Florida 2-20 General 27th Edition| Questions with 100% correct answers | verified

1.4 Qualifications for General Lines License - 1. 18 or older 2. resident of FL or place of business in FL 3. will be active in business, business is accessible and identifiable by public 4. not licensing for writing or handling controlled business 5. Qualified via: a) 200 hr course b) one year full time employee in all lines of property casualty insurance c) one year as a customer rep, personal lines agent, or service rep and 40 hr course d) earned insurance degree that includes 18 hr semester e) held valid FL license for atleast a year f) have an original letter from the American Institute for Chartered Property Casualty Underwriters 1.4 Qualifications for General License Statute - F.S. 626.371 (3)(a), 626.381 Once licensed, you have 48 months to obtain an appointment (the authority given by an insurer or employer to transact insurance or adjust claims). If the appointment is submitted late. the appointing entity will be responsible for the late fee of $250 plus the statutory appointment fee of $60. Once your license has gone beyond 48 months without an appointment, you will have to qualify as a first-time applicant. 1.7 Duties and Functions of the DFS - The Department of Financial Services 1. Supervise claims activities of various companies so policyholders may be assured of fair treatment and prompt settlement of loss under a policy 2. Investigate charges of unethical conduct and take judicious actions in such cases 3. DFS Division of Agent and Agency Services- approves issuances of licenses to agents, customer representatives, and claims adjustors 1.7 Duties and Functions of OIR - The Office of Insurance Regulation1. Examine qualifications of insurance companies seeking to do business in FL, admitting them to the state when they have met the requirements, and then checking their financial condition periodically 2. Responsible for insurance policy forms, rules, and ratings; they approve forms before use, and review companies' rules and rates every so often 1.7 Duties and Functions of OFR - The Office of Financial Regulation 1. Provides regulatory oversight to Florida financial service provides like banks, credit unions, finance companies, and security industries It was created in 2003 and reports to the Financial Service Commission. It has three divisions and one bureau and is headed by a commissioner who is appointed via the commission 1.7 Duties and Functions of FSLSO - The Florida Surplus Lines Service Office 1. Reviews all surplus lines insurance policies and documents 2. Maintains records of policies and reports to the DFS 3. Collect surplus lines taxes 4. Collects service fees 5. Trains and educates surplus lines agents 2.1 Risk - The chance of financial loss All insurance is designed to offset the financial impact based on loss, and how much of the risk the insured is willing to absorb determines the type of insurance needed, against what perils, and for what amount 2.2 Insurance Policy - Statutory Definition: A written contract of or written agreement for or effecting insurance (or whatever else you want to call it) which includes all clauses, riders, endorsements, and papers which are a part of thereof 2.2 Insurance - Statutory Definition:A contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies 2.3 Binders - An oral or written statement providing immediate insurance protection that is valid for a specified period. Designed to provide temporary coverage until a policy can be issued or denied Includes all terms of a policy No notice of cancellation or notice of nonrenewal otherwise required by this unit shall be required unless the duration of the binder exceeds 60 days 2.3 Binder Statute - F.S.627.728 and 627.7281 Regarding auto coverage, an insurer shall give 5 days prior notice of cancellation of a binder, unless the binder is replaced by a policy or another binder in the same or another company 2.4 Casualty Insurance - Casualty, or otherwise known as property, is insurance that may include all kinds of insurance other than life and health