2/19 Florida Statutes, Rules and Regulations Pertinent to General Lines Insurance Exam Questions and Answers 100% Pass

2/19 Florida Statutes, Rules and Regulations Pertinent to General Lines Insurance Exam Questions and Answers 100% Pass Florida Automobile Joint Underwriting Association: - Correct Answer ️️ -Market source for persons who are unable to purchase Auto insurance through normal channels. Florida Automobile Joint Underwriting Association Operations: - Correct Answer ️️ - Operations are overseen by a Board of governors Deposit Premium by the applicant: - Correct Answer ️️ -Agents have the authority to intermediately bind coverage upon securing a completed and signed application and upon payment of the required deposit premium. Coverage trough the FAJUA is available to: - Correct Answer ️️ -Florida Residents, military nonresidents stationed in Florida and nonresidents for automobile registered in Florida or if subject to the Florida No Fault law. Maximum coverage under FAJUA: - Correct Answer ️️ -100/300/50 Commercial vehicles under FAJUA: - Correct Answer ️️ -For commercial vehicles the only coverage available are Liability, PIP and UM.may secure liability limits to 100/300/50 Physical Damage is available only for commercial vehicles under 10,000 pounds Citizens Property insurance Corporation: - Correct Answer ️️ -To be eligible the applicant must certify , they are unable to to obtain,and have no received an offer for residential property insurance , from any authorizes insurer that is less than 15% higher than the price quoted through Citizen. Citizens uninsurable properties: - Correct Answer ️️ -Citizens has several basic underwriting criteria. examples of uninsurable properties include: Vacant or unoccupied, properties over 50 years old unless the wiring, heating and roof have been updated,do-it yourself construction Citizens Property insurance Corporation: - Correct Answer ️️ -Coverage is provided for eligible risks using " standard" homeowners forms HO-3, 4, 6 and 8 and dwelling fire forms DP1 and DP3. Citizens Property insurance Corporation: - Correct Answer ️️ -Coverage are available for buildings under construction, but only if intended to be occupied by the name insured. replacement cost on content coverage is available on homeowners forms. Citizens Property Insurance Corporation - Correct Answer ️️ -There is no coverage for animal liability or off- premises theft. There are no endorsements available for schedule: Personal property, , special computer coverage, home day care, personal injury, water/sewer-back-up, etc) Citizens Property Insurance Corporation Standard deductible: - Correct Answer ️️ -The standard deductible is $1,000 all other perils and 2% hurricane except for mobile home homeowners is $500 and 2% Florida Worker's Compensation Joint Underwriting Association (FWCJUA) - Correct Answer ️️ -The FWCJUA is a state-created market to provide coverage for those employers who are unable to either self-insure or secure it through normal marking channel. Operations are run for the Board of Governors. Florida Worker's Compensation Joint Underwriting Association (FWCJUA) - Correct Answer ️️ -to be eligible for coverage under FWCJUA, the employer must have been unable to obtain coverage from a least two other authorized carriers, and must not be indebted for any previous unpaid Workers Comp premiums Florida Worker's Compensation Joint Underwriting Association (FWCJUA) - Correct Answer ️️ -Once an agent has a producer agreement with the FWCJUA the prescribed applications may be submitted , with the be required deposit premiums. Coverage becomes bound at 12:01 a.m following the date of receipt at the FWCJUA. The employer then receives a 30 day binder. All FWCJUA insureds are assigned to: - Correct Answer ️️ -one of 3 tiers. Tier one, are set at 25% above comparable voluntary market rates.Tier two, are set 50% above voluntary market rates. Tier three are to be actuarially sound from the beginning. FWCJUA Renewal: - Correct Answer ️️ -Renewal notice specifying the expiratio