Florida Life Insurance Questions And 100% Verified And Answers
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Course
FLORIDA HEALTH AND LIFE
Institution
FLORIDA HEALTH AND LIFE
In insurance, an offer is usually made when - CORRECT ANSWER- An applicant
submits an application to the insurer
An individual is purchasing a permanent life insurance policy with a face value of
$25,000. While this is all the insurance that he can afford at this time, he wants to be
sure that ...
Florida Life Insurance Questions And
100% Verified And Answers
In insurance, an offer is usually made when - CORRECT ANSWER- An applicant
submits an application to the insurer
An individual is purchasing a permanent life insurance policy with a face value of
$25,000. While this is all the insurance that he can afford at this time, he wants to be
sure that additional coverage will be available in the future. Which of the following
options should be included in the policy? - CORRECT ANSWER- Guaranteed
insurability option
Which of the following policies would be classified as a traditional level premium
contract? - CORRECT ANSWER- Straight Life
Which of the following is INCORRECT concerning a noncontributory group plan? -
CORRECT ANSWER- The employees receive individual policies.
In a life settlement contract, whom does the life settlement broker represent? -
CORRECT ANSWER- The owner
Who might receive dividends from a mutual insurer? - CORRECT ANSWER-
Policyholders
What are the 2 offices of the Financial Services Commission? - CORRECT ANSWER-
The Office of Financial Regulation and the Office of Insurance Regulation
An applicant for a life agent's license may obtain a temporary license for a maximum
period of - CORRECT ANSWER- 6 months.
An agent's appointment has been denied. Which of the following is true? - CORRECT
ANSWER- State taxes may be refunded upon a written request.
The Office of Insurance Regulation is responsible for all of the following insurer activities
EXCEPT - CORRECT ANSWER- Issue of securities.
In order for a debtor group to qualify for group life insurance, what should be the
minimum number of participants joining the plan every year? - CORRECT ANSWER-
100
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,Who is the owner and who is the beneficiary on a Key Person Life Insurance policy? -
CORRECT ANSWER- The employer is the owner and beneficiary
An employee is joining a group insurance plan. In order to avoid having to prove
insurability, what must the employee do? - CORRECT ANSWER- Join during the open
enrollment period
The minimum number of credits required for partially insured status of Social Security
disability benefit is - CORRECT ANSWER- 6 credits
An employee is insured under her employer's group life plan. If she terminates her
group coverage, which of the following statements is INCORRECT? - CORRECT
ANSWER- The insured may choose to convert to term or permanent individual
coverage
Which of the following is true regarding taxation of dividends in participating policies? -
CORRECT ANSWER- Dividends are not taxable
Which of the following best defines the "owner" as it pertains to life settlement
contracts? - CORRECT ANSWER- The policy owner of the life insurance policy
Who can make a fully deductible contribution to a traditional IRA - CORRECT
ANSWER- An individual not covered by an employer-sponsored plan who has an
earned income.
When transacting business in this state an insurer formed under the laws of another
country is known as a/an - CORRECT ANSWER- alien insurer
Which of the following statements is INCORRECT - CORRECT ANSWER- Replacing
insurance policies for the purpose of making commissions is legal
In the state of Florida, it is illegal for a licensee's commissions from controlled business
to exceed what percentage of the total in a given year? - CORRECT ANSWER- 50%
If a person accumulates more continuing education hours than is necessary to fulfill the
requirements of the 2 year period which of the following will occur? - CORRECT
ANSWER- the extra hours may be continued into the next period
All of the following would be considered rebating EXCEPT - CORRECT ANSWER- an
agent misrepresents policy benefits to convince a policyowner to replace policies
Which of the following is NOT a responsibility of the office of insurance regulation -
CORRECT ANSWER- enacting new insurance laws
Under what circumstances can an agent's appointment be transferred to another
person? - CORRECT ANSWER- Under no circumstances
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, Who might receive dividends from a mutual insurer? - CORRECT ANSWER-
Policyholders
Who examines the books and records of insurance companies in Florida? - CORRECT
ANSWER- The Cheif financial officer
which of the following authorities grants and revokes licenses - CORRECT ANSWER-
department of financial services
applications to an insurer must include all of the following information EXCEPT -
CORRECT ANSWER- credit history report.
How long must insurers maintain records of the information collected from senior
consumers and other information used in making recommendations that were the basis
for insurance transactions? - CORRECT ANSWER- for 5 years after the insurance
transaction is completed by the insurer
which of the following dates must be contained in a policy summary - CORRECT
ANSWER- the date the summary was prepared
Who does the secondary addressee provision protect? - CORRECT ANSWER- the
insured over the age of 64
an insured received a new life insurance policy 5 days ago, but after a closer inspection
of the policy provisions, decided to return it to the insurer. what provision would allow
the insured to return the policy for a full premium refund? - CORRECT ANSWER- free
look
All advertisements are the responsibility of the - CORRECT ANSWER- insurer
An agent delivers a life insurance policy to the proposed insured. The insured makes a
decision not to accept the policy. The insured may return the policy for a full refund of
premium within how many days? - CORRECT ANSWER- 14
When does the free look period begin? - CORRECT ANSWER- When the policy is
delivered to the insured
Who does the secondary notice provision protect? - CORRECT ANSWER- Elderly
Insureds
A person insured under a group life insurance policy can make an assignment of all or
any part of the incidents of ownership conferred on the insured by the policy or by law,
to any of the following EXCEPT - CORRECT ANSWER- the policyholder
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