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2044 New Study Material

Terms in this set (22)

A convenience used to provide temporary insurance is
a Binder
When the insurer adopts a provision providing better coverage without additional premium, and the broader coverage automatically applies to the existing policy, it is called
Liberalization
Any insurance where the insurer pays the insured or some other named interest directly is
Property Coverage
Insurance where payment is made on behalf of the insured to another party is called
liability coverage
A licensee is subject to lose their license if they do not have an appointment within ______
48 months
If a licensee changes their name, residence address, they must notify the department of insurance within
30 Days
Agents in the state of FL may rebate a potion of their commissions to the customer. The agent must meet all of the following EXCEPT:

a) available to all insured's in the same actuarial crisis
b) the rebate schedule must be filed with the insurer
c) Rebate schedule must be posted in the agency
d) Agent must maintain a rebate schedule for two years
D) Agent must maintain a rebate schedule for two years
All of the following are INELIGIBLE for coverage with Citizens Property, EXCEPT
a) vacant properties
b) properties in repair
c) Properties built over water
d) Properties over 50 years old
D) properties over 50 years old
Citizens uses standard homeowners forms, however, there is very limited endorsement availability. Which of the following endorsement is available?
a) Scheduled personal property
b) Home daycare
c) Personal Injury
d) Replacement cost on personal property
D) Replacement Cost on personal property
All of the following coverages are available in policies issued through Citizens EXCEPT:
a) Animal liability coverage
b) Loss of use coverage
c)Other Structures coverage
d) Damage to property of others
Animal Liability Coverage
All of the following are eligible physical damage deductibles for private passenger autos with the Florida joint underwriting association EXCEPT:
a) $100
b) $250
c) $500
d) $1000
A) $100
A general lines agent may share his commission with all of the following EXCEPT
A) Incorporated insurance agency
B) Non-resident general lines agent
C) Resident General Lines Agent
D) Licensed Customer service Rep
D) Licensed Customer service Rep
knowingly making any misleading representation of incomplete or fraudulent comparisons of any insurance policy with the intent of inducing a person to cancel or lapse an insurance policy is known as
Twisting
An insurance company formed in london which conducts business in FL is called
Foreign
A General Lines Agent who has been licensed LESS than 6 years from the beginning of their compliance period must satisfy continuing education every two years. How many hours are they required to complete?
24 hrs
A General lines agent who has been licensed for MORE than 6 years from the beginning of their compliance period must satisfy continuing education every two years. How many hours are they required to complete?
20 Hrs
Office of Insurance Regulation (OIR)
1) Reviews rules and rates to ensure compliance with Florida law
2) Approves policy forms
3)Examines the qualification of insurance companies
FAJUA
Florida Automobile Joint Underwriting Association

A syndicate composed of all licensed companies in FL which write auto insurance.
Citizens considers all of the following uninsurable except:
a) Vacant properties
b) properties over 50 years old, where wiring, heating, and roofing have been updated
c) condemned property
d) Property build over water
B) properties over 50 years old, where wiring, heating, and roofing have been updated
The Office of insurance regulation oversees all of the following except:
a) Review of periodic financial statement submitted by carriers
b) review of NIAC coordinated multi state exams
c) Review of material changes in ownership of insurers domicilied in FL
d) Review of education background of Officers and Directors of Carriers
D) Review of education background of Officers and Directors of Carriers
Under unauthorized insurers, fraudulent activity is more likely under which:
a) hard markets
b) soft markets
c) medium markets
d) average markets
A) Hard Markets
Under the CFO unfair methods of competition and unfair or deceptive acts may result in fines for each non-willful violation of not greater than:
a. $1,000 for each violation and no more than $500 for all non-willful violations
b.$5,000 for each willful violation and not greater than $20,000 for all non-willful violations
c. $20,000 for each willful violation and $100,000 for all non-willful violations
d. $100,000 for all non-willful violations and $500,000 for all non-willful violations for the same actions.
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