stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
UNIT OCHO!!! Flashcards | StudBud
Explore
/
UNIT OCHO!!!
UNIT OCHO!!!
20 terms
·
StudBud Administration
·
15 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
The OIR's Property and Casualty Product Review Unit is responsible for property and casualty rates and policies
True
False
2
Financial Service Commission was developed to protect the public by regulating insurance, banking & securities
True
False
3
One of the primary responsibilities of DFS Division of Agency Services is to approve the issuance of licenses to agents
False
True
4
Financial Services Commission is comprised of Governor, Attorney General, ____ and ___
Don't know!
Chief Financial Officer & Commissioner Gordon
CFO & Commissioner of Agriculture
Commissioner Gordon & Batman
5
What felony is it for an unauthorized insurer transacting business
under
$100,000 without Certificate of Authority?
first degree
second degree
fourth degree
third degree
6
insurer is one formed under the laws of any state, district, or commonwealth of the United States other than this state.
hypoallergenic
foreign
alien
domestic
7
which of the following does not meet the state' definition of "transacting insurance"?
processing the payroll of an insurance company or insurance agency
solicitation or inducement of an insurance quote, application, or policy
effectuation of a contract of insurance
preliminary negotiations of an insurance application or policy
8
Commission appoints the officials who manage the Office of
Financial
Regulation & Office of
Insurance
Regulation
False
True
9
______insurer is an insurer other than a domestic or foreign insurer
immigrant
alien
foreign
domestic
10
The DFS department that assists and supports Florida businesses and the public against acts of fraud is
Department of Public Relations
Department of Food and Wine
Division of Public Assistance Fraud
Division of Motor Vehicles
11
What felony is it for an unauthorized insurer transacting business over $100,000 without Certificate of Authority?
third degree felony
first degree felony
second degree felony
fourth degree felony
12
The OIR _____ the qualifications of insurance company's financial conditions
objects
examines
denies
rejects
13
What felony is it for an unauthorized insurer transacting business under $20,000 without Certificate of Authority?
fourth degree
third degree
first degree
second degree
14
One of the primary responsibilities of DFS division of agents is to approve the issuance of licenses to ____
policies, receivership, and guarantors
Agents, agencies, and policies
agents, customer representatives, and claims
customer service, utility companies, and that's it.
15
Stock insurance companies are owned by ___who elect a board of directors which oversees the management of the company
Stakeholders
Shareholders/Stockholders
Placeholders
Policyholders
16
Mutual Ins companies are owned by _____who elect a board of directors which oversees the management of the company.
shareholders
stakeholders
placeholders
policyholders
17
A Risk Retention Group is an insurance company that is owned by its policyholders AND the policyholders have
all of the above
common products that unite them around their common interest and exposures
common activities that unite them around their common interest and exposure
common business practices that unite them around their interest & exposures
18
The DFS creates, provides & distributes information and education for the public regarding financial & insurance topics.
False
True
19
____ insurer is one formed under the laws of this state
alien
domestic
immigrant
foreign
20
What is the key objective for the OFR (office of financial regulation)
unsure of what they do
promote a safe and sound financial marketplace.
regulate finances
