State RegulationsFL specificDifficulty 2/5
Before marketing a new long-term care policy in Florida, an insurer must have which of the following in place?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under the Florida Insurance Code, insurers must obtain Office of Insurance Regulation approval of both the policy forms and the rates before a product such as a long-term care contract is issued or delivered in Florida. Neither the form nor the rate may be used before the applicable filing has been approved.
Why the other options are wrong
- B) Policy forms are consumer-facing contract documents, not internal papers, and require approval just like rates.
- C) The CFO does not issue opinion letters clearing products; OIR approval of forms and rates is what is required.
- D) Florida has no county insurance boards; product approval is a statewide OIR function.
Memory hook
New product = two green lights from OIR: forms and rates.