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214 FLORIDA INSURANCE EXAM ACTUAL EXAM 150+ QUESTIONS AND CORRECT DETAILED ANSWERS $22.49   Add to cart
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214 FLORIDA INSURANCE EXAM ACTUAL EXAM 150+ QUESTIONS AND CORRECT DETAILED ANSWERS
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214 FLORIDA INSURANCE EXAM ACTUAL EXAM 150+ QUESTIONS AND CORRECT DETAILED ANSWERS 214 FLORIDA INSURANCE EXAM ACTUAL EXAM 150+ QUESTIONS AND CORRECT DETAILED ANSWERS

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  • November 24, 2023
  • 23
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • 214 florida insurance
  • 214
  • 214 florida insurance exam actual exam
  • insurance exam actual exam
  • insurance exam actual exam

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  • 214 FLORIDA INSURANCE
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214 FLORIDA INSURANCE EXAM 2023-2024 ACTUAL EXAM
150+ QUESTIONS AND CORRECT DETAILED ANSWERS

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? - ANSWER-Errors and Omissions Insurance


Which of the following terms is known as the voluntary relinquishment of a
given right or privilege? - ANSWER-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? - ANSWER-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? - ANSWER-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? - ANSWER-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: - ANSWER-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

, 214 FLORIDA INSURANCE EXAM 2023-2024 ACTUAL EXAM
150+ QUESTIONS AND CORRECT DETAILED ANSWERS
will be paid to him if he becomes totally and permanently disabled? -
ANSWER-Waiver of premium and Disability Income Riders


In a contributory group plan, what percentage of eligible employees must
be covered? - ANSWER-75%


Which statement regarding annuities is CORRECT? - ANSWER-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. - ANSWER-6


Social security is also known as: - ANSWER-Old Age Survivors and
Disability Insurance (OASDI)


Insurance is not intended to protect against? - ANSWER-Speculative Risk


Under a family plan life insurance policy, coverage on the breadwinner is
often provided by which of the following insurance types? - ANSWER-
Whole Life


Which of the following statements regarding annuity settlement or payout
options is NOT true? - ANSWER-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.

, 214 FLORIDA INSURANCE EXAM 2023-2024 ACTUAL EXAM
150+ QUESTIONS AND CORRECT DETAILED ANSWERS
The following statements regarding 401(k) retirement plans are correct
EXCEPT: - ANSWER-Plans rarely have a matching contribution
component by an employer


All of the statements below pertaining to group life insurance are correct
EXCEPT: - ANSWER-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: -
ANSWER-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? - ANSWER-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? -
ANSWER-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

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