Exam (elaborations)
Fl Statutes Questions and Answers 2024
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Exam of 6 pages for the course Florida General Lines at Florida General Lines (Fl Statutes)
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Fl StatutesTrue or False? You, as a general agent may hire and license a customer representative
who shall be a salaried employee. You may pay the customer representative
commissions primarily based on the production of applications, insurance, or premiums.
- answer False
You as a General Agent may hire and license Customer Representatives. Is the
Customer Representative eligible to receive compensation as commission? - answer
Yes, F.S. 626.7354(3) states "A customer representative shall be a salaried employee
of the agent or agency. His or her compensation shall not be PRIMARILY based on
commissions or the production of applications, insurance, or premiums.
According to F.S. 626.731(1)(a) an applicant must be ___ years old to be eligible for a
General Lines insurance license. - answer18
The solicitation of insurance by a General Lines Agent include(s): - answer1. Describing
the benefits or terms of insurance coverage, including premiums or rates of return;
2. Distributing an invitation to contract to prospective purchasers;
3. Making general or specific recommendations as to insurance products;
4. Completing orders or applications for insurance products;
5. Comparing insurance products, advising as to insurance matters, or interpreting
policies or coverages; or
6. Offering or attempting to negotiate on behalf of another person a viatical settlement
contract as defined in
True or False? Florida law requires General Lines Agents to be licensed but not
agencies. - answerFalse- each place of business must hold an agency license
Division of Agents & Agencies Services issue licenses to General Lines Agents, which
of the following apply?
A)General Lines Agents represent companies directly
B)a General Lines Agent can be the Agent in Charge of only ONE physical agency
location
C)both A and B are correct
D)neither A or B are correct - answerC
A General Lines Agent has how many days to notify the Department of Financial
Services of name OR address changes? - answer30
The consequences for aiding and abetting an unauthorized insurer include:
A)misdemeanor
B)third degree felony
, C)liability of unpaid claims
D)both B & C - answerD
True of False. Residential property insurers may file loss mitigation credits with the OIR
at the insurer's discretion. - answerFalse- All residential property insurers are required
to file loss mitigation credits with the OIR Insured's must be put on formal notice of
discounts
Construction elements must be document by whom for wind mitigation credits to apply.
A)The insured
B)Insurance Agent
C)Licensed construction professional
D)Any disinterested third party - answerC
Which act federally mandates state regulation of insurance? - answerMcCarran-
Ferguson Act
Unauthorized entities present a regulatory concern because...
A)They foster good faith and fair dealing
B)There is "comprehensive" federal oversight
C)Potential for unpaid claims
D)All of these are correct - answerC
ERISA's language includes a "_______ clause" which deems that employee plans and
trusts are not to be construed as insurance companies or insurance. - answerDeemer
ERISA's language states that the federally mandated ERISA laws supersedes state
laws, this is known as... - answerPre-emption
MEWAs are
A)Considered insurers by Florida Statute
B)Not considered insurers by Florida Statute
C)Not address in the Florida Statutes
D)What in the heck is a MEWA? - answerA- MEWAs are Considered insurers by Florida
Statute and require a Certificate of Authority.
True or Fasle. Florida Statutes prohibit PEOs from sponsoring self-insured health plans
- answerTrue
A collision with a falling object is normally covered by the following Physical Damage
coverage:
A)Other Than Collision
B)Open Perils
C)Collision
D)None of these apply - answerA- Collision with a falling object is normally covered by
Other Than Collision coverage.
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