Life & Health · Chapter 20 · License Maintenance
Agent Record Keeping
Definition
Every agent must keep (in-office or readily accessible electronically/photographically) records of policies transacted — daily reports, applications, change endorsements, documents signed or initialed by the insured — for at least five (5) years after expiration of the policy (F.S. 626.748). Separately, books, accounts, and records pertaining to premium payments (fiduciary trust funds) must be preserved for at least three (3) years after payment (F.S. 626.561(2)). Both figures verified against the statutes — the course note's review section ("3 years after policy expiration") was wrong.
In plain English
Policy paperwork: five years past expiration. Premium money-trail records: three years past payment.
Exam tip
Anchor each number: 5 years = policy records (after policy expiration) · 3 years = premium/fiduciary records (after payment).
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms