Florida Statutes, Rules, and Regulations Common to All Lines QUIZ- 100% Correct | Verified & Updated 2024

Florida Statutes, Rules, and Regulations Common to All Lines QUIZ- 100% Correct | Verified & Updated 2024 An insurer 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 following would be considered an insurance transaction EXCEPT - Answer ️️ - Obtaining an insurance license During a sales presentation a producer intentionally makes a statement which may mislead the insurance applicant. This describes - Answer ️️ -misrepresentation Which of the following is true regarding branch agency licensing? - Answer ️️ -agent in charge must be licensed If an agent is in the military, which of the following is true? - Answer ️️ -The agent cannot sell a policy to another active military person who is of a lower rank. The agent in charge of an agency must hold which of the following licenses? - Answer ️️ - General lines The requirement that agents not commingle insurance monies with their own funds is known as - Answer ️️ -fiduciary responsibility Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another? - Answer ️️ -twisting No insurance policy form can be issued, delivered, or used in this state unless it has been - Answer ️️ -Filed with and approved by the Office of Insurance Regulation. Which of the following is an agreement between an insured and an insurer, where the insurer agrees to indemnify the insured for specific losses in exchange for a premium? - Answer ️️ - insurance contract All of the following are true regarding rebates EXCEPT - Answer ️️ -Rebates are allowed if it's in the best interest of the client. Insurance companies may be classified according to the legal form of their ownership. The type of company organized to return any surplus money to their policyholders is - Answer ️️ - Mutual insurer