Basic Liabilities
Name the three types of business risks in the non-admitted market.
What are distressed, unique, and high-capacity risks?
All surplus lines agents are responsible for updating their information in which platform created by FSLSO?
What is SLIP+?
How often does FSLSO require agents to file affidavits?
What is quarterly?
What act, created in 1945, ruled that insurance was not free from federal regulation despite state authority?
What is the McCarran-Ferguson Act?
When did FSLSO begin operation?
When is 1988?
What is the natural rise and fall of coverage rates in the admitted and non-admitted markets called?
What is the underwriting cycle?
How often must surplus lines agents self-appoint?
What is every two years?
What do disclosure forms alert consumers to?
What is a lack of protection by a state guaranty fund?
What year marked the decrease in Florida’s premium tax rate from 5% to 4.94%?
When is 2020?
Name one of FSLSO's four values.
What are integrity, reliability, maximize, and/or excellence?
True or false: Insurers in the non-admitted market are protected from insolvencies by a state guaranty fund.
What is false?
In the Surplus Lines Access process, what entity contacts surplus lines agents to negotiate rates for a consumer?
What is a retail agent?
What FSLSO program ensures that surplus lines agents are compliant by conducting a review every three years?
What is the Compliance Review Program?
In what era did Lloyd’s of London become one of the largest suppliers of surplus lines insurance?
What is the Great Depression (late 1920's to late 1930's)?
What year was FSLSO created by Florida statute 626.921?
When is 1997?
In a hard market, which market increases their policy strictness, resulting in an increase in profits and capital?
What is the non-admitted market?
What type of surplus lines agent has binding authority?
What are Managing General Agents (MGA's)?
According to Florida statute 626.9372, what font must be used for an emergency loss statement?
What is 14 pt. boldface font?
In 1978, what state created a Free Trade Zone and Insurance Exchange?
What is New York (NY)?
Who is automatically registered as a member of FSLSO?
Who are surplus lines agents?
What is the process of procuring coverage through Lloyd’s of London called?
What is tribunalization?
How many days does FSLSO give agents to update address or contact information?
What is 30 days?
How much are commercial policies charged by the EMPA Trust Fund in Florida?
What is $4 annually (or just $4)?
When was the NAIC Quarterly List of Alien Insurers (IID) created?
When is 1962?
SLIP+ is FSLSO’s comprehensive filing system that is used across 10 states. What is the name of the alternative filing software used by FSLSO?
What is Batch?