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Florida general lines Questions and Answers 100% Solved
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Florida general lines
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FL Surplus Lines Insurance ExamForeign Insurer - answer US domiciled unauthorized insurer eligible to operate in a state
other than the state in which it is domiciled
The purpose of FL surplus lines law - answer To provide orderly access for the insuring
public of the state to insurers not authorized to transact insurance in the state, through
only qualified licensed surplus lines agents
A Fl surplus lines insurer is required to have and maintain surplus as to policy holders of
not less than... - answer$15 Mil
Three Risk typically written in the non-admitted market - answer Distressed, Unique,
High Capacity
Coverage that is commonly written by Surplus lines - answer Products, professional,
and special events liability (Automobile liability is not)
What conditions must exist before exporting a risk in FL - answerRisk is no procurable
from admitted insurers and the policy must not be more favorable as to coverage or rate
Diligent Effort - answerSeeking coverage and having been rejected by at least three
authorized insurers
Possible penalties for aiding and abetting an unauthorized insurer - answerLiability for
all unpaid claims, conviction of a 3rd degree felon, and suspension or revocation ofall
insurance licenses
according to the FL diligent effort requirement, how many rejections in the admitted
market must be received for a residential property exposure with a replacement cost of
$700,000 or more before placing a policy in the SL market - answerOne
What is the regulatory focal point of the surplus lines marketplace - answerSurplus lines
agent
According to 626.916, F.S. (Eligibility for export), it is the responsibility of ... to verify that
a diligent effort has been made by requiring a properly documented statement of diligent
effort from the retail or producing agent - answerSurplus lines agent
Before insurance can be produced from unauthorized insurers, certain conditions must
be met. - answerThe insurance must be eligible for export.
The insurance must be eligible surplus lines insurer.
The insurance must be placed through a FL licensed and appointed surplus lines agent.
, (It does not matter if the full amount of coverage is available from authorized insurers;
however the rates are too high)
The term 'Premium' includes any assessment, or any membership, policy, survey,
inspection, service or similar fee or charge in consideration for an insurance contact.
This includes the policy fee but NOT the service office fee. - answerTrue
What type of risks are eligible for export by virtue of being placed by a licensed and
appointed surplus lines agent and an insurer that is eligible - answerWet Marine,
transportation, and aviation risks
What is the maximum "per policy fee" that a surplus lines agent may charge in
accordance with Fl statute? - answer'There is no maximum, it must reasonable
Which of the following is a requirement an insurer must meet before they will be
approved to provide coverage as an eligible surplus lines insurer in FL? - answerBe an
authorized insurer in their state or country of domicile for at least three years and
authorized to write the kinds of insurance they wish to write in this state
Surplus lines insurers are a stabilizing influence on the overall market due to which
factors - answerTailoring coverage to meet insurds' needs.
Acting as safety valve to prevent public outrage if no market existed
Export - answerA means to place, with an unauthorized insurer under the Surplus Lines
Law, insurance covering a subject of insurance resident, located or to be preformed in
this state
An alien insurer must have and maintain in the US a trust fund, for the protection of its
policyholders in the US, in an amount not less than.... - answer$5.4 mil
Coverage has been bound b an eligible, unauthorized insurer or a person authorized by
the insurer to bind coverage and premium has been received by the originating agent or
retail agent. If a loss should occur, who would be liable for payment of the loss and any
unearned premium? - answerinsurer
A significant difference between operating as an unauthorized insurer and an admitted
insurer. - answerRate, rule, and form filings
What market does the SLI represent a small segment of and is focused primarily on
specialized risks - answerProperty and casualty
What is the specific wording that is required by law to be placed on evidence of
insurance providing coverage to the insured... - answerThis insurance is issued
pursuant tot the FL SL Law. Persons insured by SL carriers do not have the protection
of the FL insurance guaranty act to the extent of any right of recovery for the obligation
of an insolvent unlicensed insurer
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