Florida Life & Health Insurance Final Exam
Within how many days must a licensee notify the Department of Financial Services of a
change in address? - ANS- 30
All of the following entries are classified under the four principal areas of Florida
Insurance Law EXCEPT: - ANS- An agent's commission
Which of the following factors is NOT considered when the Department of Financial
Services determines if an agent's home is an insurance agency? - ANS- The amount of
premium collected at this location
Florida requires that an insurance agent must complete __ hours of continuing education
on the subject of law and ethics every two years. - ANS- 5
Agents that have been licensed for less than 6 years must complete __ hours of
continuing education every two years. - ANS- 24
A licensed agent must be appointed by an insurance company to solicit insurance in
Florida. The agent's license will terminate if a certain period of time elapses without
being appointed. How long is this period of time? - ANS- 48 months
What is the maximum percentage of controlled business an agent may produce? - ANS-
50%
A group plan was recently terminated. In Florida, how many days are covered individuals
guaranteed coverage after a group plan's termination? - ANS- 31 days
The Financial Services Commission may hold hearings... - ANS- For any reason deemed
necessary
In Florida, an insurer domiciled and incorporated in this state is called: - ANS- Domestic
Company
According to Florida Law, which of the following statements accurately describes an
admitted mail order insurance company? - ANS- It may solicit insurance business by
mail without the assistance of a licensed agent
According to Florida Law, an additional lapse notice must be issued after the standard
grace period has expired for policyowners age... - ANS- 64 years or older
, Which action could result in a hearing being ordered by the Department of Financial
Services? - ANS- Performing insurance transactions without a license
Which of the following professional organizations has its code of ethics incorporated
into Florida Law? - ANS- National Association of Insurance and Financial Advisors
NAIFA
Which entity approves the insurance policy forms used in Florida? - ANS- Office of
Insurance Regulation OIR
In Florida, agents are allowed to engage in rebating if... - ANS- Offered to all insureds in
the same actuarial class
In Florida, when agents recommend changes be made for existing coverage, the agent
must follow established procedures. The name of this rule is called the... - ANS- Florida
Replacement Rule
In Florida, an element of an insurance transaction would be... - ANS- Issuing an
insurance contract
The Bureau of Unclaimed Property is overseen by... - ANS- Chief Financial Officer
One of the stated purposes of the Life and Health Insurance Guaranty Association is... -
ANS- To assist in the prevention of insurers insolvencies
The Life and Health Insurance Guaranty Association is funded by... - ANS- Assessments
on member companies
The purpose of the Guaranty Fund is to... - ANS- Ensure that claims filed against
insolvent insurance companies will be paid
The rules and regulations of the Life and Health Insurance Guaranty Association apply
to... - ANS- Life and Health Policies issued by companies authorized in that particular
state
The fund that assures policyholders payment of benefits on Life and Health Policies, if
the company is insolvent at the time of the claim, is called the... - ANS- Life and Health
Insurance Guaranty Association.
A stock life insurance company that issues both participating and nonparticipating
policies is doing business on... - ANS- Mixed Plan
A stock insurance company is owned by... - ANS- Its stockholders
Within how many days must a licensee notify the Department of Financial Services of a
change in address? - ANS- 30
All of the following entries are classified under the four principal areas of Florida
Insurance Law EXCEPT: - ANS- An agent's commission
Which of the following factors is NOT considered when the Department of Financial
Services determines if an agent's home is an insurance agency? - ANS- The amount of
premium collected at this location
Florida requires that an insurance agent must complete __ hours of continuing education
on the subject of law and ethics every two years. - ANS- 5
Agents that have been licensed for less than 6 years must complete __ hours of
continuing education every two years. - ANS- 24
A licensed agent must be appointed by an insurance company to solicit insurance in
Florida. The agent's license will terminate if a certain period of time elapses without
being appointed. How long is this period of time? - ANS- 48 months
What is the maximum percentage of controlled business an agent may produce? - ANS-
50%
A group plan was recently terminated. In Florida, how many days are covered individuals
guaranteed coverage after a group plan's termination? - ANS- 31 days
The Financial Services Commission may hold hearings... - ANS- For any reason deemed
necessary
In Florida, an insurer domiciled and incorporated in this state is called: - ANS- Domestic
Company
According to Florida Law, which of the following statements accurately describes an
admitted mail order insurance company? - ANS- It may solicit insurance business by
mail without the assistance of a licensed agent
According to Florida Law, an additional lapse notice must be issued after the standard
grace period has expired for policyowners age... - ANS- 64 years or older
, Which action could result in a hearing being ordered by the Department of Financial
Services? - ANS- Performing insurance transactions without a license
Which of the following professional organizations has its code of ethics incorporated
into Florida Law? - ANS- National Association of Insurance and Financial Advisors
NAIFA
Which entity approves the insurance policy forms used in Florida? - ANS- Office of
Insurance Regulation OIR
In Florida, agents are allowed to engage in rebating if... - ANS- Offered to all insureds in
the same actuarial class
In Florida, when agents recommend changes be made for existing coverage, the agent
must follow established procedures. The name of this rule is called the... - ANS- Florida
Replacement Rule
In Florida, an element of an insurance transaction would be... - ANS- Issuing an
insurance contract
The Bureau of Unclaimed Property is overseen by... - ANS- Chief Financial Officer
One of the stated purposes of the Life and Health Insurance Guaranty Association is... -
ANS- To assist in the prevention of insurers insolvencies
The Life and Health Insurance Guaranty Association is funded by... - ANS- Assessments
on member companies
The purpose of the Guaranty Fund is to... - ANS- Ensure that claims filed against
insolvent insurance companies will be paid
The rules and regulations of the Life and Health Insurance Guaranty Association apply
to... - ANS- Life and Health Policies issued by companies authorized in that particular
state
The fund that assures policyholders payment of benefits on Life and Health Policies, if
the company is insolvent at the time of the claim, is called the... - ANS- Life and Health
Insurance Guaranty Association.
A stock life insurance company that issues both participating and nonparticipating
policies is doing business on... - ANS- Mixed Plan
A stock insurance company is owned by... - ANS- Its stockholders
