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Florida Statutes, Rules, and Regulations, Pertinent to Life Insurance Products 18% Study Questions with Correct Answers 100% Verified $7.49   Add to cart
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Florida Statutes, Rules, and Regulations, Pertinent to Life Insurance Products 18% Study Questions with Correct Answers 100% Verified
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Florida Statutes, Rules, and Regulations, Pertinent to Life Insurance Products 18% Study Questions with Correct Answers 100% Verified Marketing Practices - Correct Answer Insurance agents are required to be familiar with ALL Florida insurance regulations. The MOST important of these are: 1....

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  • July 24, 2024
  • 7
  • 2023/2024
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  • Florida Statutes, Rules, and Regulations, Pertinen
  • Florida Statutes, Rules, and Regulations, Pertinen

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Florida Statutes, Rules, and Regulations, Pertinent to
Life Insurance Products 18% Study Questions with
Correct Answers 100% Verified
Marketing Practices - Correct Answer Insurance agents are required to be familiar with ALL Florida insurance regulations. The MOST important of these are:
1. Florida Life Insurance Solicitation Law - details information and procedures required of agents and insurers when proposing life insurance to a prospective buyer. 2. The Florida Replacement Rule - establishes requirements and procedures that the agents and insurers MUST follow when a propsal is being offered that would replace an exsiting insurance contract with the new proposed insurance.
3. The Code of Ethics of the Florida Association of Insurance and Financial Advisors - felines appropriate and inappropriate
Business behavior for life insurance agents. It also establishes the activities of agents as one of public trust.
Disclosure - Correct Answer Every applicant must be given a written disclosure that provides basic information about cost and coverage of the proposed insurance being solicited. THIS MUST BE GIVEN TO THE APPLICANT NO LATER THAN THE TIME OF APPLICATION FOR INSURANCE IS SIGNED.
This will help the applicant make an informed and educated decision about their choice of insurance.
Buyer's Guide - Correct Answer MUST INCLUDE
• Language approved by the Department of Insurance
• Explains how a buyer should go about choosing the amount and type of insurance to buy
• How a buyer can save money by comparing prices of similar products
• Insurers must provide a buyer's guide prior to accepting the first premium. • When the policy contains a Free Look Period, this guide can be delivered with the policy by the agent when the policy is delivered.
Policy Summary - Correct Answer A written statement describing the FEATURES AND ELEMENTS of the policy being issued. Summary Includes:
• The name and address of the insurer
• Generic name of the basic policy
• List each rider • Include the premium amount, cash value, dividends, surrender values, death benefit figures for the specific policy years.
• Policy summary must be provided when the policy is delivered.
Advertising and Sales Requirements - Correct Answer Advertising must be accurate.Must establish and maintain a system of control over the content, form and method of dissemination of all policies. INSURER IS RESPONISBLE FOR ALL ADVERTISING CONTENT.
Solicitation of Insurance - Correct Answer An attempt to persuade a person to buy an insurance policy whether written or spoken. INCLUDES:
1. Information about available products 2. Describing the policy benefits
3. Making recommendations about a specific policy
4. Trying to secure a contract between the applicant and the insurance company
Policy Replacement - Correct Answer An agent should know that with the purchase of proposed policy will replace and existing policy would have the Florida Replacement Rule apply.
Florida Replacement Rule - Correct Answer Requires that certain procedures are followed regarding the replacement of an existing contract for insurance. Requirements:
1. Agent the applicant a written comparison and summary at the request of the policyholder
2. Follow instructions regarding replacement as brained from the appointing Insurer.
Replacement - Correct Answer Means any transaction where a new life insurance contract replaces an existing one.
Duties of Replacing Producer - Correct Answer Duties Are:
• Present to applicant a Notice Regarding Replacement that is signed by both the applicant and producer. • Copy must be left with applicant.
• Obtain a list of all existing insurance contracts being replaced. • Obtain replaced contract policy numbers and the names of all companies
• Leave the applicant with a soppy of written of printed communication used for presentation to the applicant. • Submit to the replacing insurance company a copy of replacement notice w/ the application.

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