State RegulationsFL specificDifficulty 2/5
A Jacksonville resident with no insurance license spends weekends offering life insurance quotes to neighbors and explaining policy options for a fee. Under Florida law, this resident is:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under Chapter 626, Florida Statutes, solicitation and negotiation of insurance are parts of transacting insurance, and a license from the Department of Financial Services is required to perform them for the public. Offering quotes and explaining policy options for a fee goes beyond mere advertising and constitutes unlicensed transacting of insurance.
Why the other options are wrong
- B) Advertising that induces the purchase of insurance, especially for a fee, is solicitation and requires a license.
- C) The transaction rules attach from solicitation onward; a policy does not have to be issued for the activity to be transacting insurance.
- D) Explaining life insurance options is an insurance activity within DFS and OIR jurisdiction, not banking within the OFR's scope.
Memory hook
Quotes and advice for a fee = transacting, license required.