FLORIDA SURPLUS LINES INSURANCE STUDY
MANUAL QUIZ
Which definition best describes the term foreign insurer in the FL SL market? - Answers
:U.S domiciled unauthorized insurer licensed in the insured's home state and I another
U.S. state
What is the purpose of the FL SL Law? - Answers :To provide orderly access for the
insuring public of this state to insurers not authorized to transact insurance in this state,
through only qualified licensed SL agents in this state
A FL SL insurer is required to have and maintain surplus as to policyholders of not less
than... - Answers :Distressed, unique, high-capacity
Which coverage is not commonly written by surplus lines insurers? - Answers
:Automobile Liability
Which of the following conditions must exist before exporting a risk in FL? - Answers :-
Risk is not procurable from admitted insurers
- Policy must not be more favorable as to coverage or rate
What is the regulatory focal point of the SL marketplace? - Answers :Surplus Lines
Agent
Which example best describes Diligent Effort? - Answers :Seeking coverage and having
been rejected by at least 3 authorized insurers
What is the maximum "Per-Policy Fee" that a surplus lines agent may charge in
accordance with Florida Statute? - Answers :There is no maximum; however, it must be
reasonable
Which of the following is a requirement an insurer must meet before they will be
approved to provide coverage as an eligible surplus lines insurer in Florida? - Answers
:Be an authorized insurer in their state or country of domicile for at least three years and
authorized to write the kind(s) of insurance they wish to write in his state
Surplus Lines insurers are a stabilizing influence on the overall market due to which
factors? - Answers :Tailoring coverage to meet insureds' needs and Active as safety
valve to prevent public outrage if no market existed
This term is defined as a means to place, with an unauthorized insurer under the
Surplus Lines Law, insurance covering a subject of insurance resident, located or to be
performed in this state. - Answers :Export
, An alien insurer must have and maintain in the U.S. a trust fund, for the protection of its
policyholders in the U.S., in an amount not less than: - Answers :$5.4M
Coverage has been bound by an eligible, unauthorized insurer or a person authorized
by the insurer to bind coverage and premium has been received by the originating agent
or retail agent. - Answers :Insurer
Which is a significant difference between operating as an unauthorized insurer and an
admitted insurer? - Answers :Rate, rule, and form filings
Surplus lines insurance represents only a small segment of the overall ..... market and is
focused primarily on specialized risks. - Answers :Property-casualty
Florida law required most premiums charges for surplus lines coverages to be subject to
what? - Answers :Premium receipts tax
Which of the following is the wording that is specifically required by law to be placed on
evidence of insurance providing coverage to the insured? - Answers :This insurance is
issued pursuant to the Florida Surplus Lines Law. Persons insured by surplus lines
carriers do not have the protection of the Florida Insurance Guaranty Act to the extent of
any right of recovery for the obligation of an insolvent unlicensed insurer
As a condition of holding a Florida surplus lines license, all surplus lines agents are
considered members of the......? - Answers :Florida Surplus Lines Service Office
It is the responsibility of the surplus lines agent to keep a full and true record of each
surplus lines contact, for a period of ... years? - Answers :5
How much is the premium receipts tax assessed on all taxable gross premiums charged
for surplus lines insurance exported by a surplus lines agent? - Answers :4.94%
The purpose of the Florida Surplus Lines Service Office (FSLSO) is all of the following
except: - Answers :Act as a regulatory agency on behalf of the Department of Financial
Services
All surplus lines licensees are required to notify DFS and FSLSO within ... days after a
change of name, residence address, principal business street address, mailing address,
contract telephone numbers, including a business telephone number or email address. -
Answers :30
Surplus lines agents who have transacted business are required to file with FSLSO a ....
Affidavit confirming all surplus lines business transacted as been reported as required. -
Answers :Quarterly
MANUAL QUIZ
Which definition best describes the term foreign insurer in the FL SL market? - Answers
:U.S domiciled unauthorized insurer licensed in the insured's home state and I another
U.S. state
What is the purpose of the FL SL Law? - Answers :To provide orderly access for the
insuring public of this state to insurers not authorized to transact insurance in this state,
through only qualified licensed SL agents in this state
A FL SL insurer is required to have and maintain surplus as to policyholders of not less
than... - Answers :Distressed, unique, high-capacity
Which coverage is not commonly written by surplus lines insurers? - Answers
:Automobile Liability
Which of the following conditions must exist before exporting a risk in FL? - Answers :-
Risk is not procurable from admitted insurers
- Policy must not be more favorable as to coverage or rate
What is the regulatory focal point of the SL marketplace? - Answers :Surplus Lines
Agent
Which example best describes Diligent Effort? - Answers :Seeking coverage and having
been rejected by at least 3 authorized insurers
What is the maximum "Per-Policy Fee" that a surplus lines agent may charge in
accordance with Florida Statute? - Answers :There is no maximum; however, it must be
reasonable
Which of the following is a requirement an insurer must meet before they will be
approved to provide coverage as an eligible surplus lines insurer in Florida? - Answers
:Be an authorized insurer in their state or country of domicile for at least three years and
authorized to write the kind(s) of insurance they wish to write in his state
Surplus Lines insurers are a stabilizing influence on the overall market due to which
factors? - Answers :Tailoring coverage to meet insureds' needs and Active as safety
valve to prevent public outrage if no market existed
This term is defined as a means to place, with an unauthorized insurer under the
Surplus Lines Law, insurance covering a subject of insurance resident, located or to be
performed in this state. - Answers :Export
, An alien insurer must have and maintain in the U.S. a trust fund, for the protection of its
policyholders in the U.S., in an amount not less than: - Answers :$5.4M
Coverage has been bound by an eligible, unauthorized insurer or a person authorized
by the insurer to bind coverage and premium has been received by the originating agent
or retail agent. - Answers :Insurer
Which is a significant difference between operating as an unauthorized insurer and an
admitted insurer? - Answers :Rate, rule, and form filings
Surplus lines insurance represents only a small segment of the overall ..... market and is
focused primarily on specialized risks. - Answers :Property-casualty
Florida law required most premiums charges for surplus lines coverages to be subject to
what? - Answers :Premium receipts tax
Which of the following is the wording that is specifically required by law to be placed on
evidence of insurance providing coverage to the insured? - Answers :This insurance is
issued pursuant to the Florida Surplus Lines Law. Persons insured by surplus lines
carriers do not have the protection of the Florida Insurance Guaranty Act to the extent of
any right of recovery for the obligation of an insolvent unlicensed insurer
As a condition of holding a Florida surplus lines license, all surplus lines agents are
considered members of the......? - Answers :Florida Surplus Lines Service Office
It is the responsibility of the surplus lines agent to keep a full and true record of each
surplus lines contact, for a period of ... years? - Answers :5
How much is the premium receipts tax assessed on all taxable gross premiums charged
for surplus lines insurance exported by a surplus lines agent? - Answers :4.94%
The purpose of the Florida Surplus Lines Service Office (FSLSO) is all of the following
except: - Answers :Act as a regulatory agency on behalf of the Department of Financial
Services
All surplus lines licensees are required to notify DFS and FSLSO within ... days after a
change of name, residence address, principal business street address, mailing address,
contract telephone numbers, including a business telephone number or email address. -
Answers :30
Surplus lines agents who have transacted business are required to file with FSLSO a ....
Affidavit confirming all surplus lines business transacted as been reported as required. -
Answers :Quarterly
