2025 Exam 1- Insurance Licensing
|Florida| Question and Answers [100%
Correct] Updated Version!
What is the penalty for an insurance agent in Florida who engages in the illegal practice of rebating?
A fine, suspension, or revocation of their license, and possible criminal charges.
If an i...
2025 Exam 1- Insurance Licensing
|Florida| Question and Answers [100%
Correct] Updated Version!
What is the penalty for an insurance agent in Florida who engages in the illegal practice of rebating?
A fine, suspension, or revocation of their license, and possible criminal charges.
If an insurance agent in Florida fails to disclose a material fact about a policy, which of the following
could result?
The agent could face penalties, including fines, license suspension, or revocation, and potential
civil liability for damages.
What is the maximum civil penalty an agent can face for each violation of the Florida Insurance Code?
$50,000.
What action must an insurance agent take if they receive a complaint alleging unethical behavior or
fraud?
The agent must report the complaint to the Florida Department of Financial Services within a
specified time frame.
How does the Florida Insurance Commissioner handle allegations of fraud or misconduct?
The Commissioner may impose sanctions, initiate investigations, and may suspend or revoke the
agent’s license.
1
, What is the required waiting period for an insurance agent to reapply for licensure after their license has
been revoked due to a felony conviction?
The waiting period is five years from the date of conviction.
If an insurance company fails to pay a claim in a timely manner in Florida, what is the maximum fine they
could face?
$100,000 per violation.
How does Florida law address the situation when an insurance agent is found guilty of misrepresenting
policy terms to a client?
The agent could face license suspension, revocation, or a fine, and be subject to civil lawsuits by
the client.
Which of the following is a violation under Florida law regarding solicitation and sale of insurance?
Using fraudulent or misleading tactics to influence or induce clients to buy insurance products.
What is the role of the Florida Division of Insurance Fraud in the licensing process?
To investigate suspected fraudulent activities and enforce insurance laws, including actions
against unlicensed agents.
In the event that an insurance company in Florida becomes insolvent, what protection exists for
policyholders?
The Florida Insurance Guaranty Association provides limited coverage for policyholders of
insolvent companies.
2
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