True/False
Indicate whether the
statement is true or false.
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1.
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I certify that I am the agent enrolled in this
course, and that I will complete this final examination by myself without any assistance from anyone
else. I understand that failure to comply with this requirement may result in the loss of continuing
education credits and possible administrative sanctions by the Florida Department of Financial
Services.
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Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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2.
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Which of the following does NOT sit on
Florida’s Financial Services Commission:
a. | Commissioner of the Office of Insurance
Regulation | b. | Governor | c. | Chief Financial
Officer | d. | Agricultural Commissioner
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3.
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What is
the best way to find if a company is authorized to conduct business in
Florida?
a. | call you state representative | b. | the Active Company Search provided by the OIR | c. | contact the Better Business Bureau | d. | look it up on www.dice.com (MyProfile)
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4.
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If an agent changes his or her residence address,
he or she must notify the Department of Financial Services within:
a. | 15 days | b. | 30 days | c. | 60
days | d. | 90 days |
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5.
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The AGENT IN CHARGE must be licensed
in:
a. | at least one line that the location
handles | b. | at least two lines that the location
handles | c. | every line that the location
handles | d. | none. The agent is not require to hold a
license |
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6.
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Possible fines for an agent convicted of selling
coverage issued by an unauthorized insurer is:
a. | $1000 per violation | b. | Up to 1 year in prison $1,000 per violation | c. | Up to 5 years in prison and $5,000 | d. | $50,000 per violation |
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7.
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Under the Florida Information Protection Act
(FIPA), any breaches must be reported to the Florida Department of Legal Affairs within:
a. | 24 hours | b. | 30 days | c. | 45
days | d. | 90 days |
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8.
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If the department finds grounds for suspension,
revocation or refusal to renew any license, it may place the offender on probation for a period not
to exceed:
a. | 90 days | b. | 1 year | c. | 2
years | d. | 4 years |
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9.
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If a domestic life insurer becomes financially
insolvent, the failed insurer's obligations will be fulfilled by Florida’s:
a. | Department of Financial
Services | b. | Consumer Assistance Plan | c. | Life & Health Guaranty Association | d. | Office of Insurance Regulation |
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10.
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The term “risk-bearing entity is
NOT:
a. | a group self-insured fund | b. | a self-insured public utility | c. | an authorized insurer | d. | a commercial
self-insured fund |
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11.
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The licenses of insurance
agencies:
a. | Do not exist. Only agency registrations
exist. | b. | Do not expire | c. | Are valid for a 4 year period | d. | Are valid for a 5 year period |
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12.
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The Unconditional Refund Period for all purchasers
of fixed and variable annuities to:
a. | 7 Days | b. | 10 Days | c. | 14
Days | d. | 21 Days |
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13.
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To apply for a life license in Florida you must
be:
a. | at least 21 years of age | b. | a Florida resident | c. | a resident of
Florida or a state that has reciprocal agreement with FloridaA United States Citizen or legal alien
with a work visa | d. | 20 years or
older |
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14.
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Any agent or insurer with knowledge of an
unlicensed insurer doing business in Florida:
a. | is not required to take any
action | b. | must contact their local law
enforcement | c. | must contact their
state law enforcement | d. | must report to
Florida Department of Financial Services |
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15.
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An appointment continues in force, but is subject
to a renewal request filed by the appointing entity every:
a. | 24 Months | b. | 3 Years | c. | 4
Years | d. | 5 years |
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16.
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Which is NOT a duty of the Office of Insurance
Regulation?
a. | issuing licenses to insurance companies
| b. | enacting statutes regarding insurance activities
| c. | setting premium levels for insurance companies
| d. | supervising and enforcing insurance laws
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17.
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Insurance premium rates are set
by:
a. | the federal
government | b. | the
insurer | c. | the insurance agent | d. | the state |
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18.
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A Life Agent may pay or share commission with which
of the following:
a. | a referral from an approved
association | b. | an agent holding a
valid license and appointment | c. | a full time,
salaried employee | d. | anyone employed at
the same office or branch |
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19.
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In 2002, the State of Florida merged the Department
of Insurance, Treasury, State
Fire Marshal, and the Department of Banking and Finance into what is
now called:
a. | Department of Children and
Families | b. | Department of Financial
Services | c. | Department of Business and Professional
Regulation | d. | Commission on
Insurance and Finances |
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20.
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The solicitation of
insurance is the attempt to persuade any person to purchase an insurance product
by:
a. | making general or specific recommendations as to
insurance products. | b. | representing
themselves as a graduate of the American College | c. | discussing long-term care with seniors at a nursing home.
| d. | having a bumper sticker on a private auto advertising an
insurer or AAA. |
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21.
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Which of the
following is NOT considered Military Installation to which service members are assigned to
duty? a. | barracks | b. | military club or organization | c. | transient housing | d. | family
quarters |
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22.
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A person holding a
2-16 Florida Life license can sell the following products:
a. | all life insurance products | b. | long term care insurance | c. | disability
insurance | d. | annuities |
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23.
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Agents must make
available, records of information, collected from senior consumers, in determining
suitability:
a. | for 2 years | b. | for 5 years | c. | throughout the life of the policy | d. | It is not the agents’
responsibility |
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24.
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A loss runs statement
includes:
a. | The paid losses on all claims | b. | Investigation reports | c. | Insureds’
Statements | d. | Documents
protected by a common law or statutory privilege |
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25.
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Insurers and agents may give insureds and potential
insureds gifts:
a. | with values of $75 or less in an individual calendar
year | b. | with values of $100 or less in an individual calendar
year | c. | with values of $500 or less in an individual calendar
year | d. | with values of $1000 or less in an individual calendar
year |
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26.
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Free insurance is prohibited in which of the
following:
a. | Blanket disability insurance | b. | Credit life insurance | c. | Lost Bagage
Insurance when part of a travel package | d. | when in connection
with offering for sale, of any kind of goods,
merchandise, or
service |
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27.
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A licensee who has
been licensed for six or more years must complete a minimum of:
a. | 16 hrs of elective, 4 hrs of Law & Ethics Update
every 2 yrs. | b. | 16 hrs of elective
and 4 hrs of Law & Ethics Update every year | c. | 20 hrs of elective
and 4 hrs of Law & Ethics Update every 2 yrs. | d. | 17 hours of elective and 3 hours of Law & Ethics Update every 2 yrs.
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28.
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“Suitability information” means
consumer information which is reasonably appropriate to determine the suitability of a recommendation
made to the consumer, including the following:
a. | age and annual income | b. | charitable contribution history | c. | political contribution history | d. | societal status |
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29.
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a. | Financial Industry Regulating
Annuities | b. | Florida Industry
Regulating Authority | c. | Financial
Insurance National Regulations Alliance | d. | Financial Industry
Regulatory Authority |
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30.
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Any person who violates a cease and desist order of
the department or office is subject to:
a. | a penalty of not more than
$5,000 | b. | a penalty of not more than
$10,000 | c. | a penalty of not more than
$25,000 | d. | a penalty of not more than
$50,000 |
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31.
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HB29 waves the pre-licensing application fee for
which of the following applicants:
a. | Seniors | b. | Vulnerable persons | c. | Not-for-profits | d. | Military service
members and thier spouses |
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