Exam (elaborations)
Personal Lines 20-44 (Florida Insurance laws, rules, and regulations) Questions and Answers 2024
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Personal Lines 20-44 (Florida Insurance laws, rules, and regulations)
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Personal Lines 20-44 (Florida Insurancelaws, rules, and regulations)
Insurance Transaction - answer-soliciting and inducing individuals to purchase
insurance;
-engaging in preliminary negotiations for insurance;
-making an insurance contract; and
-transacting matters after a contract has been issued that are related to the policy.
Insurance Solicitation - answer-describing a policy's benefits, terms, premiums, or rates
of return;
-distributing an invitation to contract;
-making product recommendations;
-completing orders or applications for insurance;
-comparing insurance products, giving advice about insurance, or interpreting policies;
or
-offering to negotiate a viatical settlement contract for another person.
Insurer - answerthe person or entity that agrees to indemnify the insured person or
organization under an insurance or annuity contract.
** must have a certificate of authority from the Office of Insurance Regulation (OIR).
Domestic - answeris formed under the laws of Florida.
Foreign Insurer - answeris formed under the laws of a state, district, territory, or
commonwealth of the United States other than Florida.
Alien insurer - answeris incorporated and organized in any country other than the United
States.
Admitted or Authorized Insurer - answerAn insurer that has a certificate of authority
Nonadmitted or Unauthorized Insurer - answerA company that does not have a
certificate of authority
unlicensed or unauthorized insurer - answeris an insurer that that has not been
approved by the Office of Insurance Regulation to write insurance in the state
Stock Insurer - answeran incorporated insurer owned by stockholders.
, Ownership is evidenced by shares of stock, and profits are distributed as stock
dividends.
Mutual Insurer - answeran incorporated insurer but is owned by its policyholders, who
hold policies as their evidence of ownership.
*not have permanent capital stock and has a governing body elected by its
policyholders.
Risk Retention Group - answera group of similar entities who agree to self-insure their
losses. They spread the liability risk of individual members to all members of the group.
Fraternal Life Insurance Organizations - answerA fraternal benefit society is a nonprofit
entity that
-operates on the lodge system;
-has a representative form of government;
-has no capital stock; and
-sells insurance primarily to its members.
Mutualization - answerWhen a domestic fraternal benefit society may be converted and
licensed as a mutual life insurance company.
Florida Life and Health Guaranty Association- Purpose - answerprotects policyowners,
insureds, beneficiaries, annuitants, payees, and assignees of life insurance policies,
health insurance policies, and annuity contracts if an insurer fails to perform its
contractual obligations because it becomes impaired or insolvent.
**ALL insurers must be members including fraternity
Florida Life and Health Guaranty Association- Powers & Duties - answerIf a domestic
insurer becomes impaired, the association can
-guarantee, assume, or reinsure the insurer's policies and contracts;
-provide money, pledges, and guarantees to assume payment of the insurer's
obligations; and
-loan money to the insurer.
If a domestic insurer becomes insolvent, the association can
-guarantee, assume, or reinsure an insurer's policies; and
-provide money, pledges, notes, or guarantees to assure payment of the insurer's
contractual obligations.
Can an insurer advertise the that they are in membership with the FL Life and Health
Guaranty Association? - answerNo. It is unfair practice to use the existence of this
association to sell insurance.
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