20-44 Unit Eight Quiz
Please answer the following multiple choice/true & false questions on Module Eight definitions, concepts, and topics. You must earn a passing grade of 70% or better in the quiz to move on to the next section. The quiz can be re-taken until you earn that passing grade.
By starting this quiz you acknowledge that you are taking this quiz unassisted by any person, the course material or other materials. Additionally, you are acknowledging your understanding that a violation of such standards shall result in the loss of course credit and administrative sanction by the Florida Department of Financial Services
If you require assistance at any time please contact the college by email at: support@floridainsurancecollege.com or phone: (866) 506 – 0139.
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If you require assistance at any time please contact the college by email at: support@floridainsurancecollege.com or phone: (866) 506 – 0139. -
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If you require assistance at any time please contact the college by email at: support@floridainsurancecollege.comor phone: (866) 506 – 0139.
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Question 1 of 19
1. Question
Florida law dictates that all BUT one of the following is the ‘transacting of insurance’; which of the following does not meet the state’ definition of ‘transacting insurance’?
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Question 2 of 19
2. Question
____________ is the transfer by primary insurers to other insurers who specialize is insuring the portfolios of insurance companies. This transfer of exposure to loss provides stability to the primary insurer in the event of either large aggregated losses over a period of time (e.g. per year) or specific catastrophic losses (e.g. Hurricane Katrina).
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Question 3 of 19
3. Question
A _________ insurer is one formed under the laws of this state.
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Question 4 of 19
4. Question
A ________ insurer is one formed under the laws of any state, district, territory, or commonwealth of the United States ‘other than this state’.
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Question 5 of 19
5. Question
Which statements below are correct regarding Fraternal providers of insurance? (hint: more than one answer is correct)
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Question 6 of 19
6. Question
An ______________ insurer is one duly authorized by a subsisting certificate of authority issued by the department to transact insurance in Florida.
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Question 7 of 19
7. Question
Admitted insurance companies have _____________ a license to do business with the state of Florida.
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Question 8 of 19
8. Question
Stock Insurance Companies are owned by ________________ who elect a board of directors which oversees the management of the company.
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Question 9 of 19
9. Question
Mutual Insurance Companies are owned by __________ who elect a board of directors which oversees the management of the company.
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Question 10 of 19
10. Question
A Risk Retention Group is an insurance company that is owned by its policyholders AND the policyholders have…
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Question 11 of 19
11. Question
Which federal law mandates the state regulation of insurance?
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Question 12 of 19
12. Question
ERISA’s language states that the federally mandated ERISA laws supersede state laws, this is known as ___________.
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Question 13 of 19
13. Question
ERISA has a ___________ which sets apart for the states all rights not reserved under ERISA.
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Question 14 of 19
14. Question
ERISA’s language includes a ___________ which deems that employee plans and trusts are not to be construed as insurance companies.
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Question 15 of 19
15. Question
MEWAs _____ considered insurers by Florida Statute and _____ required to obtain a Certificate of Authority.
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Question 16 of 19
16. Question
True or False? PEOs are not considered a MEWA because a true employer-employee relationship exist.
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Question 17 of 19
17. Question
Which, if any, of the following are possible consequences for aiding or abetting an unauthorized insurer?
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Question 18 of 19
18. Question
An unauthorized insurer was caught transacting business without a Certificate of Authority. The amount of the premium involved in the transaction was over $100,000. What degree felony is this unauthorized insurer guilty of?
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Question 19 of 19
19. Question
___________ is a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies.
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