Florida Life & Health Insurance Exam — All Questions
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Florida Statute 626.9541 sets out the state's list of:
- a.Approved insurance policy forms
- b.Unfair methods of competition and unfair or deceptive acts (unfair trade practices)✓
- c.Approved continuing education providers
- d.Insurers authorized to do business in Florida
Section 626.9541 of the Florida Insurance Code enumerates unfair methods of competition and unfair or deceptive acts, including misrepresentation, twisting, churning, sliding, and unlawful rebating. It is the core market-conduct statute for agents.
Florida law gives the purchaser of an individual life insurance policy a free-look period of at least how many days after delivery?
- a.3 days
- b.10 days
- c.14 days✓
- d.60 days
Florida requires at least a 14-day free-look (right-to-examine) period on individual life insurance policies, during which the buyer may return the policy for a full refund. Replacement transactions and certain senior or Medicare supplement policies carry longer periods.
The Florida Life and Health Insurance Guaranty Association exists primarily to:
- a.Sell insurance policies directly to Florida consumers
- b.Pay covered claims of policyholders when a member insurer becomes insolvent✓
- c.License and appoint insurance agents
- d.Set the premium rates insurers may charge
The Guaranty Association is a safety net that pays certain covered obligations to policyholders when a member insurer fails, subject to statutory dollar limits. Florida law bars agents from using the association as an inducement to buy insurance.