How can an agent determine if an insurer is authorized to transact insurance in the state of Florida?

The Office of Financial Regulation (OFR) oversees securities regulation. To check licensing/registration status you can call the the OFR at 1-850-487-9687 or use their online search. Always go to https://companysearch.myfloridacfo

myfloridacfo
About the Florida Department of Financial Services | MyFloridaCFO. MyFloridaCFO.
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MyFloridaCFO – About the Florida Department of Financial Services

.gov to search for insurance companies authorized to do business in Florida.

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How can an agent determine if an insurer is authorized to transact insurance in the state of Florida quizlet?

What must an insurer have to be an authorized insurer? An authorized insurer is one duly authorized by holding a certificate of authority issued by the Office of Insurance Regulation to transact insurance in Florida.

What is the meaning of insurer in business?

a person or company that contracts to indemnify another in the event of loss or damage; underwriter. 2. a person or thing that insures. 3. a person who sells insurance.

Which of the following must an insurer obtain in order to transact insurance within a given state?

To lawfully transact insurance in a state, an insurer must be licensed in that state by the state insurance department.

How can an agent determine if an insured is authorized to transact insurance in the state of Florida?

What must an insurer have to be an authorized insurer? An authorized insurer is one duly authorized by holding a certificate of authority issued by the Office of Insurance Regulation to transact insurance in Florida.

What must an insurer have to be authorized to transact insurance in a particular state?

Insurance companies are regulated based on their licence status. To lawfully transact insurance in a state, an insurer must be licensed in that state by the state insurance department. Unlicensed insurers can insure people in the state through the state's excess or surplus lines law or other licensing exemptions.

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What gives an insurer the authority to operate within this state?

Insurance companies are regulated based on their licence status. To lawfully transact insurance in a state, an insurer must be licensed in that state by the state insurance department. Unlicensed insurers can insure people in the state through the state's excess or surplus lines law or other licensing exemptions.

What is the definition of an insurer?

An “insurer” refers to the company providing you with financial coverage in the case of unexpected, bad events covered on your renters insurance or homeowners policy.

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What is the role of an insurer?

An insurer generally has the duty to defend or pay the legal expenses of an insured who is subject to a legal action for the covered risk.

Which of the following must in sure obtain in order to transact insurance within a given state?

To lawfully transact insurance in a state, an insurer must be licensed in that state by the state insurance department.

Duties of an Insurer

Which of the following is the consideration for and insurance contract?

Consideration. This is the premium or the future premiums that you have to pay to your insurance company. For insurers, consideration also refers to the money paid out to you should you file an insurance claim. This means that each party to the contract must provide some value to the relationship.

Which of the following is a specification that must be included in an insurance contract?

All insurance contracts must include a statement of the premium, or a statement of the basis and rates upon which the final premium was determined, the property or life insured, the interest of the insured or property, the risks insured against, and the period during which the insurance is to continue.

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