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Chapter exam Florida laws and rules questions with 100% verified answers.
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Chapter exam Florida laws and rules questions with 100% verified answers.
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Chapter exam Florida laws and rulesquestions with 100% verified answers.
Which of the following are an example of unfair trade practice? ANS - Twisting and churning sliding
coercion misrepresentation defamation fraud Unfair discrimination control business rebating false
advertising unfair claims settlement
A life policy loan in Florida cannot charge a fixed rate of interest higher than? ANS - 10%
Which of the following employees may NOT be excluded from a group life plan? ANS - Full-time
employees after the probationary period
The policy summary contains specific information on all of the following, EXCEPT: ANS - commission
Which Unfair Trade Practice involves making a false statement on an insurance application in order to
receive money from an insurer? ANS - Misrepresentation
_____ can be defined as "using the contract values of an existing policy to purchase a new policy with an
existing insurer". ANS - churning
Which of the following documents must an agent submit to the replacing insurance company during the
replacement of an existing life insurance policy? ANS - Notice to existing and replacing insurers of
intention to replace
All of the following are Nonforfeiture Options except ANS - Automatic Premium Loan Option
Which department oversees 'Market Conduct Examinations' in Florida? ANS - Office of Insurance
Regulation. OIR
The fundamental reason for regulation of insurance is to ANS - protect consumers
, W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the
company discovered W's true age at issue had been 59. What would the normal procedure be under the
misstatement of age provision in regard to the payment of the death claim? ANS - The proceeds would
be reduced based on whatever the premium would have been if purchased at age 59
Within how many days must a licensee notify the department of financial services of a change in
address? ANS - 30 days
All of the following entries are classified under the four principal areas of Florida insurance law except
ANS - A. An agents commission
B. Policyowner rights
C. Policy provisions
D. An agents licensing requirements
A. an agents commission
Which of the following factors is not considered when the department of financial services determines if
an agents home is an insurance agency? ANS - The amount of premium collected at this location
Go to requires an insurance agent must complete _____ hours of continuing education on the subject of
law and ethics every two years ANS - 5 hours
Agents that have been license for less than six years must complete ___ Hours of continuing education
every two years ANS - 24 hours
A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agents
license will terminate if a certain period of time lapses without being appointed how long is this period
of time? ANS - 48 months
What is the maximum percentage of controlled business an agent may produce? ANS - 50%
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