Florida Insurance Winter 2024 Bundled Exams and study guide with complete solutions

The Florida Surplus Service Lines Office (FSLSO) was created to - oversee the surplus lines industry in the state Which of the following is NOT a required qualification for a General Lines Agent: - Seeking the license only to write controlled business The Department of Financial Services perform...

5 qualifications to become a General Lines agent - 1. At least 18 years of age 2. United States citizen or legal alien 3. Bona fide resident of Florida 4. Place of business located in Florida 5. Not licensed for purpose of writing controlled business Department of Financial Services (DFS) - 1. ...

A medical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as - Usual, customary and r...

Risk - Change of a financial loss/uncertainty of a loss to happen/uncertainty of future outcome Assumed Risk - Amount of risk the insured is willing to absorb Pure Risk - A situation that present the opportunity for loss, but for no gain; Insurable risk Speculative Risk - Uncertainty about an eve...

Which of the following laws requires an insurer to notify an applicant in writing that an investigative consumer report may be made on the applicant? -Uniform Provisions Law. -Freedom of Information Act. -Medical Information Bureau Disclosure Act -Fair Credit Reporting Act (Insurance Informatio...

Rules of Construction - Help to identify and establish the intent of the parties to the contract Utmost good faith - Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to co...

Who may appoint a Customer Representative? Select one: A. A surplus lines agent holding a general lines license and a surplus lines license B. A general lines agent or a general lines insurance agency C. An adjuster D. An insurance company - Answer B. A general lines agent or a general lines in...

Which Accident and Health policy provision addresses preexisting conditions? -Time Limit on Certain Defenses Which of the following individual health insurance policies will provide the broadest protection? - Major Medical Which of the following situations does NOT apply to the Florida Replaceme...

Within how many days must a licensee notify the Department of Financial Services of a change in address? - 30 All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT... - An agent's commission Which of the following factors is NOT considered wh...

Mutual Insurance Companies - organized and incorporated under state laws. No stockholders. Mutual companies - Participating, they pay dividends. Stock company - Owns Stock. Nonparticipating (no dividends) Risk Retention Group - Mutual company formed to insure ppl in the same business, occupation,...

S buys $100,000 whole life policy in 2003 and pays an annual premium of $100. S dies five years later in 2008 and the insured pays the beneficiary $10,500. What kind of writer did S include on the policy? - A Return of permium rider All of these statements about the Waiver of Premium provision ar...

nsured - The person covered by the insurance policy. Rider - A written modification attached to a policy that increases or decreases coverage and/or premiums. What is a unilateral contract? - A contract in which only one of the parties is legally bound to fulfill its obligations. What law prote...

Accident - An unplanned, unforeseen event which occurs suddenly and at an unspecified place Accident Insurance - A type of insurance that protects the insured against loss due to accidental bodily injury Accidental Bodily Injury - Unplanned, unforeseen traumatic injury to the body Accidental Dea...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - ...