FLORIDA STATUES,RULES AND REGULATIONS
COMMON TO ALL LINES (4)EXAM 130 QUESTIONS AND
CORRECT ANSWERS LATEST
Which federal law mandates the state regulation of insurance? - ANSWER:
McGarran-Ferguson Act
The Chief Financial Officer serves as the head of ...? - ANSWER: Department of
Financial Services
Oversees the Division of Insurance Agent and Agency Services, the Division of
Investigative Unit and Forensic Services , the Division of Consumer Services , the
Division of Rehabilitation and Liquidation and the Office of Insurance Consumer -
ANSWER: Chief Financial Officer
was developed to protect the public by regulating the: (1) insurance, (2) banking, and
(3) securities industries. The commission is comprised of: (1) the Governor, (2)
Attorney General, (3) Chief Financial Officer, and (4) Commissioner of Agriculture. -
ANSWER: Financial Service Commission
Regulatory oversight for Florida's financial service providers - ANSWER: Office of
Financial Regulation
What are the key objectives of the Office of Financial Regulation? - ANSWER: -to
promote a safe and sound financial marketplace
-to contribute to Florida's growth with effective regulation of the financial services
industry
Regulatory oversight to promote a stable and competitive insurance market for
consumers - ANSWER: Office of Insurance Regulation
What are the key objectives of the Office of Insurance Regulation ? - ANSWER: -
product review
-financial oversight
- company admissions
-market investigations
is to approve the issuance of licenses to agents, customer representatives, and
claims adjusters, after having satisfied itself that the applicant is, in good faith,
qualified to write and service or adjust claims on property and casualty insurance. -
ANSWER: Division of Agent and Agency Services
What division has an equally important responsibility in the supervision of claims
activity of the various companies, so that a policyholder may be assured of fair
, treatment and prompt settlement in the event of a loss under a policy? - ANSWER:
Consumer Services
What divisions assists and supports Florida businesses and the public against acts of
fraud? - ANSWER: Division of Public Assistance Fraud
In the event of an insurance company becomes insolvent; the DFS manages the
liquidation process to protect the interest of claimants, the public, and the
Guarantee Fund (on behalf of the public). - ANSWER: Receivership
with the objective to return the property to its lawful owner(s). - ANSWER:
Unclaimed Property
After such companies have been licensed to do business in the state, their financial
condition is examined periodically by - ANSWER: The OIR
The function of __________________is to examine the qualification of insurance
companies seeking to do business in Florida and admitting such companies to the
state when they have met the necessary qualifications. - ANSWER: The office of
Insurance Regulation
is responsible for property and casualty rates and policies. - ANSWER: Property and
Casualty Product Review Unit
What is the Insurance Regulation main priorities in regards to rates and forms? -
ANSWER: - ensure that rates are adequate for the insurer to perform properly
-the rates are not excessive or unfairly discriminatory.
Market Conduct Examinations is compromised of - ANSWER: - Property & Casualty
Section
-Life & Health Section
-Special Investigations Unit
Market Analysis Section
Insurance consumers can request assistance from the OIR in dealing with insurance
questions, problems, and complaints from the - ANSWER: Agency Actions
investigates authorized insurers, unauthorized entities and illegal insurance
activities. - ANSWER: Special Investigative Unit
provides regulatory oversight to Florida's financial service providers. Those providers
include banks, credit unions, finance companies, and the securities industry. -
ANSWER: The office Of Financial Regulation
Transacting Insurance - ANSWER: -solicitation or inducement
-effectuation of a contract of insurance
- preliminary negotiations
COMMON TO ALL LINES (4)EXAM 130 QUESTIONS AND
CORRECT ANSWERS LATEST
Which federal law mandates the state regulation of insurance? - ANSWER:
McGarran-Ferguson Act
The Chief Financial Officer serves as the head of ...? - ANSWER: Department of
Financial Services
Oversees the Division of Insurance Agent and Agency Services, the Division of
Investigative Unit and Forensic Services , the Division of Consumer Services , the
Division of Rehabilitation and Liquidation and the Office of Insurance Consumer -
ANSWER: Chief Financial Officer
was developed to protect the public by regulating the: (1) insurance, (2) banking, and
(3) securities industries. The commission is comprised of: (1) the Governor, (2)
Attorney General, (3) Chief Financial Officer, and (4) Commissioner of Agriculture. -
ANSWER: Financial Service Commission
Regulatory oversight for Florida's financial service providers - ANSWER: Office of
Financial Regulation
What are the key objectives of the Office of Financial Regulation? - ANSWER: -to
promote a safe and sound financial marketplace
-to contribute to Florida's growth with effective regulation of the financial services
industry
Regulatory oversight to promote a stable and competitive insurance market for
consumers - ANSWER: Office of Insurance Regulation
What are the key objectives of the Office of Insurance Regulation ? - ANSWER: -
product review
-financial oversight
- company admissions
-market investigations
is to approve the issuance of licenses to agents, customer representatives, and
claims adjusters, after having satisfied itself that the applicant is, in good faith,
qualified to write and service or adjust claims on property and casualty insurance. -
ANSWER: Division of Agent and Agency Services
What division has an equally important responsibility in the supervision of claims
activity of the various companies, so that a policyholder may be assured of fair
, treatment and prompt settlement in the event of a loss under a policy? - ANSWER:
Consumer Services
What divisions assists and supports Florida businesses and the public against acts of
fraud? - ANSWER: Division of Public Assistance Fraud
In the event of an insurance company becomes insolvent; the DFS manages the
liquidation process to protect the interest of claimants, the public, and the
Guarantee Fund (on behalf of the public). - ANSWER: Receivership
with the objective to return the property to its lawful owner(s). - ANSWER:
Unclaimed Property
After such companies have been licensed to do business in the state, their financial
condition is examined periodically by - ANSWER: The OIR
The function of __________________is to examine the qualification of insurance
companies seeking to do business in Florida and admitting such companies to the
state when they have met the necessary qualifications. - ANSWER: The office of
Insurance Regulation
is responsible for property and casualty rates and policies. - ANSWER: Property and
Casualty Product Review Unit
What is the Insurance Regulation main priorities in regards to rates and forms? -
ANSWER: - ensure that rates are adequate for the insurer to perform properly
-the rates are not excessive or unfairly discriminatory.
Market Conduct Examinations is compromised of - ANSWER: - Property & Casualty
Section
-Life & Health Section
-Special Investigations Unit
Market Analysis Section
Insurance consumers can request assistance from the OIR in dealing with insurance
questions, problems, and complaints from the - ANSWER: Agency Actions
investigates authorized insurers, unauthorized entities and illegal insurance
activities. - ANSWER: Special Investigative Unit
provides regulatory oversight to Florida's financial service providers. Those providers
include banks, credit unions, finance companies, and the securities industry. -
ANSWER: The office Of Financial Regulation
Transacting Insurance - ANSWER: -solicitation or inducement
-effectuation of a contract of insurance
- preliminary negotiations
