Question: Which of the following BEST describes the insurance provided by residual market insurance programs?
Answer: Usually a "last resort" form of insurance
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Question: Residual market insurance programs are primarily designed to meet the needs of which type of consumer?
Answer: High-risk consumers
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Question: Participation in the Florida Automobile Joint Underwriting Association is mandatory for:
Answer: all insurers who can sell auto insurance in Florida.
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Question: Residual market insurance programs are funded by:
Answer: insurers and their policyholders.
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Question: Which of the following people would be ineligible for coverage under the Florida Automobile Joint Underwriting Association?
Answer: A college student from Alabama with two DUIs on his record who is staying with his grandmother in Florida for 2 months over the summer.
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Question: Which of the following provides basic property insurance for consumers who cannot secure coverage in the regular insurance market?
Answer: Citizens Property Insurance Corporation
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Question: A company that wishes to obtain Workers Compensation insurance through FWCJUA must prove that:
Answer: it has been denied coverage by at least two insurers in the voluntary market.
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Question: Citizens Insurance:
Answer: is available to certain people who are not residents of Florida.
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Answer: reward private insurers who take risks out of the residual market.
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Question: Which Florida Residual Market program provides high risk Workers' Compensation coverage for employers who cannot obtain it in the voluntary market?
Answer: Florida Workers' Compensation Joint Underwriting Association
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Question: A Florida company that is assigned to "Tier 2" for coverage under FWCJUA must pay:
Answer: rates that are 50% higher than voluntary market rates.
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Question: Which of the following is NOT true about Citizens Insurance?
Answer: Citizens does not insure any type of commercial property.
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Question: Which of the foll”Question: Which of the following BEST describes the insurance provided by residual market insurance programs? Answer: Usually a "last resort" form of insurance ================================================== Question: Residual market insurance programs are primarily designed to meet the needs of which type of consumer? Answer: High-risk consumers ================================================== Question: Participation in the Florida Automobile Joint Underwriting Association is mandatory for: Answer: all insurers who can sell auto insurance in Florida. ================================================== Question: Residual market insurance programs are funded by: Answer: insurers and their policyholders. ================================================== Question: Which of the following people would be ineligible for coverage under the Florida Automobile Joint Underwriting Association? Answer: A college student from Alabama with two DUIs on his record who is staying with his grandmother in Florida for 2 months over the summer. ================================================== Question: Which of the following provides basic property insurance for consumers who cannot secure coverage in the regular insurance market? Answer: Citizens Property Insurance Corporation ================================================== Question: A company that wishes to obtain Workers Compensation insurance through FWCJUA must prove that: Answer: it has been denied coverage by at least two insurers in the voluntary market. ================================================== Question: Citizens Insurance: Answer: is available to certain people who are not residents of Florida. ================================================== Question: "Take-out credits" Answer: reward private insurers who take risks out of the residual market. ================================================== Question: Which Florida Residual Market program provides high risk Workers' Compensation coverage for employers who cannot obtain it in the voluntary market? Answer: Florida Workers' Compensation Joint Underwriting Association ================================================== Question: A Florida company that is assigned to "Tier 2" for coverage under FWCJUA must pay: Answer: rates that are 50% higher than voluntary market rates. ================================================== Question: Which of the following is NOT true about Citizens Insurance? Answer: Citizens does not insure any type of commercial property. ==================================================