Florida 2-20 General Lines Insurance exam with answers

Florida 2-20 General Lines Insurance |\ |\ |\ |\ |\




exam with answers |\ |\




5 qualifications to become a General Lines agent -
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CORRECT ANSWERS ✔✔1. At least 18 years of age |\ |\ |\ |\ |\ |\ |\ |\




2. United States citizen or legal alien
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3. Bona fide resident of Florida
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4. Place of business located in Florida
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5. Not licensed for purpose of writing controlled business
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Department of Financial Services (DFS) - CORRECT |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔1. Approves issuance of licenses to agents,
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CR, and adjusters
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2. Supervisions of claims
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3. Investigate charges of unethical conduct and take
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judicial actions |\




Office of Insurance Regulation (OIR) - CORRECT ANSWERS
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✔✔1. Examines the qualifications of the insurance
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companies doing business in FL |\ |\ |\ |\




2. Examines the financial conditions of companies
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3. Approves forms, rules, and rates
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, Office of Financial Regulation (OFR) - CORRECT ANSWERS
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✔✔1. Provides regulatory oversight to FL's financial
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providers
2. Reports to the FL Service Commission
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FL Surplus Lines Service Office - CORRECT ANSWERS
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✔✔1. Oversees the surplus lines industry
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2. Reviews all surplus lines policies and documents
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3. Collects surplus lines and taxes and fees
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Risk - CORRECT ANSWERS ✔✔Chance of financial loss
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Policy - CORRECT ANSWERS ✔✔Is a written contract for
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effecting insurance and includes clauses, riders,
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endorsements, and papers which are apart of the |\ |\ |\ |\ |\ |\ |\ |\



contract


Insurance - CORRECT ANSWERS ✔✔Is a contract where|\ |\ |\ |\ |\ |\ |\ |\



one undertakes to indemnify another or pay a specified
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amount determined on contingencies|\ |\ |\




Binders - CORRECT ANSWERS ✔✔Temporary insurance
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which can be made orally or written. The insurer shall
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give 5 days' prior notice of cancelling a binder unless the
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