4. Which of the following is a requirement to operate as a multi-agent ins in Florida? Oa. appointing at least two agents to manage the agency ob. obtaining a license from the state OC. submitting an application and appointing the Office as its agent for s process Od. transacting insurance in Florida for at least two years before applyin

4. Which of the following is a requirement to operate as a multi-agent ins in Florida? Oa. appointing at least two agents to manage the agency ob. obtaining a license from the state OC. submitting an application and appointing the Office as its agent for s process Od. transacting insurance in Florida for at least two years before applyin

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter7: Family Protection, Lapses, And Ademption

Section: Chapter Questions

Problem 1SYPS

See similar textbooks

Similar questions

List four circumstances where a CPA licensee from another state would require approval from the California board of Accountancy before practicing public accounting in California. In cases where prior approval is not necessary, what are the requirements for the out of state licensee to practice public accounting. Express your opinions on these requirements. Under what circumstances is a CPA required to notify a client that a CPA is licensed by the California Board of Accountancy? What are the permissible means of making this notification? Why do you think this is a requirement? Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation impose these restrictions? Which section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations? If…
Each state has an insurance commissioner whose job it is to ensure insurance agents and companies are playing within the rules. Why is insurance a highly regulated field?
An insurance broker whose registration is "restricted to oftine following activities? Acting Under Supervision" may NOT perform which one (1)•Sign letters to members of the public recommending insurance coverage.•Solicit insurance except in the presence of their supervisor.•Deposit insurance premiums in their own trust bank account.•Collect premiums on behalf of the insurance broker by whom they are employed.
The life Insurance Solicitation regulation requires an insurer to provide which of the following items to an applicant upon request? An Outline of Coverage An insurance consumer handbook A Buyer's Guide A copy of the Illinois insurance regulations
Insurers in California are required to offer ________ coverage to consumers due to the substantial risk factors in that state. A) renters B) liability C) inflation D) earthquake E) bankruptcy
The primary regulator for Insurance Companies is: Group of answer choices a. the Federal Deposit Insurance Corporation (FDIC) b. the National Association of Insurance Commissioners. c. the Insurance Regulatory Information System. d. The Federal Reserve e. Insurance Companies are regulated at the State level
Write a three (3) paragraph justification on: a. How does the Insurance Commission assures the investing public on the safety of the Insurance products offered in the market. b. Importance of Insurance Commission to the economy and to the public.
Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B cedes the insurance contract with Entity A to Entity C, another insurance company. How should Entity B account for the insurance contract with Entity C?A. using the modified version of the general model applicable for onerous insurance contractsB. using the general modelC. using a modified version of (a) or (b) applicable to reinsurance contracts heldD. using the premium allocation approach
Report on Special-Purpose Framework. Brooklyn Life Insurance Company prepares itsfinancial statements on a statutory basis in conformity with the accounting practices prescribed and permitted by the Insurance Department of the State of New York. This statutorybasis produces financial statements that differ materially from statements prepared in conformity with generally accepted accounting principles. On the statutory basis, for example,agents’ first-year commissions are expensed instead of being partially deferred.The company engaged its auditors, Major and Major Associates, to audit the statutory basisfinancial statements and report on them. Footnote 10 in the statements contains a narrative description and a numerical table explaining the differences between the statutory basis and GAAPaccounting. Footnote 10 also reconciles the statutory basis assets, liabilities, income, expense, andnet income (statutory basis) to the measurements that would be obtained using GAAP.Required:Write…
Write a three (3) paragraph justification on How does the Insurance Commission assures the investing public on the safety of the Insurance products offered in the market.
The Director of Insurance has the power to. make reasonable insurance rules and regulations determine standard insurance rales Veto insurance laws issue insurance policies
C. Endorsement. O D. Claim form. 17. The insurer will issue to the insured before completion of policy form. * O A. certificate of insurance O B. cover note O C. renewal notice D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to insured through