FL Regulation + Licensing
25%of exam
FL Property Insurance
30%of exam
FL Casualty Insurance
30%of exam
FL Ethics + Claims
15%of exam
Quick Facts
- License
- Florida 2-20
- Questions
- 165 multiple-choice
- Time
- 3 hours
- Pass
- 70% both sections
- Prelicense
- 200 hours
- Ethics hours
- 3 of 200
- Provider
- Pearson VUE
- Exam fee
- $52.50
CE Numbers
200 prelicense, 24 CE, 3 ethics
200: prelicense24: biennial CE3: ethics CE44: first renewal
DFS vs OIR
DFS
- Agent licensing
- Consumer services
- CFO heads it
OIR
- Rate + form approval
- Insurer solvency
- Market conduct
People + agents vs insurers
Who Handles It
- Agent licensing→DFS(Consumer Services)
- Consumer complaint→DFS(Division handles)
- Rate / form approval→OIR(Insurer regulation)
- Insurer solvency→OIR(Financial exams)
- Workers comp system→DWC(Under DFS)
- Insolvent P&C insurer→FIGA(Pays claims)
FL Regulators
- DFS
- Licensing + consumers
- OIR
- Rates + insurer solvency
- CFO
- Elected, heads DFS
- Consumer Services
- Handles complaints
- DWC
- Workers comp division
- Insurance Code
- FL statutory law
Licensing Rules
- 2-20
- General Lines agent
- 4-40
- Customer rep license
- Prelicense
- 200 hours required
- Pass score
- 70% both sections
- Fingerprints
- Background check required
- App fee
- $55 application
CE + Renewal
- License term
- 2 years
- CE biennial
- 24 hours
- Ethics CE
- 3 hours each cycle
- First renewal
- 44 hours CE
- Lapse 2 yrs
- Must re-exam
- Records kept
- 5 years minimum
Hurricane Deductible
2 / 5 / 10 percent, per event
Of Coverage APer hurricaneNot per yearHigher = cheaper
Named vs Open Peril
Named peril
- Lists covered perils
- DP-1 / HO contents
- Insured proves cause
Open peril
- All but excluded
- HO-3 / DP-3 dwelling
- Insurer proves exclusion
Listed in vs listed out
Property Coverage Picker
- Owner-occupied home→HO-3(Open peril dwelling)
- Renter contents→HO-4(Tenant policy)
- Condo unit owner→HO-6(Walls-in)
- Landlord rental→DP-3(No tenant property)
- Vacant / minimal→DP-1(Named perils)
- No private market→Citizens(Last resort)
- Flood risk→NFIP flood(Separate policy)
- Code-upgrade rebuild→Ordinance or Law(Endorsement)
Property Forms
- HO-3
- Most common homeowners
- HO-4
- Renters / contents
- HO-6
- Condo unit-owner
- DP-1
- Basic named perils
- DP-3
- Open peril dwelling
- Coverage A
- Dwelling structure
- Coverage C
- Personal property
- ALE / FRV
- Loss-of-use coverage
ACV vs Replacement Cost
ACV
- Cost minus depreciation
- Old roof pays less
- Lower premium
Replacement Cost
- Full new cost
- No depreciation
- Higher premium
Depreciated vs new
FL Property Programs
- Citizens
- Insurer of last resort
- PLA
- Personal Lines Account
- CLA
- Commercial Lines Account
- Coastal Account
- High-risk wind area
- Take-out
- Private assumes Citizens
- FHCF
- State hurricane reinsurance
- TICL
- Temporary increased limits
- Assessments
- Passed to policyholders
Citizens vs FHCF
Citizens
- Insures consumers
- Last resort policy
- Three accounts
FHCF
- Reinsures insurers
- Spreads hurricane risk
- Mandatory participation
Direct cover vs reinsurance
FL Perils + Deductibles
- Hurricane deductible
- 2%, 5%, or 10%
- Per event
- Not per year
- Catastrophic collapse
- Covered by default
- Sinkhole loss
- Must be offered
- Sinkhole testing
- Engineer or geologist
- Flood
- NFIP, not standard HO
- Windstorm
- May be excluded
- Ordinance or Law
- Code-upgrade rebuild
FL Auto Minimums
PIP $10K + PDL $10K = no-fault base
PIP: 80% medicalPDL: others' propertyBI: not baselineNo-fault: own insurer
Occurrence vs Claims-made
Occurrence
- Injury date triggers
- Covers later claims
- No tail needed
Claims-made
- Claim date triggers
