FLORIDA 2-20 GENERAL
LINES INSURANCE
ACTUAL EXAM
QUESTIONS AND
ANSWERS
5 qualifications to become a General Lines agent - ANSWER
✔✔1. At least 18 years of age
2. United States citizen or legal alien
3. Bona fide resident of Florida
4. Place of business located in Florida
5. Not licensed for purpose of writing controlled business
Department of Financial Services (DFS) - ANSWER ✔✔1.
Approves issuance of licenses to agents, CR, and adjusters
2. Supervisions of claims
3. Investigate charges of unethical conduct and take judicial
actions
Office of Insurance Regulation (OIR) - ANSWER ✔✔1. Examines
the qualifications of the insurance companies doing business in
FL
2. Examines the financial conditions of companies
3. Approves forms, rules, and rates
Office of Financial Regulation (OFR) - ANSWER ✔✔1. Provides
regulatory oversight to FL's financial providers
2. Reports to the FL Service Commission
FL Surplus Lines Service Office - ANSWER ✔✔1. Oversees the
surplus lines industry
2. Reviews all surplus lines policies and documents
3. Collects surplus lines and taxes and fees
Risk - ANSWER ✔✔Chance of financial loss
Policy - ANSWER ✔✔Is a written contract for effecting insurance
and includes clauses, riders, endorsements, and papers which
are apart of the contract
Insurance - ANSWER ✔✔Is a contract where one undertakes to
indemnify another or pay a specified amount determined on
contingencies
Binders - ANSWER ✔✔Temporary insurance which can be made
orally or written. The insurer shall give 5 days' prior notice of
cancelling a binder unless the binder is replace by a policy. No
notice is required unless the binder exceeds 60 days.
Property Insurance - ANSWER ✔✔Where payment is made
directly to the insured or other named interest
Liability Insurance - ANSWER ✔✔Where payment is made on
behalf of the insured to another
Contract of Adhesion - ANSWER ✔✔Parties have unequal
bargaining power such as the insured cannot negotiate the terms
of the insurer. Ambiguities found in the policy are usually found in
favor of the insured
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