Exam (elaborations)
Chapter 17-2. Florida General Regulations Continued Questions and Answers
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Chapter 17-2. Florida GeneralRegulations Continued
In Florida, what is the minimum age to become licensed as an insurance producer? -
answer The minimum age to become licensed as an insurance producer in Florida is
18.
The correct answer is: 18
What is the biennial license fee for an insurance agent in Florida? - answerThe agent
appointment fee and biennial renewal is $60 (including tax), paid by each appointing
insurer.
The correct answer is: $60
How much notice must an appointing entity give an appointee before their termination? -
answerAn appointing entity may terminate its appointment of any appointee at any time.
Except when termination is upon a ground which would subject the appointee to
suspension or revocation of their license and appointment, and except as provided by
contract between the appointing entity and the appointee, the appointing entity will give
at least 60 days' advance written notice of its intention to terminate such appointment to
the appointee.
The correct answer is: 60 days
Which of the following is a correct statement concerning an application? - answerAgents
cannot make changes to the insurance application. No alteration of any written
application for any life or health insurance policy shall be made by any person other
than the applicant without his written consent, except that insertions may be made by
the insurer, for administrative purposes only, in such manner as to indicate clearly that
such insertions are not to be ascribed to the applicant.
The correct answer is: All of the above
In Florida, who pays the biennial agent appointment renewal fee? - answerThe
appointing insurer pays the appointment renewal fee for each appointed agent.
The correct answer is: Insurers
Which of the following is false? - answerAll persons performing the duties of an agent
must be licensed as an agent in Florida. An insurance agency is any business location
where individuals engage in the actions which may only be performed by a licensed
insurance agent. Each insurance agency must have an agent in charge. Such person
must be full-time at the particular agency location. All branch locations must also be
licensed separately. One agent in charge can manage several branch locations. A life
and/or health agent working out of his home does not need to license his home as an
insurance agency.
The correct answer is: All branch locations may also be licensed together.
, How long may a licensed nonresident of Florida transact insurance before they must
have a resident license? - answerAny individual who holds a Florida nonresident agent's
license, upon becoming a resident of Florida may, for a maximum period of 90 days,
continue to transact insurance in Florida under the nonresident license and
appointment. Such individual must make application for resident licensure and must
become licensed as a resident agent within 90 days after becoming a Florida resident.
The correct answer is: 90 days
How much is the fine if an agent fails to report a change in address or phone number in
the required timeframe? - answerFailure to notify the department within the required
time period will result in a fine not to exceed $250 for the first offense and, for
subsequent offenses, a fine of at least $500 or suspension or revocation of the license.
The correct answer is: $250 the first time and $500 the second time
Agents who have been licensed for less than 6 years must complete how many
continuing education hours every 2 years? - answerAgents must complete a minimum
of 24 hours of continuing education courses every 2 years. At least 3 of the hours must
be ethics. For life agents, at least 3 of the hours must cover suitability in annuity and life
insurance transactions. Agents who have been licensed for 6 or more years must
complete 20 hours of continuing education courses every 2 years.
The correct answer is: 24 hours
Which of the following must be shown on the first page of the application form at the
time the premium is quoted? - answerAll applications for an insurance policy or annuity
contract must prominently display the name of the insuring entity on the first page of the
application form at the time the coverage is bound or premium is quoted. Applications
will also disclose the name and license identification number of the agent as shown on
the agent's license issued by the department. The name and license identification
number of the agent must be shown on the first page.
The correct answer is: All of the above
How soon must agents notify the department of a change in address? - answerAgents
must notify the department of a change in name, address, contact phone numbers or
email address within 30 days of the change.
The correct answer is: Within 30 days of the change
Which of the following penalties may be applied to an agent committing an unfair trade
practice? - answerA licensee who commits an unfair trade practice is subject to having
his license suspended, revoked, nonrenewed or nonissued. He may also be assessed a
fine up to $3,500 and/or imprisonment for up to six months.
The correct answer is: License suspension, revocation, nonrenewal or refusal to issue
Which of the following is true? - answerThe application will disclose the name and
license identification number of the agent as shown on the agent's license issued by the
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