Florida 214 Study Questions with Correct Answers 100% Verified and Graded A+

Florida 214 Study Questions with Correct Answers 100% Verified and Graded A+ Which of the following sets of fundamental principles is insurance based? Speculative risk and pure risk Pooling of risks and the law of large numbers Perils and hazards Law of large loss and risk - Correct Answer Pooling of Risk and law of large numbers Making or circulating false or malicious information regarding an insurer is known as: Misrepresentation Nondisclosure Rebating Defamation - Correct Answer Defamation All of the following are sources for obtaining information regarding an applicant's insurability EXCEPT: the application Medical Information Bureau (MIB) the medical report Central Medical Bureau (CMB) - Correct Answer Central Medical Bureau (CMB) All of the following are true regarding the McCarran-Ferguson Act EXCEPT: The McCarran-Ferguson Act defined insurance as a form of interstate commerce. The McCarran-Ferguson Act ratified legislation in all states to conform to federal law; however, Congress still concluded that state regulation of insurance made the most sense from a consumer's standpoint. The McCarran-Ferguson Act was passed by Congress in 1945. Under the McCarran-Ferguson Act, the business of insurance is primarily regulated by the states, allowing the federal government to regulate in addition to, but not to supersede state insurance laws. - Correct Answer The McCarran-Ferguson Act defined insurance as a form of interstate commerce. In the event an insurance company becomes insolvent, this type of association ensures unpaid claims will be paid for covered policyowners? National Association of Health Underwriters National Association of Insurance Commissioners State Guaranty Association State Association of Insurance and Financial Advisors - Correct Answer State Guaranty Association This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? Paul v. Virginia (1868) United States v. Southeastern Underwriters Association (1944) 1958 Intervention by the FTC