WA SURPLUS LINES BROKER EXAM FINAL
PAPER COMPLETE QUESTIONS AND ANSWERS
VERIFIED PREPARATION
◉ The purpose of FL surplus lines law.
Answer: To provide orderly access for the insuring public of the
state to insurers not authorized to transact insurance in the state,
through only qualified licensed surplus lines agents
◉ A Fl surplus lines insurer is required to have and maintain surplus
as to policy holders of not less than....
Answer: $15 Mil
◉ Three Risk typically written in the non-admitted market.
Answer: Distressed, Unique, High Capacity
◉ Coverage that is commonly written by Surplus lines.
Answer: Products, professional, and special events liability
(Automobile liability is not)
◉ What conditions must exist before exporting a risk in FL.
,Answer: Risk is no procurable from admitted insurers and the policy
must not be more favorable as to coverage or rate
◉ Diligent Effort.
Answer: Seeking coverage and having been rejected by at least three
authorized insurers
◉ Possible penalties for aiding and abetting an unauthorized
insurer.
Answer: Liability for all unpaid claims, conviction of a 3rd degree
felon, and suspension or revocation ofall insurance licenses
◉ according to the FL diligent effort requirement, how many
rejections in the admitted market must be received for a residential
property exposure with a replacement cost of $700,000 or more
before placing a policy in the SL market.
Answer: One
◉ What is the regulatory focal point of the surplus lines
marketplace.
Answer: Surplus lines agent
◉ According to 626.916, F.S. (Eligibility for export), it is the
responsibility of ... to verify that a diligent effort has been made by
, requiring a properly documented statement of diligent effort from
the retail or producing agent.
Answer: Surplus lines agent
◉ Before insurance can be produced from unauthorized insurers,
certain conditions must be met..
Answer: The insurance must be eligible for export.
The insurance must be eligible surplus lines insurer.
The insurance must be placed through a FL licensed and appointed
surplus lines agent.
(It does not matter if the full amount of coverage is available from
authorized insurers; however the rates are too high)
◉ The term 'Premium' includes any assessment, or any membership,
policy, survey, inspection, service or similar fee or charge in
consideration for an insurance contact. This includes the policy fee
but NOT the service office fee..
Answer: True
◉ What type of risks are eligible for export by virtue of being placed
by a licensed and appointed surplus lines agent and an insurer that
is eligible.
Answer: Wet Marine, transportation, and aviation risks
PAPER COMPLETE QUESTIONS AND ANSWERS
VERIFIED PREPARATION
◉ The purpose of FL surplus lines law.
Answer: To provide orderly access for the insuring public of the
state to insurers not authorized to transact insurance in the state,
through only qualified licensed surplus lines agents
◉ A Fl surplus lines insurer is required to have and maintain surplus
as to policy holders of not less than....
Answer: $15 Mil
◉ Three Risk typically written in the non-admitted market.
Answer: Distressed, Unique, High Capacity
◉ Coverage that is commonly written by Surplus lines.
Answer: Products, professional, and special events liability
(Automobile liability is not)
◉ What conditions must exist before exporting a risk in FL.
,Answer: Risk is no procurable from admitted insurers and the policy
must not be more favorable as to coverage or rate
◉ Diligent Effort.
Answer: Seeking coverage and having been rejected by at least three
authorized insurers
◉ Possible penalties for aiding and abetting an unauthorized
insurer.
Answer: Liability for all unpaid claims, conviction of a 3rd degree
felon, and suspension or revocation ofall insurance licenses
◉ according to the FL diligent effort requirement, how many
rejections in the admitted market must be received for a residential
property exposure with a replacement cost of $700,000 or more
before placing a policy in the SL market.
Answer: One
◉ What is the regulatory focal point of the surplus lines
marketplace.
Answer: Surplus lines agent
◉ According to 626.916, F.S. (Eligibility for export), it is the
responsibility of ... to verify that a diligent effort has been made by
, requiring a properly documented statement of diligent effort from
the retail or producing agent.
Answer: Surplus lines agent
◉ Before insurance can be produced from unauthorized insurers,
certain conditions must be met..
Answer: The insurance must be eligible for export.
The insurance must be eligible surplus lines insurer.
The insurance must be placed through a FL licensed and appointed
surplus lines agent.
(It does not matter if the full amount of coverage is available from
authorized insurers; however the rates are too high)
◉ The term 'Premium' includes any assessment, or any membership,
policy, survey, inspection, service or similar fee or charge in
consideration for an insurance contact. This includes the policy fee
but NOT the service office fee..
Answer: True
◉ What type of risks are eligible for export by virtue of being placed
by a licensed and appointed surplus lines agent and an insurer that
is eligible.
Answer: Wet Marine, transportation, and aviation risks
