Florida 2-20 General Lines Insurance Questions with Detailed Verified Answers

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Florida 2-20 General Lines Insurance
Questions with Detailed Verified
Answers

Question: 5 qualifications to become a General Lines agent


Ans: 1. At least 18 years of age


2. United States citizen or legal alien


3. Bona fide resident of Florida


4. Place of business located in Florida


5. Not licensed for purpose of writing controlled business


Question: Department of Financial Services (DFS)


Ans: 1. Approves issuance of licenses to agents, CR, and adjusters


2. Supervisions of claims


3. Investigate charges of unethical conduct and take judicial actions


Question: Office of Insurance Regulation (OIR)

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Ans: 1. Examines the qualifications of the insurance companies doing business
in FL


2. Examines the financial conditions of companies


3. Approves forms, rules, and rates


Question: Office of Financial Regulation (OFR)


Ans: 1. Provides regulatory oversight to FL's financial providers


2. Reports to the FL Service Commission


Question: FL Surplus Lines Service Office


Ans: 1. Oversees the surplus lines industry


2. Reviews all surplus lines policies and documents


3. Collects surplus lines and taxes and fees


Question: Risk


Ans: Chance of financial loss


Question: Policy


Ans: Is a written contract for effecting insurance and includes clauses, riders,
endorsements, and papers which are apart of the contract