FLORIDA INSURANCE LAW
AND RULES PRACTICE
EXAM 80Q
Question 1: Which Florida entity primarily regulates insurer rates and policy forms?
Choices:
1) Department of Financial Services 2) O�ce of Insurance Regulation 3) O�ce of Financial Regulation 4) Division of Consumer Services
Correct Answer: O�ce of Insurance Regulation
Explanation: The O�ce of Insurance Regulation regulates insurers, including review of rates and policy forms. The Department of Financial Services primarily handles agent and adjuster licensing, consumer services, and insurance fraud functions.Page 1
Question 2: Which Florida agency is primarily responsible for licensing and
investigating insurance agents and adjusters?
Choices:
1) Department of Financial Services 2) O�ce of Insurance Regulation 3) O�ce of Financial Regulation 4) Florida Insurance Guaranty Association
Correct Answer: Department of Financial Services
Explanation: The Department of Financial Services is responsible for agent and adjuster licensing and related investigations. OIR primarily regulates insurance companies, rates, forms, and market conduct.
Question 3: The Financial Services Commission includes oversight of which two
o�ces listed in Florida's insurance exam outline?
Choices:
1) O�ce of Insurance Regulation and O�ce of Financial Regulation 2) Department of Revenue and O�ce of Insurance Regulation 3) Division of Consumer Services and Division of Workers' Compensation 4) Florida Insurance Guaranty Association and Citizens Property Insurance Corporation Correct Answer: O�ce of Insurance Regulation and O�ce of Financial Regulation Explanation: The Financial Services Commission oversees the O�ce of Insurance Regulation and the O�ce of Financial Regulation.Page 2
Question 4: A company formed under the laws of Florida is classi�ed in Florida as what type of insurer?
Choices:
1) Alien insurer 2) Foreign insurer 3) Domestic insurer 4) Reciprocal insurer
Correct Answer: Domestic insurer
Explanation: A domestic insurer is organized under the laws of the state in which it is doing business. An insurer organized under Florida law is therefore domestic in Florida.Question 5: An insurer formed under the laws of Georgia and authorized to transact insurance in Florida is classi�ed in Florida as what type of insurer?
Choices:
1) Domestic insurer 2) Foreign insurer 3) Alien insurer 4) Unauthorized insurer
Correct Answer: Foreign insurer
Explanation: A foreign insurer is organized under the laws of another U.S. state. Because Georgia is another state, the insurer is foreign in Florida.Page 3