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Florida Life Insurance questions and answers already graded A+ 2024/2025
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Florida Life Insurance questions and answers already graded A+ 2024/2025
[Meer zien]Voorbeeld 2 van de 8 pagina's
Voorbeeld 2 van de 8 pagina's
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Voorbeeld van de inhoud
Florida Life InsuranceMutual Insurance Companies - ANSorganized and incorporated under state laws. No
stockholders.
Mutual companies - ANSParticipating, they pay dividends.
Stock company - ANSOwns Stock. Nonparticipating (no dividends)
Risk Retention Group - ANSMutual company formed to insure ppl in the same business,
occupation, profession (pharmacists, dentists, engineers)
Fraternal Benefit Societies - ANSNon profit organization, lodge system that includes ritualistic
work, and maintain a rep form of gov with elected officers.
FICA - ANSMade up of Social Security and Medicare
Variable Product - ANSDual license. One license issued by FINRA & the other Life & Annuity
(issued by the state)
Fair Credit Reporting Act - ANSConsumers have the right to question what is on their credit
report
Domestic insurer - ANScompany doing business in the state in which it is incorporated
Foreign insurer - ANScompany licensed & doing business in states other than the one in which
it is incorporated
Buyers Guides - ANSgeneric (explain various types of life insurance products, including variable
annuities)
Policy Summaries - ANSSpecific to the Policy - ids the agent, insurer, policy, each rider, and
includes info about premiums, dividends, benefit amounts, cash surrender values, policy loan
interest rates, and life insurance cost indexes of the specific policy being considered
National Association of Ins Commissioners (NAIC) - ANSEncourage Uniformity, Assist in admin
of laws & regs, Protect interest of policy owners, Preserve state regulation
Warranty - ANSa statement guaranteed to be true
Representation - ANSstatement by client (best of their knowledge). We give the client the
benefit of the doubt
, Concealment - ANSfailure by applicant to disclose a known material fact at time of application
Insurable interest - ANSInterest must exist at the inception of the policy
Fiduciary - ANSa person holds a special FINANCIAL trust and confidence (agent)
Producer - ANSBroker or agent
Professional Liability Ins - ANSprotect against legal liability (like malpractice ins)
Fraud - ANSInsurer reason to void a contract (2 years from date insurance issued)
Fudiciary - ANSspecial financial trust
Twisting - ANSExternal - Illegal if not in the best interest for the client
Churning - ANSInternal - replacing policies within the same company. Illegal if not in the best
interest for the client
Coercion - ANSapply physical or mental force or threat to persuade (the mafia)
Unfair Discrimination - ANSmaking a distinction, in sales, underwriting, pricing, claims handling,
or other ins applicant function, between 2 diff individuals of substantially the same classification
Term Life Insurance - ANSsimplest type of life ins plan. Provides protection for a specified
period (term) & pays a benefit only if the insured dies during that period
Level Term Ins - ANSprovides a level amount of protection for a specified period, after which the
policy expires.
Decreasing Coverage Level Premium - ANScharacterized by benefit amts that decrease
gradually over the term of protection (cover debt or mortgage)
Whole Life - ANSOrdinary Straight Life - cash values & maturity @ age 100
Living benefits - ANSIf loan outstanding at the time the insured dies, the amount of the loan +
interest due will be subtracted from the death benefit before it is paid.
Basic Forms of Life Insurance - ANSStraight whole life, limited pay whole life, single premium
whole life
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