Florida Surplus Lines Insurance Training Exam With Complete Answers 2024.

Foreign Insurer - Answer US domiciled unathorized insurer eligible to operate in a state other than the state in which it is domiciled 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