Podcast
Questions and Answers
Who oversees the Bureau of Unclaimed Property?
Who oversees the Bureau of Unclaimed Property?
Chief Financial Officer
What is an example of unfair discrimination in insurance?
What is an example of unfair discrimination in insurance?
Offering different terms of coverage for different policyowners having the same risk classification
What defines a foreign insurance company in Florida?
What defines a foreign insurance company in Florida?
Is a company that was formed under the laws of another state
What must an agent selling Medicare Supplement policies provide every applicant with?
What must an agent selling Medicare Supplement policies provide every applicant with?
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How many days after a covered loss must a person insured under a health policy give a Notice of Claim?
How many days after a covered loss must a person insured under a health policy give a Notice of Claim?
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How many hours of continuing education must a newly licensed agent complete every two years?
How many hours of continuing education must a newly licensed agent complete every two years?
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An insurance company incorporated under the laws of the state in which its home office is located is called a(n) ____ company.
An insurance company incorporated under the laws of the state in which its home office is located is called a(n) ____ company.
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When is a Group Health policy required to provide coverage for a newborn child?
When is a Group Health policy required to provide coverage for a newborn child?
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What type of benefits does a Multiple Employer Welfare Arrangement (MEWA) provide?
What type of benefits does a Multiple Employer Welfare Arrangement (MEWA) provide?
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What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law?
What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law?
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What are adjustable rates for life policy loans in Florida based on?
What are adjustable rates for life policy loans in Florida based on?
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In Florida, most life insurance policies have a contestability period of how long?
In Florida, most life insurance policies have a contestability period of how long?
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What is an example of an unfair trade practice?
What is an example of an unfair trade practice?
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What corrective action may the Department of Financial Services order an agent to take after making an improper sale of an annuity?
What corrective action may the Department of Financial Services order an agent to take after making an improper sale of an annuity?
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Which of the following situations does NOT apply to the Florida Replacement Rule?
Which of the following situations does NOT apply to the Florida Replacement Rule?
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Which two entities regulate variable annuities?
Which two entities regulate variable annuities?
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Who must be provided with a Comparison and Summary Statement under Florida's life insurance replacement laws?
Who must be provided with a Comparison and Summary Statement under Florida's life insurance replacement laws?
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All of the following are Nonforfeiture Options EXCEPT:
All of the following are Nonforfeiture Options EXCEPT:
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What is required in Florida Group Life policies regarding conversion privileges?
What is required in Florida Group Life policies regarding conversion privileges?
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In Florida, monthly-premium health insurance policies must provide a grace period of at least how many days?
In Florida, monthly-premium health insurance policies must provide a grace period of at least how many days?
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What right does the conversion privilege grant an employee whose employment is terminated under a Group Life policy?
What right does the conversion privilege grant an employee whose employment is terminated under a Group Life policy?
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What limitation on pre-existing conditions is NOT required in a Medicare Supplement policy according to Florida law?
What limitation on pre-existing conditions is NOT required in a Medicare Supplement policy according to Florida law?
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What do families pay that are covered by the Florida Healthy Kids Corporation?
What do families pay that are covered by the Florida Healthy Kids Corporation?
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What happens if a policyowner does not pay the premium by the due date?
What happens if a policyowner does not pay the premium by the due date?
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Which of the following employees may NOT be excluded from a group life plan?
Which of the following employees may NOT be excluded from a group life plan?
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In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n) ____ company.
In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n) ____ company.
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Florida's 14-day free-look period for life insurance policies begins at the _____.
Florida's 14-day free-look period for life insurance policies begins at the _____.
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Insurance companies organized in countries outside the United States are referred to as ____.
Insurance companies organized in countries outside the United States are referred to as ____.
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How long does coverage for newborns last according to Florida law?
How long does coverage for newborns last according to Florida law?
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What is the maximum value for advertising gifts allowed to be given by an agent to a prospective client?
What is the maximum value for advertising gifts allowed to be given by an agent to a prospective client?
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When replacing or exchanging an annuity, what must the agent disclose?
When replacing or exchanging an annuity, what must the agent disclose?
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Under what condition is rebating allowed in Florida?
