Florida Life & Health Online Course (PV)
Questions and Answers 100% Correct
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 - ANSWA 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 - ANSWER-D-At the time the policy is issued
The primary purpose of licensing - ANSWER-to protect the general public.
The administration of state insurance law is the responsibility of - ANSWER-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) - ANSWER-CFO (Chief
Financial Officer)
The CFO directly oversees the following divisions under the DFS (Dept. of Financial
Services): - ANSWER-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 - ANSWER-the
regulation of insurance agents.
The CFO is a member of the Financial Services Commission, also known as -
ANSWER-the Governor's Cabinet.
The Financial Services Commission (Cabinet) is composed of - ANSWER-Governor
Chief Financial Officer
Attorney General
,and Commissioner of Agriculture.
These four members serve as the agency head of the Commission. - ANSWER-
Governor
Chief Financial Officer
Attorney General
and Commissioner of Agriculture.
The Commission established and supervises - ANSWER-the Office of Insurance
Regulation and Office of Financial Regulation.
appoints the Director/Commissioner for each office. - ANSWER-The Commission
OFR - ANSWER-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: - ANSWER-Banks,
credit unions, and other financial institutions Financial service companies
Securities industry
Responsible for regulating persons licensed in the mortgage and securities industry. -
ANSWER-The Office of Financial Regulation (OFR)
The OFR includes the Bureau of Financial Investigations, which functions as -
ANSWER-a criminal justice agency for the purpose of conducting investigations to
protect consumers from financial entities that violate state laws and rules.
OIR - ANSWER-Office of Insurance Regulation
Office of Insurance Regulation is responsible for all activities concerning insurers and
other risk-bearing entities in the following areas: - ANSWER-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 - ANSWER-the "Commission"
The Department of Financial Services (DFS) aka - ANSWER-the "Department"
The Office of Insurance Regulation (OIR) aka - ANSWER-the "Office"
,Directly oversee the insurance industry's activities in accordance to the insurance code.
- ANSWER-The "Department" and the "Office"
Has the powers and authority as expressed or reasonably implied by the Insurance
Code - ANSWER-The Department and Office
Will enforce the provisions and execute such duties imposed within its respective
jurisdictions. - ANSWER-The Department and Office
May conduct investigations of insurance matters, determine if a person has violated any
provision of the code, or secure information useful to lawfully administer any provisions
of the code. - ANSWER-The Department or Office
Who pays for the investigations of insurance matters, determine if a person has violated
any provision of the code, or secure information useful to lawfully administer any
provisions of the code? - ANSWER-The state.
May collect, propose, publish, and disseminate information relating to the subject matter
of any duties imposed by law - ANSWER-The Department and Office
Will each have additional powers and duties as provided by other laws of this state -
ANSWER-The Department and Office
NAIC - ANSWER-National Association Of Insurance Commissioners
May employ actuaries, provide funds for the professional development of employees,
including the cost of professional membership fees, examinations required for
employment and the cost of training courses to remain compliant with the NAIC. -
ANSWER-The Department and Office
Which state entity oversees the regulation of securities representatives and mortgage
brokers within the state? - ANSWER-Office of Financial Regulation (OFR)
Which state entity is responsible for issuing a Certificate of Authority for an insurance
company? - ANSWER-Office of Insurance Regulation (OIR)
May make further investigation of the applicant's character, experience, background,
and fitness for the license or appointment, and require the applicant's fingerprints to be
checked by local and federal law enforcement agencies. - ANSWER-Department of
Financial Services (DFS)
Supervises methods of obtaining business, including agent licensing and control of
unfair trade practices. - ANSWER-Department of Financial Services (DFS)
May interrogate an applicant or agent relating to the applicant's qualifications,
residence, prospective place of business, and any other matter which, in the opinion of
, the department or office, is deemed necessary or advisable for the protection of the
public and to ascertain the applicant's qualifications. - ANSWER-Department of
Financial Services (DFS)
What happens if the Department (DFS) believes at any time that a person has violated
any provision of the code, or upon the written complaint? - ANSWER-It will conduct an
investigation regarding any alleged improper conduct of any licensed, approved, or
certified licensee, general agent, surplus lines agent, insurance agent, adjuster, service
representative, or any other person regulated under the Department. This includes an
investigation of the person's accounts, documents, and transactions pertaining to the
subject.
Responsible for assisting consumers, answering general insurance and financial
questions from its toll-free helpline, regional service centers, and website. - ANSWER-
The Division of Consumer Services
Provides consumer education and outreach assistance, as well as the following:
Receive and compile inquiries and complaints the DFS deems necessary to assist
consumers
Provide direct assistance and advocacy for consumers who request such services
Report alleged violations of law by persons licensed by the DFS, OIR, or OFR to the
appropriate regulator
Designate an employee as the primary contact for consumers on issues relating to
sinkholes - ANSWER-The Division of Consumer Services
Receives and compiles inquiries and complaints the DFS deems necessary to assist
consumers - ANSWER-The Division of Consumer Services
Reports alleged violations of law by persons licensed by the DFS, OIR, or OFR to the
appropriate regulator - ANSWER-The Division of Consumer Services
Provides direct assistance and advocacy for consumers who request consumer
education and outreach assistance. - ANSWER-The Division of Consumer Services
Designates an employee as the primary contact for consumers on issues relating to
sinkholes - ANSWER-The Division of Consumer Services
Upon receiving a consumer complaint, the Division may do what? - ANSWER-Request
information from a person licensed or issued a certificate of authority to address the
issues and allegations raised in the complaint.
What may happen if the Division requests information from a person and fails to
respond? - ANSWER-Failure to respond to the request in writing within 20 days of
receipt may result in an administrative penalty.
