Florida 2-20 General Lines Study Manual
27th Edition
1.Four Qualifications for General License Statute - ANS-F.S. 626.371 (3)(a), 626.381
Once licensed, you have forty eight months to achieve an appointment (the authority given by
an insurer or corporation to transact insurance or adjust claims). If the appointment is submitted
past due. The appointing entity can be answerable for the overdue rate of $250 plus the
statutory appointment price of $60. Once your license has long past past forty eight months
without an appointment, you'll ought to qualify as a first-time applicant.
1.Four Qualifications for General Lines License - ANS-1. 18 or older
2. Resident of FL or place of business in FL
three. Can be lively in commercial enterprise, business is obtainable and identifiable by way of
public
4. No longer licensing for writing or dealing with controlled enterprise
5. Qualified thru:
a) two hundred hr route
b) three hundred and sixty five days full time worker in all strains of property casualty insurance
c) three hundred and sixty five days as a consumer rep, personal lines agent, or provider rep
and forty hr path
d) earned coverage degree that consists of 18 hr semester
e) held legitimate FL license for atleast a 12 months
f) have an unique letter from the American Institute for Chartered Property Casualty
Underwriters
1.7 Duties and Functions of FSLSO - ANS-The Florida Surplus Lines Service Office
1. Reviews all surplus strains coverage regulations and documents
2. Maintains statistics of rules and reviews to the DFS
3. Collect surplus lines taxes
four. Collects provider prices
five. Trains and educates surplus strains agents
1.7 Duties and Functions of OFR - ANS-The Office of Financial Regulation
1. Provides regulatory oversight to Florida economic service affords like banks, credit score
unions, finance businesses, and security industries
It become created in 2003 and reviews to the Financial Service Commission. It has 3 divisions
and one bureau and is headed via a commissioner who is appointed through the commission
1.7 Duties and Functions of OIR - ANS-The Office of Insurance Regulation
1. Examine qualifications of insurance organizations searching for to do business in FL,
admitting them to the country once they have met the requirements, after which checking their
monetary situation periodically
, 2. Responsible for coverage policy forms, policies, and ratings; they approve bureaucracy
before use, and assessment groups' policies and prices every now and then
1.7 Duties and Functions of the DFS - ANS-The Department of Financial Services
1. Supervise claims sports of numerous agencies so policyholders may be confident of honest
treatment and set off settlement of loss below a coverage
2. Investigate charges of unethical conduct and take judicious movements in such cases
3. DFS Division of Agent and Agency Services- approves issuances of licenses to dealers,
patron representatives, and claims adjustors
2.1 Risk - ANS-The hazard of financial loss
All coverage is designed to offset the economic effect based on loss, and what kind of of the
chance the insured is willing to soak up determines the sort of coverage wanted, in opposition to
what perils, and for what amount
2.2 Insurance - ANS-Statutory Definition:
A contract whereby one undertakes to indemnify every other or pay or allow a particular amount
or a determinable benefit upon determinable contingencies
2.2 Insurance Policy - ANS-Statutory Definition:
A written agreement of or written agreement for or effecting insurance (or whatever else you
need to call it) which includes all clauses, riders, endorsements, and papers which can be a part
of thereof
2.Three Binder Statute - ANS-F.S.627.728 and 627.7281
Regarding vehicle coverage, an insurer shall give 5 days prior note of cancellation of a binder,
until the binder is changed through a policy or any other binder in the same or any other
organisation
2.3 Binders - ANS-An oral or written announcement offering instantaneous coverage protection
that is valid for a distinct length. Designed to offer temporary coverage till a coverage may be
issued or denied
Includes all terms of a coverage
No word of cancellation or be aware of nonrenewal in any other case required by this unit shall
be required unless the duration of the binder exceeds 60 days
2.4 Casualty Insurance - ANS-Casualty, or otherwise referred to as belongings, is coverage
which can include all sorts of insurance aside from life and fitness
2.4 Health Insurance - ANS-Health insurance has its own class, but its protected here because
licensing statutes authorize marketers licensed for "belongings and legal responsibility" to
promote health insurance
2.Four Liability Insurance - ANS-Any coverage in which charge could be made on behalf of the
insured to every other, primarily based upon the insured's legal responsibility to the recipient
2.Four Property Insurance - ANS-Any insurance in which fee with the aid of the insurer can be
paid at once to the insured or other in particular named pursuits
2.Five Conditional Contract - ANS-Property and liability insurance polices are said to be
conditional due to the fact the responsibility of the insurer to preform may be conditional upon
the insured pleasurable certain situations
All coverage guidelines contain situations
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