Under what condition is rebating allowed in Florida?
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What is the name of the rule that dictates procedures when agents recommend changes for existing coverage?
What is the name of the rule that dictates procedures when agents recommend changes for existing coverage?
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How can an agent-in-charge manage more than one location?
How can an agent-in-charge manage more than one location?
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Which of the following is considered an Unfair Trade Practice in Florida?
Which of the following is considered an Unfair Trade Practice in Florida?
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What is an example of an unfair claims practice?
What is an example of an unfair claims practice?
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Which Unfair Trade Practice involves making a false statement on an insurance application to receive money?
Which Unfair Trade Practice involves making a false statement on an insurance application to receive money?
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Under what condition can a handicapped child extend their health insurance coverage as a dependent?
Under what condition can a handicapped child extend their health insurance coverage as a dependent?
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What action could lead to a hearing ordered by the Department of Financial Services?
What action could lead to a hearing ordered by the Department of Financial Services?
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What term describes an agent who makes misleading statements causing policy termination for a new policy?
What term describes an agent who makes misleading statements causing policy termination for a new policy?
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Study Notes
Florida Insurance Regulations and Practices
- The Bureau of Unclaimed Property in Florida is overseen by the Chief Financial Officer.
- Unfair discrimination occurs when different coverage terms are offered to policyowners within the same risk classification.
- A foreign insurance company in Florida is defined as one formed under the laws of another state.
- Agents selling Medicare Supplement policies must provide a suitability form to every applicant.
Claims and Notification Requirements
- Notice of Claim must be given in writing to the insurance company within 20 days following a covered loss.
- No specific minimum employee participation percentage is required for noncontributory group health insurance plans, though 100% participation is standard in practice.
Insurance Policy Provisions
- Group Health policies must provide coverage for a newborn child from the moment of birth.
- A Multiple Employer Welfare Arrangement (MEWA) provides insurance benefits to its members.
- Adjustable rates for life policy loans in Florida are based on Moody's corporate bond index.
- Most life insurance policies in Florida have a contestability period of 2 years.
Trade Practices and Consumer Protections
- An unfair trade practice includes making material misrepresentations to an insured.
- The Department of Financial Services may mandate monetary restitution if agents improperly sell financial products.
- The Florida Replacement Rule does not apply when an existing policyholder purchases an additional policy from the same insurer.
Regulation of Annuities and Life Insurance
- Variable annuities are regulated by both the Department of Financial Services and the Securities Exchange Commission.
- Policyowners must receive a written Comparison and Summary Statement upon request for life insurance replacements.
- An automatic premium loan is not categorized as a Nonforfeiture Option.
Group Life Policies and Rights
- Group Life policies in Florida must provide a conversion privilege to an individual policy within a specified time after employment termination.
- The Florida Healthy Kids Corporation requires families to pay only a portion of their premiums.
- Employees who are full-time after the probationary period cannot be excluded from group life plans.
Consumer Rights and Coverage Details
- Coverage for newborns begins immediately at birth and lasts for 18 months.
- Agents are allowed to give advertising gifts to prospective clients, up to a value of $25.
- Agents must disclose potential tax implications when replacing or exchanging annuities.
Compliance and Misconduct
- Agents can engage in rebating as long as it is offered to all insureds in the same actuarial class.
- Coercion is classified as an unfair trade practice under Florida law.
- Failing to settle claims promptly and fairly is considered an unfair claims practice.
Misrepresentation and Fraud
- Misrepresentation involves making false statements to gain monetary benefits from insurers.
- Handicapped children can extend their health insurance coverage as dependents if they cannot be employed and are dependent on the policyowner.
License and Enforcement
- Performing insurance transactions without a license can lead to a hearing ordered by the Department of Financial Services.
- Twisting is the act of making misleading statements to induce termination of an existing policy for the purpose of acquiring a new one.
Studying That Suits You
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Description
Test your knowledge on Florida laws and rules related to insurance with these flashcards. This quiz covers key concepts such as the oversight of unclaimed property and unfair discrimination in insurance terms. Perfect for students preparing for licensing exams in the insurance field.
