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214sFloridasInsurancesExamsQuestionssAndsAns werss100%sCorrect
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  • 214 Florida Insurances

Whichstypesofsinsurancesprotectssansagentsandsevenspayssclaimssifsaslawsuitsissbroug htsagainststhesagentsassasresultsofsfailingstosprovidesasservicestosasclient?s– sANSWER:sErrorssandsOmissionssInsurance Whichsofsthesfollowingstermssissknownsassthesvoluntarysrelinquishmentsofsasgivensrig hts...

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  • August 23, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • 214sfloridasinsurancesexamsquestionssandsans werss

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  • 214 Florida Insurances
  • 214 Florida Insurances

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214 Florida Insurance Exam Questions And Ans
s s s s s s



wers 100% Correct s s




Whichstypesofsinsurancesprotectssansagentsandsevenspayssclaimssifsaslawsuitsissbroug
htsagainststhesagentsassasresultsofsfailingstosprovidesasservicestosasclient?s–
sANSWER:sErrorssandsOmissionssInsurance



Whichsofsthesfollowingstermssissknownsassthesvoluntarysrelinquishmentsofsasgivensrig
htsorsprivilege?s-sANSWER:sWaiver

ThissSupremesCourtscasesplacedsthesregulationsofsinsuranceswithinsthesauthoritysofst
hesfederalsgovernmentsbysdefiningsinsurancesassasformsofsinterstatescommerce?s-
sANSWER:sUnitedsStatessv.sSoutheasternsUnderwriterssAssociations(1944)



TimswassjustshiredstodaysbysMABsINCsandswantsstosjoinsthescompany'ssgroupsinsuran
cespolicy.sWhatsperiodsofstimesisshescurrentlysinsandswhenscanshesjoinsthesplan?s-
sANSWER:sProbationarysperiod,shescanssignsupsafters90sdays



IfsJustinssubmittedsansinitialspremiumswithshisslifesinsurancesapplication,swassprovid
edsasconditionalsreceiptsbysthesinsurancescompanysandswassultimatelysissuedsaspolic
ysassappliedsfor,swhenswouldshissinsurancespolicysbesconsideredsinsforce?s-
sANSWER:ssThesdatesofshissapplicationsorsthesdayshescompletedsanysrequiredsmedicals

exam

Whensdividendssaresissued,sthespolicyownershassthesfollowingsdividendsoptionssinsut
ilizingsasreturnsEXCEPT:s-sANSWER:ssLifesIncomesOption

WhichstwoslifesinsurancesridersscansBillspurchasestosguaranteesthatshisspolicyswillsco
ntinueswithoutsfurtherscommitmentsfromshimsandsthatsincomeswillsbespaidstoshimsifs
hesbecomesstotallysandspermanentlysdisabled?s-
sANSWER:sWaiversofspremiumsandsDisabilitysIncomesRiders



Insascontributorysgroupsplan,swhatspercentagesofseligiblesemployeessmustsbescovered
?s-sANSWER:ss75%

WhichsstatementsregardingsannuitiessissCORRECT?s-
sANSWER:sVariablesannuitysunitssaresfixedsbutsthesannuityspaymentswillsvarysaccordi

ngstosthesvaluesofsthesannuitysunit.

Insorderstosbesconsideredscurrentlysinsuredsandsthusseligiblesforslimitedssurvivorsbe
nefitssfromsSocialsSecurity,sasworkersmustshavesearneds___screditssduringsthes13-
sANSWER:squartersperiodsendingswithsthesquartersinswhichsthesworkersdied.s-s6

,Socialssecuritysissalsosknownsas:s-
sANSWER:sOldsAgesSurvivorssandsDisabilitysInsurances(OASDI)



Insurancesissnotsintendedstosprotectsagainst?s-sANSWER:ssSpeculativesRisk

Undersasfamilysplanslifesinsurancespolicy,scoveragesonsthesbreadwinnersissoftensprovi
dedsbyswhichsofsthesfollowingsinsurancestypes?s-sANSWER:sWholesLife

Whichsofsthesfollowingsstatementssregardingsannuityssettlementsorspayoutsoptionssis
sNOTstrue?s-

sANSWER:ssIfsthesannuitantsdiessbeforesthesprincipalssumsissdepleted,sthesRefundsLifes

AnnuitysOptionswillspaysthesentiresannuitysamountstosthesbeneficiarysinsaslumpssums
paymentsorsoversscheduledsinstallments.

