FL statutes, Rules and Regulations Exam Bundle

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 Insuranc...

Marketing Practices - Answers Insurance agents are required to be familiar with ALL Florida insurance regulations. The MOST important of these are: 1. Florida Life Insurance Solicitation Law - details information and procedures required of agents and insurers when proposing life insurance to ...

Unlicensed Entities - Answer Any entity that is operating without the proper authorization. Authorized agents and entities are required to be LICENSED OR REGISTERED with the FLORIDA OFFICE OF INSURANCE REGULATION. Financial Services Regulation - Answer The Department of Financial Services enforce...

Insurance transaction: - Answer 1) Solicitation 2) Negotiations 3) Sale (effectuation of a contract of insurance) 4) Advising an individual concerning coverage or claims. Insurance contract: - Answer An agreement between a policyowner (often an insured) and an insurer, where the insurer agrees...

Insurance Contracts - Answer risk-shifting contract, legal because the owner has an "insurable interest" in the thing being insured (you can't insure a building you don't own, you must have a financial interest). Renewal - Answer 45 days advanced written notice of the renewal premium mailed t...

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? - Answer mutual All of the follow...

Transacting Insurance - Answer - solicitation or inducement to purchase (Presenting) - preliminary negotiations toward the sale of insurance(take app) - effecutuation of a contract of insurance( issue & deliver) - transaction of matters subsequent to effectuation of a contract of insurance or ari...

Defamation - Answer when a producer makes maliciously critical statements about another insurer Certificate Authority - Answer the document that is required for an insurance company to transact business Misrepresentation - Answer when a company claims that it has funds in its possession that i...

who is considered a nonresident agent? - Answer an agent who resides and is licensed in another state, but who is authorized to transact insurance in this state who is responsible for the costs associated with the examination of insurers? - Answer the insurer who is being examined in the agent...

Solicitation Negotiations Sale Advising individual on coverage/claims - Answer What four things does insurance transaction mean? Insurance Contract - Answer This is an agreement between a policyowner (often an insured) and an insurer, where the insurer agrees, for consideration, to idemnify t...

Health Insurance Marketing Practices - Answer Each state has its own laws, rules, and regulations that apply to insurance business transacted in the state or affecting risks located in the state. While many principles and concepts of insurance are common to all states, it is through these insurance...

Financial Services Regulation - Answer The Florida Legislature created the FDS, OIR, and OFR to oversee insurance & financial regulation in this state. Chief Financial Officer - Answer Jimmy Patronis, an elected official, the head of the DFS, may also be known as the treasurer. Directly regulates...

Required & Optional Coverage - Answer Medical Providers Diabetes Coverage (Equipment, Supplies & Outpatient Self-Management Training Osteoporosis Coverage Coverage for newborn children (30 days) Coverage for adopted, foster, custodial and natural born children Coverage for children w/disabiliti...

How are state Insurance Guaranty Associations funded? - Answer By their members - authorized insurers What is reinsurance? - Answer An agreement between a ceding insurer an assuming insurer. Who examines the books and records of insurance companies in Florida? - Answer The Chief Financial Offi...