Florida 2-14 Life Insurance/ annuities study guide

Which of the following individuals MUST be licensed as an agent? - A person who places insurance on behalf of anyone seeking insurance. Which of the following statements regarding a nonresident insurance agent is CORRECT? - The agent must hold a similar license in their state of residence State insurance laws specifically allow the Commissioner(or Director) to issue a temporary license to which of the following individuals? - A surviving spouse of a deceased agent A person is required to be AT LEAST how old before he or she is licensed as an agent in most states? - 18 Insurance agents must notify the Commissioner(or Director) of a change of home address within a MAXIMUM of how many days? - 30 An agent's license can be suspended or revoked by... - Writing primarily controlled business Which of the following activities will NOT result in the suspension of an agent's license. - Working for an foreign insurer. All of the following will result in the suspension of an agent's license EXCEPT.... - Acting with fiduciary responsibility Which of the following acts is an agent NOT authorized to do on behalf of an insurer? - Authorize claim payments According to state insurance law, while transacting insurance business, agents act as representative of... - The insurer An insurance broker is a representative of... - Insured T is an agent and when hired, is reminded that he has a responsibility to handle clients' funds in an honest and ethical manner. This responsibility is referred to as... - Fiduciary responsibility Insurance companies that are organized in countries outside the United States are referred to as... - Alien An insurance company incorporated under the laws of the state in which its home office is located is called a(n)_____ company - Domestic If an insurance company is organized under the laws of New Jersey and licensed to do business here, it is considered which of the following in Texas? - A foreign company An insurance company that is incorporated in New Hampshire and does business in Florida is defined in Florida as... - A foreign insurer A foreign insurance company is one that is incorporated... - Under the laws of another state In order for domestic, foreign, or alien insurance company to conduct business, it must be authorized by whom? - The state where they are conducting business A certificate of authority does which of the following? - Permits an insurance company to transact business in that state Before approving an application for a business entity acting as an agent, the Commissioner(or Director) must find that the business entity has... - Designate an agent to be responsible for compliance with insurance laws If an insured sustains a loss on a policy sold by an agent through an insurance company that is not authorized to do business in that particular state, which of the following would be liable? - The agent and the company Which of the following is NOT a consequence for placing business with an unauthorized insurer? - First degree misdemeanor All of the following are defined as doing insurance business EXCEPT... - Selling mutual funds