Florida General Lines Insurance| Questions with 100% correct answers | verified

5 qualifications to become a General Lines agent - 1. At least 18 years of age 2. United States citizen or legal alien 3. Bona fide resident of Florida 4. Place of business located in Florida 5. Not licensed for purpose of writing controlled business Department of Financial Services (DFS) - 1. Approves issuance of licenses to agents, CR, and adjusters 2. Supervisions of claims 3. Investigate charges of unethical conduct and take judicial actions Office of Insurance Regulation (OIR) - 1. Examines the qualifications of the insurance companies doing business in FL 2. Examines the financial conditions of companies 3. Approves forms, rules, and rates Office of Financial Regulation (OFR) - 1. Provides regulatory oversight to FL's financial providers 2. Reports to the FL Service Commission FL Surplus Lines Service Office - 1. Oversees the surplus lines industry 2. Reviews all surplus lines policies and documents 3. Collects surplus lines and taxes and fees Risk - Chance of financial loss Policy - Is a written contract for effecting insurance and includes clauses, riders, endorsements, and papers which are apart of the contractInsurance - Is a contract where one undertakes to indemnify another or pay a specified amount determined on contingencies Binders - Temporary insurance which can be made orally or written. The insurer shall give 5 days' prior notice of cancelling a binder unless the binder is replace by a policy. No notice is required unless the binder exceeds 60 days.