Which of the following situations does not apply to Florida replacement rule?

Mutual company is owned by its policyholders. Which of the following situations does NOT apply to the Florida Replacement Rule? Florida’s Replacement Rule applies to all of these situations EXCEPT “An existing policyholder purchases an additional policy from the same insurer”.


Which of the following situations are not subject to Florida life insurance?

Which of the following situations are NOT subject to Florida life insurance laws? Florida life insurance laws apply to all of these situations EXCEPT “Insurance companies’ day-to-day operations”. The correct answer is “they are insured by an authorized insurer”.

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Which of the following documents must an agent submit to the replacing insurance company during the replacement of an existing life insurance?

An agent involved in a replacement transaction must submit to the replacing insurer a statement signed by the applicant regarding any existing life insurance. This statement usually is part of the insurance application. Both the applicant and agent must sign a Notice Regarding Replacement of Life Insurance.


Which of the following activities will not result in the suspension of an agent’s license?

Which of the following activities will NOT result in the suspension of an agent’s license? Working for a foreign insurer. (Working for a foreign insurance company does not result in the revocation or suspension of an agent’s license.)


Which of the following actions will an insurance company most likely not?

Which of the following actions will an insurance company most likely NOT take if an applicant, who has diabetes, applies for a Disability Income policy? The correct answer is “Issue the policy with an altered Time of Payment of Claims provision”.


What would an accurate definition of controlled business?

4 months. What would be an accurate definition of “controlled business”? Insurance business that is written on the agent’s own life, property, or interests.


What is a foreign business corporation?

Definition. A corporation that does business in a state but is incorporated in a different state or a foreign country. A foreign corporations must file a notice of doing business in any state in which it does substantial business.

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Who notifies the replacement company regarding the replacement of a policy?

The existing insurer must be notified by the replacing insurer the replacement is in progress. This is accomplished by sending a copy of the notice regarding replacement and a policy summary. The existing insurance company is given 20 days to conserve the policy that is being replaced.


When an insurance company sends a policy to the insured with an attached application the element?

When an insurance company sends a policy to the insured with an attached application, the element that makes the application part of the contract between the insured and the insurer is called the? Entire Contract provision. An insured must notify an insurer of a medical claim within how many days after an accident? 20.


What is an organization that solicits insurance only to its members?

An organization that solicits insurance only among its members is known as a fraternal benefit society.


Which of the following has the power to suspend or revoke an agent’s license?

(a) The commissioner may by order summarily suspend or revoke the license of any licensee if that person fails to file the report required by Section 22159 within 10 days after notice by the commissioner that the report is due and not filed.


What would the insurance company do if an insured under a whole life policy?

Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate.

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What action should a producer take?

What action should a producer take if the initial premium is NOT submitted with the application? The correct answer is “Forward the application to the insurer without the initial premium”. In this situation, the producer should submit the application to the insurance company without the premium.


What is considered to be a characteristic of a conditionally renewable?

What is considered to be a characteristic of a Conditionally Renewable Health Insurance policy? A Conditionally Renewable Health Insurance policy can increase premiums at time of renewal.


What is the primary factor that determines the benefits paid?

What is the primary factor that determines the benefits paid under a disability income policy? Wages. (The major factor in determining the benefit amount paid under a disability income policy is wages.)


Who regulates insurance companies in Florida?

The Office of Insurance Regulation regulates and provides oversight for all insurance companies and insurance-related entities licensed to do business in Florida as described above.