Which of the following is not a duty of the Department of Financial Services? (2024)

Which of the following is not a duty of the Department of Financial Services?

Final answer:

Which of the following is not a duty of the Office of Insurance Regulation?

Final answer: The Office of Insurance Regulation is responsible for issuing certificates of authority, enforcing the Insurance Code, and instituting legal proceedings. It does not have the authority to enact new insurance laws.

Which of the following is not considered a fiduciary responsibility of an agent in Florida?

Expert-Verified Answer. Option d: Blind Obedience is not a fiduciary duty an agent owes to his or her principal.

How frequently must domestic insurers be examined by the Office of Insurance Regulation?

Unless financial or other conditions warrant an immediate examination, domestic insurers are usually examined triennially. Foreign insurers are usually examined in accordance with the National Association of Insurance Commissioners (NAIC) Association Plan of Examination.

What is the Office of Insurance Regulation responsible for quizlet?

The Office of Insurance Regulation's primary duty is to regulate insurance activities in Florida.

Which of the following is not a role of insurance?

Lending of funds is not a function of insurance. It is a function of banks.

Which of the following may not be included in an insurance company's advertisem*nt?

An advertisem*nt shall not contain statements, pictures or illustrations that are false or misleading, in fact or by implication, with respect to the assets, liabilities, insurance in force, corporate structure, financial condition, age or relative position of the insurer in the insurance business.

What are the 4 fiduciary duties?

As a fiduciary, you have four basic duties:
  • Act only in their best interest. Because you are dealing with someone else's money and property, your duty is to make decisions that are best for them, not you.
  • Manage their money and property carefully. ...
  • Keep their money and property separate. ...
  • Keep good records.
Jun 27, 2023

Which of the following is not considered to be a fiduciary duty?

Final answer: An agent has several fiduciary duties to their client, including loyalty, obedience, confidentiality, accounting, reasonable care, and disclosure. Volunteering is not considered one of these duties.

Which of the following are fiduciary duties?

A fiduciary duty involves actions taken in the best interests of another person or entity. Fiduciary duty describes the relationship between an attorney and a client or a guardian and a ward. Fiduciary duties include duty of care, loyalty, good faith, confidentiality, prudence, and disclosure.

Which of the following actions is the responsibility of the Office of Insurance Regulation in Florida?

The Florida Office of Insurance Regulation (OIR) is responsible for all activities concerning insurers and other risk bearing entities, including licensing, rates, policy forms, market conduct, claims, issuance of certificates of authority, solvency, viatical settlements, premium financing, and administrative ...

How often must a director examine each domestic insurance company?

The director shall so examine each domestic insurer at least once every five years. Examination of an alien insurer shall be limited to its insurance transactions in the United States.

What is the most important part of Insurance Regulation?

As indicated above, the most important part of regulation is to ensure solvency of insurers. Assisting in this objective are the regulatory efforts in the area of consumer protection in terms of rates and policy forms. Of course, regulators protect insureds from fraud, unscrupulous agents, and white-collar crime.

Who has the main responsibility of regulating insurance companies?

CDI enforces the insurance laws of California and has authority over how insurers and licensees conduct business in California.

What is the function of the insurance department?

Ensuring a fair insurance market

The Department of Insurance recovers hundreds of millions of dollars for consumers every year through investigating complaints and conducting market conduct exams.

What is the role of a regulatory agency in the insurance industry?

State regulation has proven that it effectively protects consumers and ensures that promises made by insurers are kept. Insurance regulation is structured around several key functions, including insurer licensing, producer licensing, product regulation, market conduct, financial regulation and consumer services.

Which of the following is not applicable in insurance contract?

The contract of indemnity is defined as, " A contract where one party promises to save the other from the loss caused by the conduct of the promisor himself or by the conduct of any other party." In a life insurance contract, nobody can save the life of the person. Hence, contract of indemnity does not apply here.

Which of the following is a responsibility of the insured in an insurance contract?

The duties of the insured are to protect the property from unnecessary losses, implement Protective Safeguards, and cooperate with the insurer during the claims process.

Which of the following is the primary function of insurance?

Provide protection : The primary purpose of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happending of the risk, but can certainly provide for the losses of risk.

Which of the following would not be covered by commercial liability insurance?

Commercial general liability policies may cover the cost of any accidental damages as a result of the business' operations or the legal costs of defending a suit. Commercial general liability does not provide protection against intentional damages, or any type of accident involving automobiles, aircraft, or watercraft.

Which of the following is not required to be included in a life insurance advertisem*nt?

No advertisem*nt shall use the terms “investment,” “investment plan,” “founder's plan,” “charter plan,” “deposit,” “expansion plan,” “profit,” “profits,” “profit sharing,” “interest plan,” “savings,” “savings plan,” “private pension plan,” “retirement plan” or other similar terms in connection with a policy in a ...

What is not included in contents insurance?

Most contents insurance doesn't include cover for accidental damage. It may be worth adding this if you want cover for mishaps, such as staining your couch or smashing a vase. Also check what isn't covered, for example, damage to clothing or computers.

What are the three main fiduciary duties?

Specifically, they have to comply with three fiduciary duties: care, obedience and loyalty. If board members understand and embrace these responsibilities, they can fulfill those duties and hold their fellow board members accountable to do the same.

What is the most important fiduciary duty?

The most important fiduciary duty is the duty of loyalty. The concept is simple: the decision makers within the company should act in the interests of the company, and not in their own interests. The easiest way to comply with this duty is not to engage in transactions that involve a conflict of interest.

Which of the following fiduciary duties never terminates?

 Exception : Principal's Confidential Information : Agent's "Zombie Duty" that Never Dies: Agent can never disclose or use the Principal's confidential information. This duty never terminates! It survives the agency relationship.

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