Exam (elaborations)

FLORIDA INSURANCE STATUTES RULES AND REGULATIONS EXAM BANK 2024/2025 | 2 ACCURATE REAL EXAM VERSIONS WITH 100 CURRENTLY TESTING QUESTIONS AND ANSWERS EACH WITH RATIONALES AND A STUDY GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE

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Florida insurance

Institution
Florida Insurance

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Uploaded on October 26, 2024
Number of pages 46
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

florida insurance
florida adjuster
florida insurance statutes rules and regulations
florida insurance statutes

Institution Florida insurance
Course Florida insurance

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FLORIDA INSURANCE STATUTES RULES AND
REGULATIONS EXAM BANK 2024/2025 | 2 ACCURATE REAL
EXAM VERSIONS WITH 100 CURRENTLY TESTING
QUESTIONS AND ANSWERS EACH WITH RATIONALES AND
A STUDY GUIDE | EXPERT VERIFIED FOR GUARANTEED
PASS | LATEST UPDATE
A _______ insurer is one formed under the laws of the state the agent resides in.
A) Foreign
B) Domestic
C) Alien
D) Unauthorized
Correct Answer: B) Domestic
Rationale: A domestic insurer operates within the state where it was formed.

True or False? Florida statute encourages rebating without any conditions.
A) True
B) False
Correct Answer: B) False
Rationale: Florida law prohibits rebating unless specific conditions are met to prevent unfair
competitive practices.

True or False? Florida statute prohibits rebating except as otherwise expressly provided by law,
or in an applicable filing with the office of insurance.
A) True
B) False
Correct Answer: A) True
Rationale: The statute aims to maintain market fairness by limiting rebating practices.

Defamation includes libel and slander; dissemination of false information; and dissemination of
information which is calculated to _________ a third party.

1|Page

,A) Support
B) Assist
C) Injure
D) Distract
Correct Answer: C) Injure
Rationale: Defamation laws protect against false statements that harm reputations.

Florida statutes preclude ________ competition, unfair or deceptive acts, and unfair practices.
A) Fair
B) Unfair
C) Ethical
D) Legal
Correct Answer: B) Unfair
Rationale: These laws ensure ethical practices within the insurance industry.

Which of the following is NOT a "type" of General Lines License?
A) Personal Lines Agent
B) Limited Customer Service Representative
C) Title Agent
D) Customer Representative
Correct Answer: C) Title Agent
Rationale: Title Agents deal specifically with title insurance and do not fall under General Lines
licenses.

A Mutual Company becomes a Stock Company through this process.
A) Conversion
B) Demutualization
C) Regulation
D) Amalgamation
2|Page

,Correct Answer: B) Demutualization
Rationale: This process allows a mutual insurance company to restructure into a stock company.

Toe Nail roof connectors are ______ eligible for mitigation credits.
A) Sometimes
B) Always
C) Not
D) Rarely
Correct Answer: C) Not
Rationale: These connectors do not meet the criteria for mitigation credits due to effectiveness
concerns.

Roof Decks attached with 8d common nails at six-inch intervals along the panel edges and six-
inch intervals in the field are ________ eligible for mitigation credits.
A) Occasionally
B) Eligible
C) Not
D) Always
Correct Answer: B) Eligible
Rationale: Properly secured roof decks can qualify for mitigation credits
True or False? Willfully over-insuring a health or property policy can be grounds for terminating
an insurance license.
A) True
B) False
Correct Answer: A) True
Rationale: Over-insuring is considered unethical as it can lead to insurance fraud, thus grounds
for termination of the insurance license.

The following are required to be on an application of insurance: insurer name, agent name, and
agent ___________ number.

3|Page

, A) Social Security
B) License
C) Phone
D) Address
Correct Answer: B) License
Rationale: The agent’s license number is required to ensure accountability and regulatory
compliance in the application process.

True or False? Florida law requires General Lines Agents to be licensed but not agencies.
A) True
B) False
Correct Answer: B) False
Rationale: Both General Lines Agents and agencies must be licensed to operate legally in
Florida.

True or False? A customer representative may only perform customer representative duties as to
the specific general lines insurance products which their supervising General Lines Agent is
appointed to handle.
A) True
B) False
Correct Answer: A) True
Rationale: This ensures that customer representatives are only involved with products they are
specifically authorized to handle.

True or False? According to Florida Statute 624.09, an "authorized" insurer is one with an
authorized certificate of authority issued by the department to transact insurance in this state.
A) True
B) False
Correct Answer: A) True
Rationale: An authorized insurer must have the necessary certificate to operate legally in Florida.

4|Page

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FLORIDA INSURANCE STATUTES RULES AND REGULATIONS EXAM BANK 2024/2025 | 2 ACCURATE REAL EXAM VERSIONS WITH 100 CURRENTLY TESTING QUESTIONS AND ANSWERS EACH WITH RATIONALES AND A STUDY GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE

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