Florida Insurance 20-44 Exam Study Questions and Answers 100% Correct

Florida Residency Requirement - On the application to become a Personal Lines Agent the applicant must show they are a bona fide resident of Florida. Controlled Business - When more than 50% of an agent's income is anticipated to come from transactions for which the agent has a business, family, or pecuniary interest. Identifiable and Accessible Office - A Personal Lines Agent office exposure requirements. 18 years old - Age requirement to become Personal Lines Agent. 48 Months - The number of months a licensee has to obtain a company appointment before the license terminates/expires An appointment - The authority given by an insurer or employer to transact insurance or adjust claims. Valid form of Identification - An applicant must present when presenting themselves to take the state exam. Missed Appointment - An applicant's failure to present a valid form of identification at the exam testing center requiring the applicant to reschedule their exam. Offer - The promise one party makes in exchange for another party's performance. It is an invitation to enter into a contact on certain terms. Initiates the contract made by one party to others. Contracts - A promise or agreement that is enforceable under the law. Acceptance - An express act or indication that demonstrates an agreement to the terms of an offer in a manner required by the offer so that a binding contract is formed. Unequivocal acceptance of an offer. Consideration - Value of exchange between the parties. Competency - The mental wherewithal to fairly engage in a contract. Meeting of the Minds (mutual assent) - When two parties have agreed upon something and are prepared to enter into a contract. In other words, both parties agree to the same thing. Capacity - a person is legally able to enter into a binding agreement. The legacy standing to engage in a contract Ex: Minors, mental incapacity, those intoxicated or under the influence of illegal drugs. Legality - In contract law, legality of purpose is required of every enforceable contract. One cannot validate or enforce a contract to do activity with unlawful purpose.