Thesfollowingsstatementssregardings401(k)sretirementsplanssarescorrectsEXCEPT:s-
sANSWER:sPlanssrarelyshavesasmatchingscontributionscomponentsbysansemployer



AllsofsthesstatementssbelowspertainingstosgroupslifesinsurancesarescorrectsEXCEPT:s-
sANSWER:sIfsthesinsurancescoveragesisslesssthans$75,000,semployeessdosnotshavestosr

eportsthesemployer-paidspremiumssassincome

AccordingstosFloridasStatues,senteringsintosanysagreementstoscommitsanysactsofsintim
idationsresultingsinsthesbusinesssofsinsurancesissknownsas:s-sANSWER:ssCoercion

William,sages67,shassownedshisslifesinsurancespolicysforsthespasts15syearssandshassma
iledshissmonthlyspremiumsstoshisslifesinsurancescompany.sLastsmonthshesfailedstosma
ilsthesmonthlyspaymentsonshisspremiumsduesdatesasswellsassduringshisspolicy'ssgraces
period.sAssasresult,swhichsofsthesfollowingsscenariosswillsMOSTslikelysoccur?s-
sANSWER:sThesinsurerswillsprovidesnotificationsofsimpendingslapsesinscoverage,sands

allowsatsleasts21sadditionalsdayssbeyondsthesgracesperiodstosmakesaspaymentstosprev
entsthespolicysfromslapse

Beforesexecutingsansexchangesofsansannuityscontractsresultingsfromsasrecommendati
onstosasseniorsconsumer,sansinsurancesagentsshouldsmakesreasonableseffortsstosobtai
nsinformationsfromsthesapplicantsconcerningsthessuitabilitysofsthesrecommendationso
nsansapprovedsform,swhichsuponscompletion,smustsbessignedsbysthesapplicantsandsag
ent.sWithinswhatsperiodsofstimesmustsansagentssubmitsthissformstosthesinsurersoncesit
sisscomplete?s-sANSWER:ssWithins10sdays



Shellysissconsideredstosbesterminallysillsandshassdecidedstossellsherslifesinsurancespoli
cysinsexchangesforslivingsbenefitsstosfulfillssomesfinalscomfortssandsexpensessbeforesh
ersdeath.sInssellingsherslifesinsurancespolicy,sShellysissreferredstosassa(n)_________andss
heswillsreceivesaspercentagesofsherslifespolicy'ssfacesamountsinsexchangesforsownershi
psofsherspolicy.s-sANSWER:ssViator

WhichsofsthesfollowingsissNOTsastypesofsspeculativesrisk?s-sANSWER:ssUnemployment

, Whichsagencyscollectssandsprovidessreliablesmedicalsinformationsregardingsansapplic
ant'sshealthshistory?s-sANSWER:sThesMIB

Tonyasfailedstospaysherslifespolicy'sspremiumsonsthesdatesinswhichsitsissnormallysdues
andsisscurrentlys23sdaysslate.sAssasresultsofsherspolicy'ssgracesperiodsprovision,swhich
soutcomeswillsoccur?s-

sANSWER:sTonyasisswithinshersgracesperiodsandscanspaysherspremiumsupstos30sors31s

dayssaftersthesdatesinswhichsthespremiumsissnormallysdue;showever,sshesdoessnotsnee
dstospaysbacksanysoutstandingsloansstosthesinsurer.

WhichstypesofsE&Ospolicysprovidesspermanentscoveragesforsthesactionssofsansagentsd
uringswhichstimeshesorssheswasscoveredsunderssuchspolicy,sregardlesssofswhensaslaws
uitsissfiledsagainststhesagent?s-sANSWER:ssOccurrencesPolicy

Insasgroupslifescontract,sevidencesofsinsurabilitysiss-
sANSWER:sRequiredsonlysaftersthesenrollmentsperiodsends.



Perils-
sANSWER:ssForspurposessofsinsurance,swhichsofsthesfollowingsissNOTsconsideredsashaz

ard?

Theslosssmustsbesspeculatives-
sANSWER:sAllsofsthesfollowingsarescharacteristicssofspuresrisksEXCEPT



Twistings-
sANSWER:sWhensansagentspersuadessasclientstoscancelshissorsherscurrentscoveragesfor

saspolicysfromsansentirelysdifferentscompanyssolelystosproducesanothersfirstsyearscom

missionsisscalled?

GracesPeriodsProvisions-
sANSWER:ssInstheseventsaspolicy'sspremiumsisspaidslate,swhichsofsthesfollowingsprovisi

onsswillskeepsthespolicysinsforcesforsasshortsperiodsofstimesthereafterstosallowsthespoli
cyownerstossubmitspayment?

PayorsRiders-
sANSWER:ssInstheseventsthatsasparentsdiessorsbecomessdisabled,swhichsridersallowsssu

rvivingschildscoveragestoscontinuesuntilstheschildsreachessasspecifiedsage?

30-31sdayss-
sANSWER:ssAccordingstosthesNAICsModelsGroupsLifesInsurancesProvisions,swhatsissthes

standardsgracesperiod?

50%s-
sANSWER:ssForsindividualsswhoshavesreachedstheirsnormalsretirementsage,stheirsspou

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