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.
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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’?
____________ 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).
A _________ insurer is one formed under the laws of this state.
A ________ insurer is one formed under the laws of any state, district, territory, or commonwealth of the United States ‘other than this state’.
Which statements below are correct regarding Fraternal providers of insurance? (hint: more than one answer is correct)
An ______________ insurer is one duly authorized by a subsisting certificate of authority issued by the department to transact insurance in Florida.
Admitted insurance companies have _____________ a license to do business with the state of Florida.
Stock Insurance Companies are owned by ________________ who elect a board of directors which oversees the management of the company.
Mutual Insurance Companies are owned by __________ who elect a board of directors which oversees the management of the company.
A Risk Retention Group is an insurance company that is owned by its policyholders AND the policyholders have…
Which federal law mandates the state regulation of insurance?
ERISA’s language states that the federally mandated ERISA laws supersede state laws, this is known as ___________.
ERISA has a ___________ which sets apart for the states all rights not reserved under ERISA.
ERISA’s language includes a ___________ which deems that employee plans and trusts are not to be construed as insurance companies.
MEWAs _____ considered insurers by Florida Statute and _____ required to obtain a Certificate of Authority.
True or False? PEOs are not considered a MEWA because a true employer-employee relationship exist.
Which, if any, of the following are possible consequences for aiding or abetting an unauthorized insurer?
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?
___________ is a contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies.