©EMILLECT2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
Florida Licensing Exam Study Guide
Solutions
The administration of state insurance law is the responsibility of - ANSWER✔✔-the Chief Financial
Officer
Which state entity is responsible for approving a certificate of authority for an insurance company -
ANSWER✔✔-Office of Insurance Regulation
Which statement is true about the state insurance fraud department - ANSWER✔✔-if a criminal law has
been violated ,the officer will refer it to the appropriate law enforcement agency. The Bureau of Financial
Investigations functions as a criminal justice agency within DFS, may conduct investigations within or
outside Florida, and will refer records to the appropriate state or federal agency and provide assistance
as required.
In Florida, which of the following is not a duty of the Department of Financial Services> - ANSWER✔✔-
Enforces the Insurance Code by administering criminal penalties. They handle licensing insurance
companies and investigate applicants for an insurance license.
Page 1/13
, ©EMILLECT2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
Which of the following forms does not require approval from the Office of Insurance Regulation in
Florida - ANSWER✔✔-Agent Report; those require approval are the insurance policy, annuity contract
form and printed riders or endorsements
The Market Investigation division includes 4 sections with unique duties - ANSWER✔✔-The Property and
Casualty section conducts exams and investigates business practices of authorized P&C insurers; the
Special Investigation unit investigates illegal activity; and the Market Analysis section identifies trends
and date relating to the insurance industry. NOT Approval
How often must the Office of Financial Regulation audit all authorized insurance carriers in Florida -
ANSWER✔✔-every 5 years
Which is not true of a nonadmitted carrier - ANSWER✔✔-The Florida Guaranty Association protects
residents who buy from a nonadmitted carrier. Non admitted companies are not state licensed nor
regulated by Florida so they do not extend protection from those who buy from these companies
In Florida, unlicensed entities are a regulatory concern due to - ANSWER✔✔-Potential criminal activity.
They also have an adverse economic impact on authorized insurers, potential for unpaid claims due to
dishonesty, lack of sound actuarial decisions, and the state and federal Guaranty funds do not pay for
their unpaid claims
P, a person without a certificate of authority in Florida, engaged in insurance activities and collected
$150,000 dollars in premium payments. P is guilty of a: - ANSWER✔✔-1st degree felony.
Page 2/13
FIRST PUBLISH OCTOBER 2024
Florida Licensing Exam Study Guide
Solutions
The administration of state insurance law is the responsibility of - ANSWER✔✔-the Chief Financial
Officer
Which state entity is responsible for approving a certificate of authority for an insurance company -
ANSWER✔✔-Office of Insurance Regulation
Which statement is true about the state insurance fraud department - ANSWER✔✔-if a criminal law has
been violated ,the officer will refer it to the appropriate law enforcement agency. The Bureau of Financial
Investigations functions as a criminal justice agency within DFS, may conduct investigations within or
outside Florida, and will refer records to the appropriate state or federal agency and provide assistance
as required.
In Florida, which of the following is not a duty of the Department of Financial Services> - ANSWER✔✔-
Enforces the Insurance Code by administering criminal penalties. They handle licensing insurance
companies and investigate applicants for an insurance license.
Page 1/13
, ©EMILLECT2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
Which of the following forms does not require approval from the Office of Insurance Regulation in
Florida - ANSWER✔✔-Agent Report; those require approval are the insurance policy, annuity contract
form and printed riders or endorsements
The Market Investigation division includes 4 sections with unique duties - ANSWER✔✔-The Property and
Casualty section conducts exams and investigates business practices of authorized P&C insurers; the
Special Investigation unit investigates illegal activity; and the Market Analysis section identifies trends
and date relating to the insurance industry. NOT Approval
How often must the Office of Financial Regulation audit all authorized insurance carriers in Florida -
ANSWER✔✔-every 5 years
Which is not true of a nonadmitted carrier - ANSWER✔✔-The Florida Guaranty Association protects
residents who buy from a nonadmitted carrier. Non admitted companies are not state licensed nor
regulated by Florida so they do not extend protection from those who buy from these companies
In Florida, unlicensed entities are a regulatory concern due to - ANSWER✔✔-Potential criminal activity.
They also have an adverse economic impact on authorized insurers, potential for unpaid claims due to
dishonesty, lack of sound actuarial decisions, and the state and federal Guaranty funds do not pay for
their unpaid claims
P, a person without a certificate of authority in Florida, engaged in insurance activities and collected
$150,000 dollars in premium payments. P is guilty of a: - ANSWER✔✔-1st degree felony.
Page 2/13
