FL statutes, Rules and Regulations Exam With Complete Solutions

FL statutes, Rules and Regulations Exam With Complete Solutions What are the 2 offices of the Financial Services Commission - answerThe Office of Financial Regulation and the Office of Insurance Regulation If an insurance company makes a statement that it's policies are guaranteed by the existence of the insurance Guaranty Association, that would be considered - answerAn unfair trade practice An insurance agent X has been found guilty of a felony and was sentence to 3 years in prison. What would be the appropriate plan if action? - answerSend a written notification to the department of insurance Which of the following is an agreement between an insured and insurer, where the insurer agrees to indemnity the insured for specific losses in exchange for a premium? - answerThe insurance contract Which of the following would NOT be considered a misrepresentation on the part of the insurer? - answerBackdating policies to secure a lower premium for the insured Which of the following best describes a misrepresentation ? - answerIssuing sales material with exaggerated statements about policy benefits Which of the following insurers are owned by stockholders who have the usual rights of ownership, including the right of voting? - answerStock Which of the following NOT an indication a company is an unauthorized insurance entity? - answerIt has many underwriting guidelines An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act? - answerIllegal under any circumstances How are state insurance Guaranty Associations funded? - answerBy their members - authorized insurers When an insurer plans to non renew a commercial property insurance policy, it must - answerGive at least 45 days advance written notice of its intent and state the reasons why the policy will not to be renewed