Florida Life & Health Online Course (PV) Comprehensive Test Questions and Correct Answers

Florida Life & Health Online Course (PV) Comprehensive Test Questions and Correct Answers A premium is paid at the time of application and a conditional receipt is issued. If the policy is issued as applied for, and assuming a medical exam has already been completed, coverage becomes effective: A-At the date of application B-Upon policy delivery C-After the free look expires D-At the time the policy is issued D-At the time the policy is issued The primary purpose of licensing to protect the general public. The administration of state insurance law is the responsibility of Chief Financial Officer (CFO), Financial Services Commission and Director, or Commissioner, of the Office of Insurance Regulation Elected official and head of DFS (Dept. of Financial Services) CFO (Chief Financial Officer) The CFO directly oversees the following divisions under the DFS (Dept. of Financial Services): Division of Accounting and Auditing Division of Consumer Services Division of Insurance Agent and Agency Services Division of Public Assistance/Insurance Fraud Office of Consumer Advocate for Insurance Division of Unclaimed Property The CFO, as the head of the Department, is directly responsible for the regulation of insurance agents. The CFO is a member of the Financial Services Commission, also known as the Governor's Cabinet. The Financial Services Commission (Cabinet) is composed of Governor Chief Financial Officer Attorney General and Commissioner of Agriculture. These four members serve as the agency head of the Commission. Governor Chief Financial Officer Attorney General and Commissioner of Agriculture. The Commission established and supervises the Office of Insurance Regulation and Office of Financial Regulation. appoints the Director/Commissioner for each office. The Commission OFR Office of Financial Regulation The Office of Financial Regulation (OFR) is responsible for all activities of the Financial Services Commission relating to the regulation of the following: Banks, credit unions, and other financial institutions Financial service companies Securities industry Responsible for regulating persons licensed in the mortgage and securities industry. The Office of Financial Regulation (OFR) The OFR includes the Bureau of Financial Investigations, which functions as a criminal justice agency for the purpose of conducting investigations to protect consumers from financial entities that violate state laws and rules. OIR Office of Insurance Regulation Office of Insurance Regulation is responsible for all activities concerning insurers and other risk-bearing entities in the following areas: Insurance company licensing Rates Policy forms Market conduct and investigations Claims Issuance of Certificates of Authority Insurance company solvency Viatical settlements Premium financing Administrative supervision The Financial Services Commission (FSC) aka the "Commission" The Department of Financial Services (DFS) aka the "Department" The Office of Insurance Regulation (OIR) aka the "Office" Directly oversee the insurance industry's activities in accordance to the insurance code. The "Department" and the "Office"