FLORIDA 240 LICENSE EXAM AND PRACTICE EXAM
NEWEST 2024 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
THE PRIMARY RESPONSIBILITIES OF THE OIR
(OFFICE OF INSURANCE REGULATIONS) IS?: - --
ANSWER->>>>1. issuing certificate of authority 2.
licensing 3. policy forms 4. market conditions 5.
claims 6. admitted ins companies / rates (approvals)
7. solvency 8. viatical statements 9. premium
financing 10. admin supervision
*** concentrates more on the insurance companies
*** does not write the rates, the insurance company
does and the ____ has to approve the increase
,ENFORCES PENALTIES - --ANSWER->>>>OIR
(OFFICE OF INSURANCE REGULATIONS) & DFS
(DEPT OF FINANCIAL SERVICES)
DIRECTOR OF OIR (OFFICE OF INSURANCE
REGULATIONS) - --ANSWER->>>>is the
commissioner of insurance regulations
A CERTIFICATE OF AUTHORITY MEANS - --ANSWER-
>>>>company is licensed by OIR (OFFICE OF
INSURANCE REGULATIONS) to do business in the
state ("authorized" insurance company)
EXCEPTIONS TO THE CERTIFICATE OF AUTHORITY -
--ANSWER->>>>1. investigation, settlement of claims
- as a result of former authorized operations in the
state
2. transactions covering only - subjects of insurance
not resident / located in the state at the time of
issuance
3. transactions under surplus lines coverage's - non
admitted carriers (ins comp)
4. reinsurance - when transacted as authorized -
insurance bought by insurers - in-other-words:
,insurance companies which loan their reserves to
another insurance company to pay for their losses
5. continuation of life/ health on annuity contracts
remaining in force with insurer has withdrawn from
Florida
6. investment - by "foreign insurer" in Florida real
estate
7. transaction involving hospital professional -
hospital general liability issued by a captive company
if:
a.) captive comp domiciled in US and accredited by
the Nat'l Assoc. of Insurance Commissioners or an
Owned Captive Company that :
1. files insurance premium tax return in state
2. been in existence for at least 3 years
3. insurers less than 3 hospitals
4. maintains surplus of 1.5 million
CFO (CHIEF FINANCIAL OFFICER) / OIR (OFFICE OF
INSURANCE REGULATIONS) / DFS (DEPT OF
FINANCIAL SERVICES) - --ANSWER->>>>does not
pass the laws - they set the rules to explain the laws -
they enforce the law
THEIR MISSION: public protection
, DEFAMATION - --ANSWER->>>>spreading
(disseminating) false information either oral or
written about a person or an organization or their
products, misrepresenting facts of another company
through advertising
INSURANCE COMMISSIONER - --ANSWER-
>>>>enforces state laws relating to insurance
PEO (Proffesional Employer Organizaiton) IS
RESPONSIBLE FOR - --ANSWER->>>>1. W/C
2. unemployment insurance
3. health insurance
4. administrative duties
5. payroll / taxes
6. evaluation of employee performance/discipline
7. determining compensation
UNFAIR TRADE PRACTICE - --ANSWER->>>>untimely
explanation of a claim
penalties for unfair methods of compensation:
NEWEST 2024 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
THE PRIMARY RESPONSIBILITIES OF THE OIR
(OFFICE OF INSURANCE REGULATIONS) IS?: - --
ANSWER->>>>1. issuing certificate of authority 2.
licensing 3. policy forms 4. market conditions 5.
claims 6. admitted ins companies / rates (approvals)
7. solvency 8. viatical statements 9. premium
financing 10. admin supervision
*** concentrates more on the insurance companies
*** does not write the rates, the insurance company
does and the ____ has to approve the increase
,ENFORCES PENALTIES - --ANSWER->>>>OIR
(OFFICE OF INSURANCE REGULATIONS) & DFS
(DEPT OF FINANCIAL SERVICES)
DIRECTOR OF OIR (OFFICE OF INSURANCE
REGULATIONS) - --ANSWER->>>>is the
commissioner of insurance regulations
A CERTIFICATE OF AUTHORITY MEANS - --ANSWER-
>>>>company is licensed by OIR (OFFICE OF
INSURANCE REGULATIONS) to do business in the
state ("authorized" insurance company)
EXCEPTIONS TO THE CERTIFICATE OF AUTHORITY -
--ANSWER->>>>1. investigation, settlement of claims
- as a result of former authorized operations in the
state
2. transactions covering only - subjects of insurance
not resident / located in the state at the time of
issuance
3. transactions under surplus lines coverage's - non
admitted carriers (ins comp)
4. reinsurance - when transacted as authorized -
insurance bought by insurers - in-other-words:
,insurance companies which loan their reserves to
another insurance company to pay for their losses
5. continuation of life/ health on annuity contracts
remaining in force with insurer has withdrawn from
Florida
6. investment - by "foreign insurer" in Florida real
estate
7. transaction involving hospital professional -
hospital general liability issued by a captive company
if:
a.) captive comp domiciled in US and accredited by
the Nat'l Assoc. of Insurance Commissioners or an
Owned Captive Company that :
1. files insurance premium tax return in state
2. been in existence for at least 3 years
3. insurers less than 3 hospitals
4. maintains surplus of 1.5 million
CFO (CHIEF FINANCIAL OFFICER) / OIR (OFFICE OF
INSURANCE REGULATIONS) / DFS (DEPT OF
FINANCIAL SERVICES) - --ANSWER->>>>does not
pass the laws - they set the rules to explain the laws -
they enforce the law
THEIR MISSION: public protection
, DEFAMATION - --ANSWER->>>>spreading
(disseminating) false information either oral or
written about a person or an organization or their
products, misrepresenting facts of another company
through advertising
INSURANCE COMMISSIONER - --ANSWER-
>>>>enforces state laws relating to insurance
PEO (Proffesional Employer Organizaiton) IS
RESPONSIBLE FOR - --ANSWER->>>>1. W/C
2. unemployment insurance
3. health insurance
4. administrative duties
5. payroll / taxes
6. evaluation of employee performance/discipline
7. determining compensation
UNFAIR TRADE PRACTICE - --ANSWER->>>>untimely
explanation of a claim
penalties for unfair methods of compensation:
