secure an additional commission for the new policy they swap in.

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16
Q

Defamation

A

Saying bad things about people.

17
Q

Coercion

A

Using force or threats.

18
Q

Unfair discrimination

A

Discriminating against people based on race, gender, age, marital status, sexuality, etc. where there is no actuarial basis for discriminating, and/or where the law protects them from discrimination.

19
Q

Unfair claim settlement

A

Lying, concealing data, or intimidating people in an attempt not to pay claims. Or, failing to return calls or maintain complaint handling procedures.

20
Q

Fraud

A

Intentional deception for one’s own gain.

21
Q

Controlled business

A

Policies written for yourself, your own family, your business, or other entities or organizations that you have a financial interest in. Agents can not be licensed if they plan to have more than 50% controlled business.

22
Q

What would be considered domestic specifically to us in FL?

A

Domiciled in FL

23
Q

What about insurance companies domiciled outside of FL in another state?

A

Foreign: U.S. Territories
1. Puerto Rico
2. Guam
3. U.S. Virgin Islands
Not Bahamas or British islands

24
Q

What about an insurance company outside of this country?

A

Alien

25
Q

What is Citizens Property Insurance Corporation (CPIC) ?

A

State owned insurer of last resort for property insurance, including homeowners (with liability), dwelling and commercial property. Applicants must meet 15% rule as an eligibility requirement. Only covers hail and windstorm.

26
Q

What is FAJUA?

A

Florida Auto Joint Underwriting Association - State-regulated insurer (syndicate) of last resort for auto policies. It is made up of all the auto insurers in Florida, who are responsible for claims payment in proportion to the amount of premium they write in the state. Generally serves high-risk drivers.

27
Q

What is the youngest age you can obtain a policy in the state of FL?

A

15

28
Q

What are the parts of a contract?

A

COAL:
C - Consideration
O - Offer
A - Acceptance
L - Legal Purpose

29
Q

What is the doctrine of adhesion?

A

if there is anything unclear or ambiguous then it rules in favor of the insured (policyholder).

30
Q

What is a contract of adhesion?

A

Insurance companies have all the power in writing the contract, and the insured can not negotiate the terms and conditions. Since insurance companies write the policies, they are stuck with them the way they are written.

31
Q

What is the Florida Automobile Insurance Cancellation Law for the first 60 days of an insurance policy?

A

Company may cancel for: any reason other than discrimination.
Insured may cancel during first 60 days: Total Loss, Transfer of Ownership, purchase of mandatory coverages elsewhere.

32
Q

What is the Florida Automobile Insurance Cancellation Law for the after the first 60 days of an insurance policy?

A

Company may cancel: Nonpayment; fraud or misrepresentation; driver’s license suspended, revoked.
Insured after 60 days may cancel for any reason.

33
Q

If any licensee fails to be appointed, he/she is subject to losing his/her license. What period of time will trigger the termination of a license for failure to maintain an appointment?

A

48 months

34
Q

What is the Fair Credit Reporting Act (FCRA)?

A

Gives consumers the right:
- know when their credit score is being used in applications
- request the score from the credit bureau, – request corrections to their credit information from the credit bureau

35
Q

An agent must not exceed which percentage of controlled business:
A. 50%
B. 75%
C. 25%
D. 10%

A

A. 50%

20-44 Licensing (8 decks)

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