Insurance - Florida Statutes, Rules, &
Regulations Common to All Lines
Complete Solutions
Unauthorized Insurer - ANSWER-An entity that is required to be licensed by Florida,
but is operating without the licensing, is called ?
Third-Degree Felony - ANSWER-What can an indivdual be charged with for any
unpaod claims or refunds of premiums when representing an unauthorized insurer
Reinsurance - ANSWER-This is a contract under which one insurance company
indemnifies another insurance company for part or all of its liabilities
Ceding Insurer - ANSWER-The company that procures insurance on itself from
another insurer is called the?
Assuming Insurer - ANSWER-The insurer providing reinsurance to another
insurance company is called?
Department of Financial Services - ANSWER-What Florida Department regulates
insurance?
Financial Services Commission - ANSWER-Within the Department of Financial
Services, what is the Commission that oversees the office of financial regulation and
the office of insurance regulation?
Office of Insurance Regulation - ANSWER-This office is responsible for all activities
concerning insurers, including licensing etc...
Office of Financial Regulation - ANSWER-This office is responsible for all activities of
the Financial Services Commission related to the regulation of banks, credit unions,
finance companies, and securities industry
Chief Financial Officer - ANSWER-This individual helps to administer insurance laws
in Florida, is indepedently elected, and serves as the head of the dept of financial
services and as a member of the financial services commission. He can issue
subpoenas, that if not answered, are contempt of court
Every Year for the first 3 years. Then every 3 years. - ANSWER-Examinations by the
CFO/Office of Insurance Regulations, must be conducted at least how often? (or
more frequently if they want)
Conduct an Investigation - ANSWER-If there is any reason to believe that a person
has violated any provisions of the Insurance Code, the Dept will do what?
, Misdemeanor - ANSWER-If a person obstructs the dept, office, or examiner in an
authorized examination or investigation, they are guilty of?
Office of Insurance Regulation - ANSWER-What Office has the authority to approve
all policy forms? (and they must be filed 30 days in advance of their use/delivery)
Cease and Desist - ANSWER-If a hearing is held and the dept/office finds any
charges are proven against an insurance company, they can order them to do what?
Insurer - ANSWER-Does the agent represent the insured or the insurer?
Life Agent - ANSWER-This means a person representing an insurer as to life
insurance and annuity contracts or acting as a viatical settlement broker, including
agents appointed to transact life insurance etc...
Independent Adjuster - ANSWER-This is any person, firm, association or corporation
who, for a commisssion, acts on behalf of an insurer in the work of investigating and
adjusting claims
Public Adjuster - ANSWER-This is any person, firm, association or corporation, who
for a commission, acts on behalf of the insured in negotiating a settlement of a claim
for loss or damage to property
Insurance Agency License - ANSWER-What must any business entity obtain prior to
transacting insurance or acting in its own name as an insurance agency
License transferred - ANSWER-A licensed agent in good standing in another state
may apply to the dept to do what, to obtain a resident agent license for the same line
of authority?
Temporary License; 6 months - ANSWER-An applicant for a life agent's license may
obtain ____ for a maximum period of ____
Do not receive any commission - ANSWER-Insurance producer license is not
necessary of other members of an insurance firm assuming they are not directly
involved with the sale and do not ______
Appointed Agent - ANSWER-An insurance agent or producer cannot legally act as
an agent of an insurer unless he or she becomes an _______ of that insurer
45 - ANSWER-How many days after appointment must the dept be notified by?
2 years - ANSWER-Continuing education requirements must be met every?
Separate Appointment for each insurer - ANSWER-For an agent functioning for
multiple insurers, what must they have?
60 - ANSWER-How many days advanced notice must be given if terminating an
agent's appointment?
Regulations Common to All Lines
Complete Solutions
Unauthorized Insurer - ANSWER-An entity that is required to be licensed by Florida,
but is operating without the licensing, is called ?
Third-Degree Felony - ANSWER-What can an indivdual be charged with for any
unpaod claims or refunds of premiums when representing an unauthorized insurer
Reinsurance - ANSWER-This is a contract under which one insurance company
indemnifies another insurance company for part or all of its liabilities
Ceding Insurer - ANSWER-The company that procures insurance on itself from
another insurer is called the?
Assuming Insurer - ANSWER-The insurer providing reinsurance to another
insurance company is called?
Department of Financial Services - ANSWER-What Florida Department regulates
insurance?
Financial Services Commission - ANSWER-Within the Department of Financial
Services, what is the Commission that oversees the office of financial regulation and
the office of insurance regulation?
Office of Insurance Regulation - ANSWER-This office is responsible for all activities
concerning insurers, including licensing etc...
Office of Financial Regulation - ANSWER-This office is responsible for all activities of
the Financial Services Commission related to the regulation of banks, credit unions,
finance companies, and securities industry
Chief Financial Officer - ANSWER-This individual helps to administer insurance laws
in Florida, is indepedently elected, and serves as the head of the dept of financial
services and as a member of the financial services commission. He can issue
subpoenas, that if not answered, are contempt of court
Every Year for the first 3 years. Then every 3 years. - ANSWER-Examinations by the
CFO/Office of Insurance Regulations, must be conducted at least how often? (or
more frequently if they want)
Conduct an Investigation - ANSWER-If there is any reason to believe that a person
has violated any provisions of the Insurance Code, the Dept will do what?
, Misdemeanor - ANSWER-If a person obstructs the dept, office, or examiner in an
authorized examination or investigation, they are guilty of?
Office of Insurance Regulation - ANSWER-What Office has the authority to approve
all policy forms? (and they must be filed 30 days in advance of their use/delivery)
Cease and Desist - ANSWER-If a hearing is held and the dept/office finds any
charges are proven against an insurance company, they can order them to do what?
Insurer - ANSWER-Does the agent represent the insured or the insurer?
Life Agent - ANSWER-This means a person representing an insurer as to life
insurance and annuity contracts or acting as a viatical settlement broker, including
agents appointed to transact life insurance etc...
Independent Adjuster - ANSWER-This is any person, firm, association or corporation
who, for a commisssion, acts on behalf of an insurer in the work of investigating and
adjusting claims
Public Adjuster - ANSWER-This is any person, firm, association or corporation, who
for a commission, acts on behalf of the insured in negotiating a settlement of a claim
for loss or damage to property
Insurance Agency License - ANSWER-What must any business entity obtain prior to
transacting insurance or acting in its own name as an insurance agency
License transferred - ANSWER-A licensed agent in good standing in another state
may apply to the dept to do what, to obtain a resident agent license for the same line
of authority?
Temporary License; 6 months - ANSWER-An applicant for a life agent's license may
obtain ____ for a maximum period of ____
Do not receive any commission - ANSWER-Insurance producer license is not
necessary of other members of an insurance firm assuming they are not directly
involved with the sale and do not ______
Appointed Agent - ANSWER-An insurance agent or producer cannot legally act as
an agent of an insurer unless he or she becomes an _______ of that insurer
45 - ANSWER-How many days after appointment must the dept be notified by?
2 years - ANSWER-Continuing education requirements must be met every?
Separate Appointment for each insurer - ANSWER-For an agent functioning for
multiple insurers, what must they have?
60 - ANSWER-How many days advanced notice must be given if terminating an
agent's appointment?
