Which of the following is NOT a characteristic of the Florida Workers' Compensation Joint Underwriting Association?

The characteristic that is correct refers to the requirement that an employer must be denied coverage by at least one standard carrier to be eligible for coverage from the Florida Workers' Compensation Joint Underwriting Association (FWCJUA). The purpose of this requirement is to ensure that the FWCJUA serves as a safety net for those who genuinely cannot find coverage in the voluntary market, thereby preventing misuse of this alternative market option.

The other options refer to features of the FWCJUA that demonstrate its role in providing necessary workers' compensation coverage. For instance, its provision of coverage for those unable to secure coverage indicates its function as a fallback for high-risk employers. It also embodies the principle of being self-supporting with actuarially sound rates, meaning that the premiums collected should adequately cover the claims and administrative expenses incurred. Offering a 30-day binder signifies a commitment to prompt coverage for employers in need, which is especially important given the need for immediate protection for employees.

Thus, the requirement to be denied by a standard carrier effectively identifies those who cannot access coverage through conventional means, reinforcing the organization's primary objective of serving the underserved market in workers' compensation insurance.