Exam (elaborations)
Chapter 17 .3 Florida General Regulations Continued questions with actual answers.
- Course
- Institution
Chapter 17 .3 Florida General Regulations Continued questions with actual answers.
[Show more]
Seller
Follow
Content preview
Chapter 17 .3 Florida GeneralRegulations Continued questions with
actual answers.
What is the maximum fine for failure to comply with a subpoena? ANS - The penalty for failure to
comply with a subpoena is a maximum fine of $1,000 per violation.
The correct answer is: $1,000 per violation
Which of the following is described as charging insureds additional fees without their consent? ANS -
Sliding occurs when agents or insurers charge applicants additional charges without applicants' consent.
The correct answer is: Sliding
What is the criminal classification for twisting? ANS - If a person commits "twisting," he has committed
a misdemeanor of the first degree. He is subject to an administrative fine of up to $5,000 for each
unintentional violation, or up to $75,000 for each willful violation.
The correct answer is: A first-degree misdemeanor
Which of the following is true? ANS - To receive a commission, a person must be licensed as an
insurance agent and be appointed with at least one insurer. Insurers, nor agents, may pay a commission
to an unlicensed individual. Agents and insurers may pay commissions to other licensed agents.
The correct answer is: An agent can pay a commission to another agent.
In Florida, what defines proper business practices expected of agents? ANS - Florida's Code of Ethics
defines proper business practices expected of agents.
The correct answer is: The Florida Code of Ethics
Which of the following is best described as a group formed for the purpose of obtaining insurance
coverage? ANS - A fictitious group is defined as a group that is formed for the sole purpose of obtaining
insurance coverage.
The correct answer is: Fictitious group
, In Florida, which of the following is illegal when not specified in the contract? ANS - Rebating is
unethical. Except as otherwise expressly provided by law, no person will knowingly permit or offer to
make or make any contract of life insurance, life annuity or disability insurance, or agreement as to such
contract other than as plainly expressed in the contract issued thereon, or pay or allow, or give or offer
to pay, allow, or give, directly or indirectly as an inducement to such insurance, or annuity, any rebate of
premiums payable on the contract, or any special favor or advantage in the dividends or other benefits
thereon, or any valuable consideration or inducement whatever not specified in the contract.
The correct answer is: All of the above
How long must an insurer keep a copy of every document authorized by the insurer? ANS - Each insurer
subject to this section shall maintain at its home office or principal office a complete file containing one
copy of each document authorized by the insurer for use pursuant to this section. Such file shall contain
one copy of each authorized form for a period of 3 years following the date of its last authorized use.
The correct answer is: 3 years
What is the maximum fine for an intentional act of twisting or churning? ANS - The penalty for
committing an act of twisting or churning is a misdemeanor of the first degree, and a fine of up to
$5,000 for unintentional violations, and up to $75,000 for intentional violations.
The correct answer is: $75,000
Which of the following is described as making fraudulent comparisons of insurance policies for the
purpose of inducing a person to purchase a policy? ANS - Twisting is making misrepresentations or
incomplete comparisons of insurance policies for the purpose of inducing a policy purchase, or a person
to lapse, forfeit, surrender, termination or convert an insurance policy.
The correct answer is: Twisting
A rebate would NOT be allowed for which of the following? ANS - No insurance agency agent shall
rebate any portion of a commission except as follows: The rebate shall be available to all insureds in the
same actuarial class. The rebate shall be in accordance with a rebating schedule filed by the agent with
the insurer issuing the policy to which the rebate applies. The rebating schedule shall be uniformly
applied in that all insureds who purchase the same policy through the agent for the same amount of
insurance receive the same percentage rebate. The rebate schedule is prominently displayed in public
view in the agent's place of doing business and a copy is available to insureds on request at no charge.
The age, sex, place of residence, race, nationality, ethnic origin, marital status, or occupation of the
insured or location of the risk is not utilized in determining the percentage of the rebate or whether a
rebate is available. The insurance agency agent shall maintain a copy of all rebate schedules for the most
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now