Exam (elaborations)
214 Florida Insurance Exam Questions And Answers (Solved)
- Course
- Institution
214 Florida Insurance Exam Questions And Answers (Solved)
[Show more]
5 reviews
By: schneidmeister95 • 2 months ago
By: philg • 3 months ago
By: bradhouse50 • 6 months ago
Excellent process and good material
By: debbs3474 • 9 months ago
By: edscateringllc • 10 months ago
Content preview
214 Florida Insurance Exam QuestionsAnd Answers (Solved)
Which type of insurance protects an agent and even pays claims if a lawsuit is brought
against the agent as a result of failing to provide a service to a client? - Errors and
Omissions Insurance
Which of the following terms is known as the voluntary relinquishment of a given right or
privilege? - Waiver
This Supreme Court case placed the regulation of insurance within the authority of the
federal government by defining insurance as a form of interstate commerce? - United States
v. Southeastern Underwriters Association (1944)
Tim was just hired today by MAB INC and wants to join the company's group insurance
policy. What period of time is he currently in and when can he join the plan? - Probationary
period, he can sign up after 90 days
If Justin submitted an initial premium with his life insurance application, was provided a
conditional receipt by the insurance company and was ultimately issued a policy as applied
for, when would his insurance policy be considered in force? - The date of his application or
the day he completed any required medical exam
When dividends are issued, the policyowner has the following dividend options in utilizing
a return EXCEPT: - Life Income Option
Which two life insurance riders can Bill purchase to guarantee that his policy will continue
without further commitment from him and that income will be paid to him if he becomes
totally and permanently disabled? - Waiver of premium and Disability Income Riders
In a contributory group plan, what percentage of eligible employees must be covered? -
75%
Which statement regarding annuities is CORRECT? - Variable annuity units are fixed but
the annuity payment will vary according to the value of the annuity unit.
In order to be considered currently insured and thus eligible for limited survivor benefits
from Social Security, a worker must have earned ___ credits during the 13-quarter period
ending with the quarter in which the worker died. - 6
Social security is also known as: - Old Age Survivors and Disability Insurance (OASDI)
Insurance is not intended to protect against? - Speculative Risk
, Under a family plan life insurance policy, coverage on the breadwinner is often provided by
which of the following insurance types? - Whole Life
Which of the following statements regarding annuity settlement or payout options is NOT
true? - If the annuitant dies before the principal sum is depleted, the Refund Life Annuity
Option will pay the entire annuity amount to the beneficiary in a lump sum payment or
over scheduled installments.
The following statements regarding 401(k) retirement plans are correct EXCEPT: - Plans
rarely have a matching contribution component by an employer
All of the statements below pertaining to group life insurance are correct EXCEPT: - If the
insurance coverage is less than $75,000, employees do not have to report the employer-
paid premiums as income
According to Florida Statues, entering into any agreement to commit any act of
intimidation resulting in the business of insurance is known as: - Coercion
William, age 67, has owned his life insurance policy for the past 15 years and has mailed his
monthly premiums to his life insurance company. Last month he failed to mail the monthly
payment on his premium due date as well as during his policy's grace period. As a result,
which of the following scenarios will MOST likely occur? - The insurer will provide
notification of impending lapse in coverage, and allow at least 21 additional days beyond
the grace period to make a payment to prevent the policy from lapse
Before executing an exchange of an annuity contract resulting from a recommendation to a
senior consumer, an insurance agent should make reasonable efforts to obtain information
from the applicant concerning the suitability of the recommendation on an approved form,
which upon completion, must be signed by the applicant and agent. Within what period of
time must an agent submit this form to the insurer once it is complete? - Within 10 days
Shelly is considered to be terminally ill and has decided to sell her life insurance policy in
exchange for living benefits to fulfill some final comforts and expenses before her death. In
selling her life insurance policy, Shelly is referred to as a(n)_________and she will receive a
percentage of her life policy's face amount in exchange for ownership of her policy. - Viator
Which of the following is NOT a type of speculative risk? - Unemployment
Which agency collects and provides reliable medical information regarding an applicant's
health history? - The MIB
Tonya failed to pay her life policy's premium on the date in which it is normally due and is
currently 23 days late. As a result of her policy's grace period provision, which outcome
will occur? - Tonya is within her grace period and can pay her premium up to 30 or 31 days
after the date in which the premium is normally due; however, she does not need to pay
back any outstanding loans to the insurer.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Succeed. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now