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214 FLORIDA INSURANCE 2024 UPDATE COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS [GRADE A+]
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214 FLORIDA INSURANCE 2024 UPDATE COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS [GRADE A+]
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214 FLORIDA INSURANCE 2024 UPDATECOMPLETE QUESTIONS AND CORRECT
VERIFIED ANSWERS [GRADE A+]
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? - (correct 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? - (correct 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: - (correct 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 will be paid to him if he becomes totally and permanently
disabled? - (correct answer) Waiver of premium and Disability
Income Riders
,In a contributory group plan, what percentage of eligible employees
must be covered? - (correct answer) 75%
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? - (correct answer) Errors and Omissions
Insurance
Which of the following terms is known as the voluntary relinquishment
of a given right or privilege? - (correct 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? - (correct answer) United States v.
Southeastern Underwriters Association (1944)
Which statement regarding annuities is CORRECT? - (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. - (correct answer) 6
, Social security is also known as: - (correct answer) Old Age Survivors
and Disability Insurance (OASDI)
Insurance is not intended to protect against? - (correct answer)
Speculative Risk
Under a family plan life insurance policy, coverage on the breadwinner
is often provided by which of the following insurance types? - (correct
answer) Whole Life
Which of the following statements regarding annuity settlement or
payout options is NOT true? - (correct 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.
The following statements regarding 401(k) retirement plans are correct
EXCEPT: - (correct answer) Plans rarely have a matching contribution
component by an employer
All of the statements below pertaining to group life insurance are
correct EXCEPT: - (correct answer) If the insurance coverage is less
than $75,000, employees do not have to report the employer-paid
premiums as income
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