Exam (elaborations)
FL statutes, Rules and Regulations Questions and Answers 2024
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FL statutes, Rules and Regulations
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FL statutes, Rules and RegulationsWhat are the 2 offices of the Financial Services Commission - answer The Office of
Financial Regulation and the Office of Insurance Regulation
If an insurance company makes a statement that it's policies are guaranteed by the
existence of the insurance Guaranty Association, that would be considered - answer An
unfair trade practice
An insurance agent X has been found guilty of a felony and was sentence to 3 years in
prison. What would be the appropriate plan if action? - answer Send a written
notification to the department of insurance
Which of the following is an agreement between an insured and insurer, where the
insurer agrees to indemnity the insured for specific losses in exchange for a premium? -
answer The insurance contract
Which of the following would NOT be considered a misrepresentation on the part of the
insurer? - answerBackdating policies to secure a lower premium for the insured
Which of the following best describes a misrepresentation ? - answerIssuing sales
material with exaggerated statements about policy benefits
Which of the following insurers are owned by stockholders who have the usual rights of
ownership, including the right of voting? - answerStock
Which of the following NOT an indication a company is an unauthorized insurance
entity? - answerIt has many underwriting guidelines
An insurer publishes intimidating brochures that portray the insurer's competition as
financially and professionally unstable. Which of the following best describes this act? -
answerIllegal under any circumstances
How are state insurance Guaranty Associations funded? - answerBy their members -
authorized insurers
When an insurer plans to non renew a commercial property insurance policy, it must -
answerGive at least 45 days advance written notice of its intent and state the reasons
why the policy will not to be renewed
What is the maximum service charge a general lines agent may charge per installment
for financial insurance premiums? - answer$3
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