FL Statutes Property Casualty Exam

FL Statutes Property & Casualty Exam Questions and Answers (Solved Papers) What is the primary Function of the CFO?

• To Administer the Insurance Laws
• To pas laws regarding the insurance industry
• To negotiate the ethical standards with the insurance

industry.

• to become the advocate for the insurance agents int he

state. - Correct Answers ✅A. To Administer the Insurance Laws How Does an insurance company terminate an appointment of an agent?

• The company must notify the Department Financial

Services in writing that the agent no longer represents that company.

• The company will send a letter to the ages. The agent

must notify the Department of Financial Services if they are terminated.

• Nothing is required to be done until next renewal.
• The CFO is only Interested in who is appointed, not when

they are terminated. - Correct Answers ✅A. The company must notify the Department Financial Services in writing that the agent no longer represents that company.What is a Foreign Insurance Company? 1 / 4

FL Statutes Property & Casualty Exam Questions and Answers (Solved Papers)

• A company that is chartered inside of the state
• A company that is chartered outside of the state
• A company that is chartered in another country
• A company that is not an alien company - Correct

Answers ✅B. A company that is chartered outside of the state Which of the following is an Alien Company?

• A company that was chartered in Atlanta and licensed in

Georgia

• A company that was chartered in San Francisco and doing

business in Maine

• A company that was chartered in Paris and doing business

Florida

• A company that is under investigation from the

department of Financial Services - Correct Answers ✅C. A company that was chartered in Paris and doing business in Florida.CFO interprets the law on rebating as all of the following

EXCEPT? 2 / 4

FL Statutes Property & Casualty Exam Questions and Answers (Solved Papers)

• Agent places additional items on the premium without

explaining them to the insured.

• Agent returns part of the commission or something of

value to encourage the person to buy insurance from them.

• Agent reduces the premium for the insurance by taking

less commission.

• the buyer receives a $100 gourmet meal if they buy

insurance from the agent. - Correct Answers ✅A. Agent places additional items on the premium without explaining them to the insured.How can an insurance agent obtain an appointment in the State of Florida ?

• Request that an insurance company permit the agent to

represent them and then send an appointment form and the appropriate fee to Department of Financial Services.

• The Department of Financial Services appoints the agent to

the specific companies they desire them to represent.

• the Agent must be sponsored before sitting for the state

exam. The agent must then work only for that company.

• There is no requirement to be appointed as long the agent

has passed the state exam . - Correct Answers ✅A.Request that an insurance company permit the agent to represent them and then send an appointment form and the appropriate fee to the Department of Financial Services. 3 / 4

FL Statutes Property & Casualty Exam Questions and Answers (Solved Papers) When a company advertises information that was

intentionally false, this is know as :

• Misrepresentation
• Products and Completed Operations
• Twisting
• Rebating - Correct Answers ✅A. Misrepresentation

A Commercial agent has been directed by the Department of Financial Services to Cease and Desist . What is the penalty if the agent does not ?

A. $ 1,000

B. $ 2,500

C. $ 10,000

• $ 50,000 - Correct Answers ✅D. $ 50,000

Who does the agent represent when selling insurance ?

• Customer
• Insurance Company
• Department of Financial Services
• The agent himself - Correct Answers ✅B. Insurance

Company

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