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LH Chapter 26 FL Manual

Quiz by Brian Morton

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10 questions
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  • Q1
    The individual who sits on the Financial Services Commission and supervises the insurance function in Florida is called the
    Chief Insurance Commissioner
    Director of Financial Regulation
    Chief financial Officer
    Attorney General
    60s
  • Q2
    Keeping premium money separate from personal accounts is a
    Replacement regulation
    Reinsurance regulation
    Fiduciary responsibility of the agent
    Duty of the insurer
    60s
  • Q3
    The definition of transacting insurance includes all of the following EXCEPT
    Negotiating a contract of insurance
    Underwriting a contract of insurance
    Effectuating a contract of insurance
    Soliciting a contract of insurance
    60s
  • Q4
    Of the following terms, which best describes the act of replacing existing life insurance with a new life insurance policy based upon incomplete or incorrect representations?
    Concealment
    Rebating
    Embezzlement
    Twisting
    60s
  • Q5
    All of the following activities could result in the suspension of an agent’s license EXCEPT
    Attaining a license for the sole purpose of handling controlled business
    Demonstrating incompetency to transact business as an insurance agent
    Selling any replacement policy that causes an insured to lapse an existing policy
    Misrepresenting the financial condition of an insurer
    60s
  • Q6
    Violation of the controlled business statute occurs if an agent sells most of her business to
    Members of the local medical society
    Members of her civic club
    City and county employees
    Employees of a business owned by her father
    60s
  • Q7
    Sliding consists of all of the following activities EXCEPT
    Advising a client that certain ancillary coverage is included at no additional charge when such a charge is required
    Recommending that a client take cash value from a policy to make other investments
    Charging an applicant for ancillary coverage over the cost of the coverage applied for without the applicant’s consent
    Telling an applicant that certain ancillary coverage is required by law when it is not
    60s
  • Q8
    Which of the following activities is NOT a violation of the Insurance Code?
    Collecting premiums and depositing them in the agent’s personal account
    Offering a premium rebate if the insured contracts for other insurance business
    Writing as much noncontrolled insurance business as controlled business
    Charging a fee that is more than the premium stated in the policy
    60s
  • Q9
    How soon after an administrative action is taken against a licensee by any governmental or regulatory agency regarding fraud, dishonesty, or untrustworthiness, must the licensee submit copies of the report to the Department?
    Within 30 days
    Within 60 days
    Within 90 days
    Within 45 days
    60s
  • Q10
    If an agent changes her residence address, she must notify the Department of Financial Services within
    A change of residents address does not require notification
    60 days
    30 days
    15 days
    60s

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