Florida Life and Health Insurance Practice Questions with Certified Solutions

Florida Life and Health Insurance Practice Questions with Certified Solutions Within how many days must a licensee notify the Department of Financial Services of a change in address? 30 All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT... An agent's commission Which of the following factors is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency? The amount of premium collected at this location Florida requires that an insurance agent must complete __ hours of continuing education on the subject of law and ethics every two years 5 Agents that have been licensed for less than six years must complete __ hours of continuing education every two years 24 A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agent's license will terminate if a certain period of time elapses without being appointed. How long is this period of time? 48 What is the maximum percentage of controlled business an agent may produce? 50% A group plan was recently terminated. In Florida how many days are covered individuals guaranteed coverage after a group plan's termination? 31 days The Financial Services Commision may hold hearings... For any reason deemed necessary In Florida, an insurer domiciled and incorporated in this state is called... Domestic company According to Florida law, which of the following statements accurately describes an admitted mail order insurance company? It may solicit insurance business by mail only without the assistance of a licensed Florida agent According to Florida law, an additional lapse notice must be issued after the standard grace period has expired for policyowners age... 64 years or older Which action could result in a hearing being ordered by the Department of Financial Services? Performing insurance transactions without a license Which of the following professional organizations has its code of ethics incorporated into Florida law? National Association of Insurance and Financial Advisors (NAIFA) Which entity approves the insurance policy forms used in Florida? Office of Insurance Regulation (OIR) In Florida, agents are allowed to engage in rebating if... Offered to all insured in the same actuarial class In Florida, when agents recommend changes be made for existing coverage, the agent must follow established procedures. The name of this rule is called the... Florida Replacement Rule In Florida, an element of an insurance transaction would be... Issuing an insurance contract The Bureau of Unclaimed Property is overseen by... The chief financial officer One of the stated purposes of the Life and Health Insurance Guaranty Association is... To assist in the prevention of insurer insolvencies The Life and health Insurance Guaranty Association is funded by... Assessments on member companies The purpose of the Guaranty Fund is to... Ensure that claims filed against involvement insurance companies will be paid The rules and regulations of the Life and health Insurance Guaranty Association apply to... Life and health policies issues by companies authorized in that particular state The fund that assures policyholder payment of benefits on Life and Health Policies, if the company is involved at the time of the claim, is called the... The Life and Health Insurance Guaranty Association A stock life insurance company that issues both participating and nonparticipating policies is doing business on... Mixed plan A stock insurance company is owned by Its stockholders Who is a mutual insurance company owned by? Its policyholders Which type of insurance company allows their policyowners to elect a governing body? Mutual What percentage of eligible persons must a policy cover in a noncontributory group? 100% Which of the following employer tasks does a Professional