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214 FLORIDA INSURANCE EXAM ACCURATE QUESTIONS AND ANSWERS | VERIFIED AND ACCURATE QUESTIONS AND ANSWERS | ALREADY GRADED A | LATEST UPDATE | GRADED A | 3 DIFFERENT VERSIONS $12.49
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214 FLORIDA INSURANCE EXAM ACCURATE QUESTIONS AND ANSWERS | VERIFIED AND ACCURATE QUESTIONS AND ANSWERS | ALREADY GRADED A | LATEST UPDATE | GRADED A | 3 DIFFERENT VERSIONS

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214 FLORIDA INSURANCE EXAM ACCURATE QUESTIONS AND ANSWERS | VERIFIED AND ACCURATE QUESTIONS AND ANSWERS | ALREADY GRADED A | LATEST UPDATE | GRADED A | 3 DIFFERENT VERSIONS

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  • June 12, 2024
  • 29
  • 2023/2024
  • Exam (elaborations)
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  • 214 FLORIDA INSURANCE
  • 214 FLORIDA INSURANCE

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By: RegisteredNurse • 7 months ago

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214 FLORIDA INSURANCE EXAM ACCURATE QUESTIONS AND ANSWERS | VERIFIED AND ACCURATE QUESTIONS AND ANSWERS | ALREADY GRADED A | LAT EST UPDATE | GRADED A | 3 DIFFERENT VERSIONS 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 th e 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? - CORR ECT 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? - 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 in surance 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: - CORREC T 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 A NSWER Waiver of premium and Disability Income Riders In a contributory group plan, what percentage of eligible employees must be covered? - CORRECT ANSWER 75% 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 ANSWE R 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 payou t 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 According to Florida Statues, entering into any agreement to commit any act of intimidation resulting in the business of insurance is kno wn as: - CORRECT 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 peri od. As a result, which of the following scenarios will MOST likely occur? - CORRECT 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 t he 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 rec ommendation 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? - CORRECT 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 referred to as a(n)_________and she will receive a percentage of her life policy's face amount in exchange for ownership of her policy. - CORRECT ANSWER Viator Which of the following is NOT a type of speculative risk? - CORRECT ANSWER Unemployment Which agency collects and provides reliable medic al information regarding an applicant's health history? - CORRECT ANSWER The MIB Tonya failed to pay her life policy's premium on the date in which it is normally due and is currently 23 days late. As a result of her policy's grace period provision, wh ich outcome will occur? - CORRECT ANSWER Tonya is within her grace period and can pay her premium up to 30 or 31 days after the date in which the premium is normally due; however, she does not need to pay back any outstanding loans to the insurer. Whic h type of E&O policy provides permanent coverage for the actions of an agent during which time he or she was covered under such policy, regardless of when a lawsuit is filed against the agent? - CORRECT ANSWER Occurrence Policy

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