SECTION 6 FLORIDA ADJ EXAM FL INSURANCE
RULES AND REGULATIONS QUESTIONS AND
ANSWERS UPDATED 2024 - 2025
Which,of,the,following,is,NOT,true,about,the,National,Association,of,Insurance,Commissioners,,ANS,-
,,It,provides,benefits,for,the,insurance,commissioners.
The,following,is,true:
-It,is,a,non-profit,coalition,of,state,insurance,agencies
-It,works,to,harmonize,state,insurance,laws,and,regulations
-It,drafts,model,legislation,that,is,frequently,adopted,by,most,states
Which,of,these,statements,about,foreign,insurers,in,Florida,is,TRUE,,ANS,-
,,Can,only,offer,insurance,to,someone,after,a,domestic,insurer,has,denied,them.
Guaranty,Associations,are,funded,by,,ANS,-,,The,insurers
Jill,wants,to,start,an,insurance,company,that,provides,property,insurance.,As,such,,she,must,belong,to,a
,Guaranty,Association,,of,which,there,are,a,few,different,types.,Which,of,these,groups,would,best,fit,Jill'
s,needs?,,ANS,-,,Florida,Insurance,Guaranty,Association
In,1945,Congress,passed,the,McCarran-Ferguson,Act.,What,does,that,act,do?,,ANS,-
,,Gives,the,states,the,authority,to,regulate,the,insurance,industry
WC,Retrospective,Rating,,ANS,-
,,Yearly,premium,adjustment,based,on,the,policyholder's,performance,that,year
WC,Schedule,Rating,,ANS,-,,Judgment,call,by,underwriters,taking,into,account,specifics,of,case:
Good,management
Premises,upkeep
Bill,paying,history
, Commissioners,,Solvency,,Rating,System,,ANS,-
,,Office,of,Insurance,Regulation,(OIR):,licenses,and,regulates,insurance,companies.
The,Department,of,Financial,Services,(DFS):,licenses,and,regulates,all,types,of,insurance,agents,and,adju
sters.
Guaranty,Associations:
,Handle,and,pay,claims,for,insurers,who,have,been,declared,insolvent
,Work,to,place,policyholders',policies,with,new,insurers
,Assess,the,cost,of,insolvencies,from,among,the,other,members,of,the,association
Rating,System
The,Rating,System,is,a,risk,management,technique,by,which,insurers,identify,high,risks,,and,determine,
how,much,to,charge,in,premiums.
The,following,is,a,rating,factor,for,a,personal,auto,liability,policy,,ANS,-,,Location,of,use
The,driving,record
The,driver's,age
Age,of,vehicle
WC,roles,considered,High,risk,,ANS,-,,Loggers,,roofers,,and,coal,miners
The,main,purpose,of,an,Insurance,Guaranty,Association,is,,ANS,-
,,to,make,sure,that,insurers,are,able,to,pay,claims,,even,in,the,event,of,an,insolvency.
Risk,retention,groups,do,,ANS,-,,provide,liability,insurance.
spread,liability,exposure,to,their,members.
have,permission,to,operate,in,Florida.
Not,backed,or,support,of,a,guaranty,funds
RULES AND REGULATIONS QUESTIONS AND
ANSWERS UPDATED 2024 - 2025
Which,of,the,following,is,NOT,true,about,the,National,Association,of,Insurance,Commissioners,,ANS,-
,,It,provides,benefits,for,the,insurance,commissioners.
The,following,is,true:
-It,is,a,non-profit,coalition,of,state,insurance,agencies
-It,works,to,harmonize,state,insurance,laws,and,regulations
-It,drafts,model,legislation,that,is,frequently,adopted,by,most,states
Which,of,these,statements,about,foreign,insurers,in,Florida,is,TRUE,,ANS,-
,,Can,only,offer,insurance,to,someone,after,a,domestic,insurer,has,denied,them.
Guaranty,Associations,are,funded,by,,ANS,-,,The,insurers
Jill,wants,to,start,an,insurance,company,that,provides,property,insurance.,As,such,,she,must,belong,to,a
,Guaranty,Association,,of,which,there,are,a,few,different,types.,Which,of,these,groups,would,best,fit,Jill'
s,needs?,,ANS,-,,Florida,Insurance,Guaranty,Association
In,1945,Congress,passed,the,McCarran-Ferguson,Act.,What,does,that,act,do?,,ANS,-
,,Gives,the,states,the,authority,to,regulate,the,insurance,industry
WC,Retrospective,Rating,,ANS,-
,,Yearly,premium,adjustment,based,on,the,policyholder's,performance,that,year
WC,Schedule,Rating,,ANS,-,,Judgment,call,by,underwriters,taking,into,account,specifics,of,case:
Good,management
Premises,upkeep
Bill,paying,history
, Commissioners,,Solvency,,Rating,System,,ANS,-
,,Office,of,Insurance,Regulation,(OIR):,licenses,and,regulates,insurance,companies.
The,Department,of,Financial,Services,(DFS):,licenses,and,regulates,all,types,of,insurance,agents,and,adju
sters.
Guaranty,Associations:
,Handle,and,pay,claims,for,insurers,who,have,been,declared,insolvent
,Work,to,place,policyholders',policies,with,new,insurers
,Assess,the,cost,of,insolvencies,from,among,the,other,members,of,the,association
Rating,System
The,Rating,System,is,a,risk,management,technique,by,which,insurers,identify,high,risks,,and,determine,
how,much,to,charge,in,premiums.
The,following,is,a,rating,factor,for,a,personal,auto,liability,policy,,ANS,-,,Location,of,use
The,driving,record
The,driver's,age
Age,of,vehicle
WC,roles,considered,High,risk,,ANS,-,,Loggers,,roofers,,and,coal,miners
The,main,purpose,of,an,Insurance,Guaranty,Association,is,,ANS,-
,,to,make,sure,that,insurers,are,able,to,pay,claims,,even,in,the,event,of,an,insolvency.
Risk,retention,groups,do,,ANS,-,,provide,liability,insurance.
spread,liability,exposure,to,their,members.
have,permission,to,operate,in,Florida.
Not,backed,or,support,of,a,guaranty,funds
