#1
What type of insurance is required for all registered vehicles in Florida?
Personal Injury Protection (PIP)
ExplanationMandatory insurance for registered vehicles in Florida.
#2
Which regulatory body oversees insurance regulations in Florida?
Florida Department of Financial Services
ExplanationRegulatory body overseeing insurance in Florida.
#3
In Florida, what is the minimum liability coverage for auto insurance?
$10,000 for Property Damage Liability (PDL)
ExplanationMinimum liability coverage for auto insurance in Florida.
#4
What is the purpose of the Citizens Property Insurance Corporation in Florida?
To offer property insurance to those unable to obtain coverage in the private market
ExplanationProvides property insurance for those unable to get private coverage.
#5
Which type of insurance does the Florida Hurricane Catastrophe Fund primarily provide coverage for?
Property Insurance
ExplanationPrimary coverage provided by the Florida Hurricane Catastrophe Fund.
#6
Which department in Florida handles the licensing of insurance agents and agencies?
Florida Department of Financial Services
ExplanationHandles licensing of insurance agents and agencies in Florida.
#7
Which entity in Florida administers the Florida Health Insurance Exchange?
Florida Health Insurance Marketplace
ExplanationAdministers the Florida Health Insurance Exchange.
#8
What is the purpose of the Florida Insurance Guaranty Association (FIGA)?
To provide coverage for policyholders if an insurer becomes insolvent
ExplanationProvides coverage for policyholders in case of insurer insolvency.
#9
Which entity in Florida is responsible for regulating the insurance rates and forms?
Florida Office of Insurance Regulation
ExplanationResponsible for regulating insurance rates and forms in Florida.
#10
In Florida, what is the purpose of the Wind Mitigation Inspection for homeowners?
To evaluate the structural integrity against hurricanes
ExplanationAssesses structural integrity against hurricanes for homeowners.
#11
What is the purpose of the Florida Life and Health Insurance Guaranty Association (FLAHIGA)?
To provide coverage for policyholders if an insurer becomes insolvent
ExplanationProvides coverage for policyholders if an insurer becomes insolvent.
#12
What is the purpose of the Florida Workers' Compensation Joint Underwriting Association (FWCJUA)?
To provide coverage for high-risk employers unable to obtain coverage in the private market
ExplanationProvides coverage for high-risk employers.
#13
In Florida, what is the purpose of the Surplus Lines Service Office (SLSO)?
To regulate surplus lines insurance premiums
ExplanationRegulates surplus lines insurance premiums in Florida.