Florida 2-15 Insurance Exam Prep
Quiz with correct Answers.
In a 3 partner cross-purchase plan, how many policies need to be
purchased in order to protect each partner against the loss of any other
partner? ️ 6
According to the NAIC Life Insurance Solicitation Model, when soliciting life
in...
Florida 2 -15 Insurance Exam Prep Quiz with correct Answers. In a 3 partner cross -purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? ✔️ 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. ✔️ general buyer's guide; policy summary The Incontestable Clause states that the insurer cannot contest the validity of a life insurance policy as long as it remains in force after what period of time? ✔️ Usually 2 years, but in some states only 1 year Mr. Baker has named his son as the beneficiary to his life insurance policy, but he is worried about his son's spending habits and the money his son might already owe when he receives the death benefit. Which policy provision, clause or rider best fits his situation? ✔️ Spendthrift Provision The following life policy settlement options are available to the policy's beneficiary EXCEPT: ✔️ Interest -Free Option 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 the event that a parent dies or becomes disabled, which rider allows surviving child coverage to continue until the child reaches a specified age? ✔️ Payor Rider According to the NAIC Model Group Life Insurance Provisions, what is the standard grace period? ✔️ 30-31 days 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. For individuals who have reached their normal retirement age, their spouses are entitled a retirement benefit that is equal to what percentage of the retired worker's primary insurance amount (PIA)? ✔️ 50% n 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 Due to the historical mismanagement of employee retirement plans, which federal law did Congress pass to protect employee retirement plans against misuse? ✔️ Employee Retirement Income Security Act (ERISA) In a qualified employer retirement plan, an employee is entitled to what percentage of the vested interest in benefits that accrue from his or her contributions? ✔️ 100% Under the 1035 policy exchange provision, which of the following will NOT receive favorable tax treatment? ✔️ An annuity contract exchanged for a life insurance policy Barbara is currently in her Social Security 'blackout' period. Which answer BEST describes this period? ✔️ The period after a surviving spouse's
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