- Needs active policy
- Tail / retro date
When it happened vs when reported
Casualty Coverage Picker
- Own medical after crash→PIP(No-fault, 80%)
- Damage to others' car→PDL($10,000 minimum)
- Serious injury lawsuit→BI liability(Tort threshold)
- Hit by uninsured→UM coverage(Optional)
- Employee work injury→Workers comp(Exclusive remedy)
- Business premises injury→CGL(Premises + operations)
- Product harms customer→Products-completed(CGL hazard)
- Insurer insolvent→FIGA($300K cap)
FL Auto / PIP
- No-fault
- File own insurer first
- PIP
- $10,000 minimum
- PIP pays
- 80% medical, fault-free
- PDL
- $10,000 mandatory
- 10/20/10
- BI/BI/PD limits
- BI liability
- Not mandatory baseline
- Tort threshold
- Serious injury sue
- EMC
- Emergency medical condition
Admitted vs Surplus Lines
Admitted
- OIR rate approval
- FIGA protected
- Standard market
Surplus lines
- Non-admitted carrier
- No FIGA backstop
- Hard-to-place risk
Guaranteed vs unguaranteed
Casualty Lines
- Workers comp
- 4+ employees required
- Construction WC
- 1+ employee required
- Exclusive remedy
- WC bars lawsuit
- CGL
- Premises + operations
- Products-completed
- Off-premises product harm
- General aggregate
- Policy-period total cap
- Per occurrence
- Single-event cap
- Additional insured
- Extends to third party
FL Liability Rules
- Pure comparative
- Recover even 99% fault
- Punitive damages
- Generally not insurable
- Strict liability
- Manufacturing defects
- File and use
- CGL rate method
- Prior approval
- Residential property rates
- Surplus lines
- Non-admitted carriers
Twist vs Churn
Twist = different insurer, Churn = same
Both misrepresentBoth replace policyBoth prohibited
Cancellation vs Nonrenewal
Cancellation
- Ends mid-term
- Limited reasons
- Short notice
Nonrenewal
- Ends at expiration
- Broader discretion
- Advance notice
During term vs at renewal
Prohibited Practices
- Rebating
- Prohibited; nominal exceptions
- Twisting
- Misrepresent to replace
- Churning
- Same-insurer replacement
- Misrepresentation
- False policy statements
- Defamation
- False insurer statements
- Unfair discrimination
- Non-actuarial bias
- Coercion
- Forced placement
Claims Clock
Acknowledge 14, pay settled 20
14 days: respond20 days: payBad faith: violation
Claims + FIGA
- Acknowledge
- Within 14 days
- Pay settled
- Within 20 days
- FIGA
- Insolvent insurer backstop
- FIGA limit
- $300,000 per claim
- FIGA excludes
- Surplus lines, life
- WC claims
- Covered to statutory limits
- No FIGA selling
- Cannot advertise it
Common Traps
DFS vs OIR
DFS licenses agents ≠ OIR regulates insurers
Citizens vs FHCF
Citizens insures consumers ≠ FHCF reinsures insurers
Collapse vs sinkhole
Collapse covered default ≠ Sinkhole must offer
PIP vs BI
PIP mandatory $10K ≠ BI not baseline required
Hurricane deductible
Per event applies ≠ Not per year
Occurrence vs claims-made
Occurrence when happened ≠ Claims-made when reported
FIGA scope
Covers admitted insurers ≠ Excludes surplus lines
Twisting vs churning
Twist different insurer ≠ Churn same insurer
Last Minute
- 1.Exam: 165 Q, 70% both sections
- 2.Prelicense: 200 hrs, 3 ethics
- 3.DFS = agents; OIR = insurers + rates
- 4.CFO is elected, heads DFS
- 5.Citizens = last resort; FHCF = reinsurance
- 6.Hurricane deductible: 2/5/10%, per-event
- 7.Collapse covered default; sinkhole offered
- 8.PIP $10K, 80% medical, no-fault
- 9.Auto minimum: PDL $10K mandatory
- 10.Pure comparative: recover even 99% fault
- 11.Workers comp: 4+ emp, 1+ construction
- 12.FIGA: $300K/claim, no surplus lines
- 13.Acknowledge claim 14d; pay settled 20d
- 14.Twist = other insurer; churn = same
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