Podcast
Questions and Answers
Within how many days must a licensee notify the Department of Financial Services of a change in address?
Within how many days must a licensee notify the Department of Financial Services of a change in address?
30 days
All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT...
All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT...
Which of the following factors is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency?
Which of the following factors is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency?
Florida requires that an insurance agent must complete how many hours of continuing education on the subject of law and ethics every two years?
Florida requires that an insurance agent must complete how many hours of continuing education on the subject of law and ethics every two years?
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Agents that have been licensed for less than six years must complete how many hours of continuing education every two years?
Agents that have been licensed for less than six years must complete how many hours of continuing education every two years?
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How long does an agent's license remain valid without being appointed by an insurance company?
How long does an agent's license remain valid without being appointed by an insurance company?
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What is the maximum percentage of controlled business an agent may produce?
What is the maximum percentage of controlled business an agent may produce?
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In Florida, how many days are covered individuals guaranteed coverage after a group plan's termination?
In Florida, how many days are covered individuals guaranteed coverage after a group plan's termination?
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For what reasons may the Financial Services Commission hold hearings?
For what reasons may the Financial Services Commission hold hearings?
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In Florida, an insurer domiciled and incorporated in this state is called what?
In Florida, an insurer domiciled and incorporated in this state is called what?
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According to Florida law, how does an admitted mail order insurance company operate?
According to Florida law, how does an admitted mail order insurance company operate?
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According to Florida law, an additional lapse notice must be issued after the standard grace period has expired for policyowners age how old?
According to Florida law, an additional lapse notice must be issued after the standard grace period has expired for policyowners age how old?
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Which action could result in a hearing being ordered by the Department of Financial Services?
Which action could result in a hearing being ordered by the Department of Financial Services?
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Which professional organization has its code of ethics incorporated into Florida law?
Which professional organization has its code of ethics incorporated into Florida law?
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Which entity approves the insurance policy forms used in Florida?
Which entity approves the insurance policy forms used in Florida?
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In Florida, agents are allowed to engage in rebating if what condition is met?
In Florida, agents are allowed to engage in rebating if what condition is met?
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In Florida, when agents recommend changes be made for existing coverage, what is this rule called?
In Florida, when agents recommend changes be made for existing coverage, what is this rule called?
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In Florida, an element of an insurance transaction would be what?
In Florida, an element of an insurance transaction would be what?
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The Bureau of Unclaimed Property is overseen by whom?
The Bureau of Unclaimed Property is overseen by whom?
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Which of the following individuals MUST be licensed as an agent?
Which of the following individuals MUST be licensed as an agent?
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Study Notes
Florida Insurance Laws and Regulations
- Licensees must notify the Department of Financial Services of a change in address within 30 days.
- An agent's commission does not classify under the four main areas of Florida insurance law; these include policy provisions, policyowner's rights, and agent licensing requirements.
Insurance Agency Determination
- Factors considered by the Department when determining if an agent's home is an insurance agency include business solicitation, listing the address on business cards, and meeting clients at the location. The amount of premium collected is not considered.
Continuing Education Requirements
- Insurance agents in Florida must complete 5 hours of continuing education every two years specifically on law and ethics.
- Agents licensed for less than six years must complete 24 hours of continuing education every two years.
License Appointment and Duration
- A licensed agent's appointment by an insurance company must occur within 48 months; otherwise, their license will terminate.
Business Regulations
- Agents are allowed a maximum of 50% of controlled business in their portfolio.
- Following a group plan's termination, covered individuals in Florida are guaranteed an additional 31 days of coverage.
Regulatory Hearings and Company Designation
- The Financial Services Commission can hold hearings for any deemed necessary reason.
- Insurers incorporated in Florida are designated as domestic companies.
Mail Order and Lapse Notices
- Admitted mail order insurance companies can solicit insurance business without a licensed agent.
- An additional lapse notice must be issued for policyowners aged 64 and older after the grace period expires.
Compliance and Ethical Standards
- Performing insurance transactions without a license could lead to a hearing by the Department of Financial Services.
- The National Association of Insurance and Financial Advisors (NAIFA) has its code of ethics incorporated into Florida law.
Approval and Transaction Elements
- The Office of Insurance Regulation (OIR) approves insurance policy forms used in Florida.
- Rebating is allowed in Florida if offered to all insureds within the same actuarial class.
Replacement and Transactions
- The Florida Replacement Rule mandates procedures agents must follow when recommending changes to existing coverage.
- Key elements of an insurance transaction include issuing an insurance contract; other activities such as ordering MIB reports or setting appointments are not transaction elements.
Oversight and Licensing
- The Bureau of Unclaimed Property is overseen by the Chief Financial Officer of Florida.
- Individuals who place insurance on behalf of others must be licensed as agents.
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Description
Test your knowledge of Florida laws and rules related to insurance in this Chapter 10 quiz. Brush up on important timelines for licensee notifications and key classifications within Florida insurance law. Perfect for students and professionals alike!
