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Personal Lines Insurance – Florida Common Law

Representing to the applicant that the specific additional coverage product is required by law is connection with the purchase of insurance when such coverage or product is not required is an unfair deceptive act known as:
Sliding
An agent may not obtain principally for the purpose of writing “controlled business” which is defined as business written on themselves, their family members or employees of a firm that the agent controls. If an agent’s total premium written during a 12-month period equal $100,000, what is the maximum percentage that may be attributed to the sale of controlled business?
50%
The purpose of the state licensing statues is to protect the:
Public
An agent must report to the Department within _____ days if they have been found guilty of a felony or a crime punishable by imprisonment of one year or more under any state or federal law, or the law of any other country.
30
Life insurance agents must work in an ethical manner by…
-Abiding by the laws and regulations governing life insurance
-Presenting all material facts to applicants and clients
-Engaging in fair business practices
The coverage provided by the Florida Life and Health Insurance Guaranty Association applies to all of the following types of life insurance…
-Term
-Traditional Whole Life
-Fixed Annuities
If a lender will not approve a real estate mortgage application unless the borrower buys mortgage protection life insurance for the lender or their affiliated insurance agency, the lender may be guilty of an unfair or deceptive act known as:
Coercion
If the owner of a deferred annuity with a cash value of $500,000 finds that the insurer who issued the contract has become insolvent, the Life and Health Insurance Guaranty Association will reimburse the contract owner up to a maximum
250,000
The individual who sits on the Financial Services Commission and supervises the insurance function in the state is known as which of the following?
Chief Financial Officer
The Office of Insurance Regulation’s primary area of regulation includes which of the following?
Policing against unauthorized insurance activities
How long is the pre-licensing education requirement for a life insurance agent in the State of Florida?
40 hours
The requirement than agents keep premium monies separate from their personal accounts is…
Fiduciary responsibility of the agent
What is not covered by the state Life and Health Guaranty Association?
Fraternal benefit societies
To be licensed in Florida as a resident producer, what is required?
-A criminal background check
-Completion of the pre-licensing education requirements
-Passing the required examination
What is included within the definition of transacting insurance?
-Soliciting a contract of insurance
-Negotiating a contract of insurance
-Effectuating a contract of insurance
What best describes the act of replacing life insurance with a new life insurance policy based upon incomplete or incorrect representations?
Twisting
Felony convictions of an applicant to be licensed as an agent would:
Cause the license application to be denied
What are violations of the Florida Insurance Code?
-Sharing commission on a life insurance policy with any licensed agent.
-Sharing commission on a life insurance policy with a licensed health agent
-Sharing commission on a life insurance policy with a licensed life insurance broker who regularly transacts life insurance
An agent would be in violation of the controlled business regulations if they sell most of the their policies to people in which the following groups?
To employees of a business they own
What is considered sliding?
-Telling an applicant that certain additional coverage is required by law when it is not.
-Advising a client that certain additional coverage is included at no additional charge when such a charge is required.
-Charging an applicant for additional coverage over the cost of coverage requested without the applicant’s consent.
Does the Department of Financial Services have the right to examine an agent’s records?
Yes, an examination may be conducted at any time to discover any unfair trade practices.
How long must producers retain records of insurance transactions pertaining to premium payments?
3 years
What is NOT a violation of the Insurance Code?
Writing as much non-controlled insurance business as controlled business
Which professional organization’s Code of Ethics has been incorporated into Florida insurance law?
National Association of Insurance and Financial Advisors (NAIFA-FL)
If an administrative action is taken against a license by any governmental or regulatory agency regarding fraud, dishonesty, or untrustworthiness, the licensee must be submit copies of the report within…
30 days
If an agent moves to a new home the must notify the Department of Financial Services of their residence address chance within…
30 days
What office does NOT administer insurance laws?
The Office of Financial Regulation
When do new insurers have to be examined (audited)?
New insurers must be examined every year for the first 3 years.
Who must be a member of the Florida Life and Health Insurance Guaranty Association?
All authorized Life and Health insurers
What is a good definition of twisting?
Making a false statement to a client in order to induce replacement
What is sliding?
Charging applicant a premium for optional coverage without the informed consent of the applicant
How long do agents need to keep records?
Three years
What is the CE for a life and health agent that has been licensed in Florida for two years?
24 hours of CE, including a 5 hr Ethics and Law Update
how long do insurers have to keep advertising files for?
Four Years
In order to transact insurance in the state, an insurer must apply for a license known as a Certificate of:
Authority
What is considered as unlawful rebate?
Giving or offering stocks or bonds as a inducement to the sale

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