Florida Life & Health Insurance Exam — All Questions
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In Florida, which entity is primarily responsible for licensing individual insurance agents?
- a.The Office of Insurance Regulation (OIR)
- b.The Department of Financial Services (DFS)✓
- c.The Department of Business and Professional Regulation
- d.The Florida Life and Health Insurance Guaranty Association
The Florida Department of Financial Services (DFS), through its Division of Insurance Agent and Agency Services, licenses and disciplines agents. The Office of Insurance Regulation (OIR) is a separate body that regulates insurance companies (solvency, rates, and policy forms).
A Florida agent who wants to sell life insurance, health insurance, and variable annuities most commonly holds which license?
- a.2-40 Health Agent only
- b.2-14 Life (including Variable Annuity) only
- c.2-15 Life, Health and Variable Annuity Agent✓
- d.4-40 Customer Representative
The 2-15 Life, Health and Variable Annuity Agent license is the combined license authorizing life, health, and variable annuity sales. The 2-14 covers life and variable annuity, the 2-40 covers health, and the 4-40 is a customer representative license.
The Florida Department of Financial Services is headed by which elected state official?
- a.The Insurance Commissioner
- b.The Chief Financial Officer (CFO)✓
- c.The Governor
- d.The Attorney General
Florida's DFS is led by the Chief Financial Officer (CFO), an elected member of the state cabinet. Unlike many states, Florida does not have a separately elected 'Insurance Commissioner' overseeing agent licensing; that authority sits with the CFO's department.
Before a Florida-licensed agent may transact insurance for a particular insurer, the insurer must:
- a.Reimburse the agent's examination fee
- b.Appoint the agent and file that appointment with DFS✓
- c.Guarantee the agent a minimum annual salary
- d.Register the agent with the Office of Insurance Regulation
A Florida license lets a person act as an agent, but an insurer must appoint the agent and file the appointment with DFS before the agent may represent that company. Appointments are renewed on a periodic cycle tied to the agent's birth month.