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214 FLORIDA INSURANCE EXAM 2024 – 2025 QUESTIONS AND ANSWERS,GOOD SCORE IS QUARANTEED GRADE A+
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214 FLORIDA INSURANCE EXAM 2024 – 2025 QUESTIONS AND ANSWERS,GOOD SCORE IS QUARANTEED GRADE A+
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214 FLORIDA INSURANCE EXAM 2024 –2025 QUESTIONS AND ANSWERS,GOOD
SCORE IS QUARANTEED GRADE A+
The ratio between company losses and company revenue that
determines an insurance company's revenues that must be maintained
to cover annual claims by its policyowners. -ANSWERS- Loss ratio is
defined as
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? -ANSWERS- 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? -ANSWERS- 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: -ANSWERS- 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? -ANSWERS- Waiver of premium and Disability Income Riders
In a contributory group plan, what percentage of eligible employees
must be covered? -ANSWERS- 75%
Which statement regarding annuities is CORRECT? -ANSWERS- 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. -ANSWERS- 6
Social security is also known as: -ANSWERS- Old Age Survivors and
Disability Insurance (OASDI)
Insurance is not intended to protect against? -ANSWERS- Speculative
Risk
, 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? -ANSWERS- Errors and Omissions Insurance
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? -ANSWERS- United States v. Southeastern
Underwriters Association (1944)
Under a family plan life insurance policy, coverage on the breadwinner
is often provided by which of the following insurance types? -
ANSWERS- Whole Life
Which of the following statements regarding annuity settlement or
payout options is NOT true? -ANSWERS- 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.
Which of the following terms is known as the voluntary relinquishment
of a given right or privilege? -ANSWERS- Waiver
The following statements regarding 401(k) retirement plans are correct
EXCEPT: -ANSWERS- Plans rarely have a matching contribution
component by an employer
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