Florida Statutes, Rules, and Regulations Common to All Lines Exam Questions and Answers | Verified & Updated

Florida Statutes, Rules, and Regulations Common to All Lines Exam Questions and Answers | Verified & Updated Chief Financial Officer - Answer ️️ -is independently elected and serves as the head of the Department of Financial Services and as a member of the Financial Services Commission. Financial Services Commission - Answer ️️ -is responsible for administration and regulation of insurance Office of Insurance Regulation - Answer ️️ -is responsible for all activities concerning insurers. Office of Financial Regulation - Answer ️️ -is responsible for all activities of the Financial Services Commission relating to the regulation of banks, credit unions, finance companies, and the securities industry. What are the two offices that are in the Financial Services Commission? - Answer ️️ -Office of Financial Regulation, Office of Insurance Regulation Insurance Contract - Answer ️️ -is an agreement between an insured and an insurer, where the insurer agrees, for a consideration, to indemnify the insured for loss caused by specified events Insurance Transaction - Answer ️️ -can be sent by mail or any other means it involves Solicitation, Negotiation, Sale, and Advising an individual concerning coverage or claims. Insurer - Answer ️️ -is the company or organization that issues a policy of insurance. Domestic Company - Answer ️️ -is an insurance company that is incorporated in this state. Foreign Company - Answer ️️ -is an insurance company that is incorporated in another state or territorial possession. Alien Company - Answer ️️ -is an insurance company that is incorporated outside the United States. Reinsurance - Answer ️️ -is a contract under which one insurance company indemnifies another insurance company for part or all of its liabilities. Fraternals - Answer ️️ -is a benefit society that is an organization formed to provide insurance benefits for members of an affiliated lodge, religious organization, or fraternal organization with a representative form of government. Unauthorized/ Nonadmitted Companies - Answer ️️ -insurers who have not been approved to do business in the state. Authorized/ Admitted Companies - Answer ️️ -insurers who meet the state's financial requirements and are approved to transact business in the state (legal insurer) Stock Companies - Answer ️️ -are owned by stockholders who provide the capital necessary to establish and operate the insurance company and who s