220 - FLORIDA STATUTES & RULES,
UNAUTHORIZED ENTITIES & ETHICS -
UNIT 17 TEST QUESTIONS WITH
CORRECT ANSWERS
What role does state regulation play in a legitimate ERISA plan? - ANSWER-State
insurance regulation does still apply to an insurer that may be financially responsible
for the payment of claims and any forms utilized in an insured ERISA plan.
What is meant by the term "alien insurer"? - ANSWER-One who formed outside of
the United States or an insurer who is not domestic or foreign.
What lines of insurance are general lines agents qualified to write? - ANSWER-
except for limited lines licenses, all property, marine, casualty, and surety lines
except bail bonds.
A General Lines Agent is: - ANSWER-One who may transact property insurance,
casualty insurance, surety insurance, health insurance, and marine insurance in the
State of Florida
A customer representative's powers include: - ANSWER-A customer representative
must be a salaried employee of the agent or agency; his compensation cannot
include commissions and cannot be primarily based on the production of
applications, insurance, or premium
What are possible consequences for acting as an insurer without proper license? -
ANSWER-A. Any person acting as an insurer without a Certificate of Authority may
be subject to suspension or revocation of all insurance licenses
B. All of the answers are correct
C. Any person acting as an insurer without a Certificate of Authority may be
convicted of a third-degree felony
D. Subject to suspension or revocation of all insurance licenses
all of the answers
What is meant by the term "defamation"? - ANSWER-Knowingly making, publishing,
disseminating, or circulating directly or indirectly which is falsely or maliciously critical
of any person and which is circulated to injure such person.
A Domestic Insurer is: - ANSWER-An insurer formed under Florida laws, but which
may provide insurance in other states
Define the term Insurance. - ANSWER-Includes any contract where one party
agrees to indemnify (restoring to the approximate financial condition prior to a loss)
another party after a loss.
, Define "false claims or obtaining or retaining money dishonestly". - ANSWER-Any
agent who represents to any insurer a false claim for payment, knowing the claim to
be false is guilty of a second-degree misdemeanor.
The Department of Financial Services of Florida may, upon written application and
payment of fees, issue a nonresident license: - ANSWER-If a nonresident does not
have a place of business in Florida, or does not have a direct or indirect interest in
any insurance agency in Florida
What are "unlawful rebates"? - ANSWER-Permitting or offering to make any rebate
unless plainly expressed in the insurance contract.
What are Florida's continuing educations requirements? - ANSWER-Each licensee
must complete a minimum of 24 hours of continuing education courses every two
years. A person who has been licensed for a period of six or more years may
complete 20 hours every two years in intermediate or advanced level courses.
An Authorized Insurer is: - ANSWER-An insurance company who has received a
certificate of authority from the State of Florida
Define the term "insurer". - ANSWER-Any person engaged in the business of
insurance or annuities.
Which of the following is not grounds for discretionary refusal, suspension or
revocation of the license of a general lines agent or customer representative? -
ANSWER-Demonstration of a lack of reasonably adequate knowledge and technical
competence to engage in the transactions authorized by the license
Is a legitimate ERISA Self-Insurance plan necessarily an insurance plan subject to
state regulation? - ANSWER-A genuine single-employer ERISA plan is not subject to
direct state insurance regulation
What are the requirements for a general lines agent's license? - ANSWER-A. The
applicant must be a natural person at least 18 years at age
B. All of the answers are correct
C. The applicant must be a bona fide resident at this state
D. The applicant must be qualified as to knowledge, experience or instruction in the
business of insurance, must have passed any required examination or license, etc.
all are correct
What are possible consequences for aiding and abetting an unauthorized insurer? -
ANSWER-A. All of the answers are correct
B. Conviction of a third-party felony
C. Liability for all unpaid claims of the unauthorized insurer
D. Subject to suspension or revocation of all insurance licenses
all are correct
UNAUTHORIZED ENTITIES & ETHICS -
UNIT 17 TEST QUESTIONS WITH
CORRECT ANSWERS
What role does state regulation play in a legitimate ERISA plan? - ANSWER-State
insurance regulation does still apply to an insurer that may be financially responsible
for the payment of claims and any forms utilized in an insured ERISA plan.
What is meant by the term "alien insurer"? - ANSWER-One who formed outside of
the United States or an insurer who is not domestic or foreign.
What lines of insurance are general lines agents qualified to write? - ANSWER-
except for limited lines licenses, all property, marine, casualty, and surety lines
except bail bonds.
A General Lines Agent is: - ANSWER-One who may transact property insurance,
casualty insurance, surety insurance, health insurance, and marine insurance in the
State of Florida
A customer representative's powers include: - ANSWER-A customer representative
must be a salaried employee of the agent or agency; his compensation cannot
include commissions and cannot be primarily based on the production of
applications, insurance, or premium
What are possible consequences for acting as an insurer without proper license? -
ANSWER-A. Any person acting as an insurer without a Certificate of Authority may
be subject to suspension or revocation of all insurance licenses
B. All of the answers are correct
C. Any person acting as an insurer without a Certificate of Authority may be
convicted of a third-degree felony
D. Subject to suspension or revocation of all insurance licenses
all of the answers
What is meant by the term "defamation"? - ANSWER-Knowingly making, publishing,
disseminating, or circulating directly or indirectly which is falsely or maliciously critical
of any person and which is circulated to injure such person.
A Domestic Insurer is: - ANSWER-An insurer formed under Florida laws, but which
may provide insurance in other states
Define the term Insurance. - ANSWER-Includes any contract where one party
agrees to indemnify (restoring to the approximate financial condition prior to a loss)
another party after a loss.
, Define "false claims or obtaining or retaining money dishonestly". - ANSWER-Any
agent who represents to any insurer a false claim for payment, knowing the claim to
be false is guilty of a second-degree misdemeanor.
The Department of Financial Services of Florida may, upon written application and
payment of fees, issue a nonresident license: - ANSWER-If a nonresident does not
have a place of business in Florida, or does not have a direct or indirect interest in
any insurance agency in Florida
What are "unlawful rebates"? - ANSWER-Permitting or offering to make any rebate
unless plainly expressed in the insurance contract.
What are Florida's continuing educations requirements? - ANSWER-Each licensee
must complete a minimum of 24 hours of continuing education courses every two
years. A person who has been licensed for a period of six or more years may
complete 20 hours every two years in intermediate or advanced level courses.
An Authorized Insurer is: - ANSWER-An insurance company who has received a
certificate of authority from the State of Florida
Define the term "insurer". - ANSWER-Any person engaged in the business of
insurance or annuities.
Which of the following is not grounds for discretionary refusal, suspension or
revocation of the license of a general lines agent or customer representative? -
ANSWER-Demonstration of a lack of reasonably adequate knowledge and technical
competence to engage in the transactions authorized by the license
Is a legitimate ERISA Self-Insurance plan necessarily an insurance plan subject to
state regulation? - ANSWER-A genuine single-employer ERISA plan is not subject to
direct state insurance regulation
What are the requirements for a general lines agent's license? - ANSWER-A. The
applicant must be a natural person at least 18 years at age
B. All of the answers are correct
C. The applicant must be a bona fide resident at this state
D. The applicant must be qualified as to knowledge, experience or instruction in the
business of insurance, must have passed any required examination or license, etc.
all are correct
What are possible consequences for aiding and abetting an unauthorized insurer? -
ANSWER-A. All of the answers are correct
B. Conviction of a third-party felony
C. Liability for all unpaid claims of the unauthorized insurer
D. Subject to suspension or revocation of all insurance licenses
all are correct
