214 FLORIDA INSURANCE EXAM 2024-2025 ACTUAL EXAM 150+
QUESTIONS AND CORRECT DETAILED ANSWER 100 % PASS
SOLUTION A+ GRADE
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? - ANSWER-Errors and Omissions Insurance
A term life policy builds cash value over the policy's term. - ANSWER- Which of the following
statements describing term life insurance is INCORRECT?
The insurance company evaluates the individuals within a group instead of the group as a whole, and
then measures the individual's risks against its underwriting standards. - ANSWER-In regards to group
insurance, which statement below is INCORRECT?
Central Medical Bureau (CMB) - ANSWER-All of the following are sources for obtaining information
regarding an applicant's insurability EXCEPT:
An insurer is required to disclose medical information to an applicant in the event the applicant is
rejected due to findings in the report. - ANSWER- Which of the following is NOT required by the Fair
Credit Reporting Act of 1970?
Friends - ANSWER-Insurable interest exists between all of the following EXCEPT:
The policy no longer meets the needs of the client - ANSWER-Which of the following reasons would
justify a policy replacement?
,Usually 2 years, but in some states only 1 year - ANSWER-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?
Non-contributory plans - ANSWER-Group insurance plans that do not require employees to pay a
portion of policy premiums are referred to as:
4 credits - ANSWER-What is the maximum number of Social Security credits an individual can earn per
year?
An annuity contract exchanged for a life insurance policy - ANSWER-Under the 1035 policy exchange
provision, which of the following will NOT receive favorable tax treatment?
Stock - ANSWER-Which of the following insurers is best defined as a non- participating company?
100% - ANSWER-A non-contributory group policy requires which percentage of eligible employees to be
covered?
Revocable Designation - ANSWER-Carla has named her husband Jeffrey as the beneficiary to her life
insurance policy. Under which beneficiary designation does she remains in control of the policy and can
make any changes she sees fit in the future?
Graded premium whole life - ANSWER-Which type of whole life insurance policy is characterized by
affordable premiums in its initial years, then gradually increasing over the next few years until finally
leveling off at a slightly higher rate than a standard whole life policy?
, Cash surrender option, reduced paid-up option and extended term option - ANSWER-In the event that a
whole life insurance policy lapses due to nonpayment or it is intentionally cancelled, which of the
following nonforfeiture options are available to the policyowner?
1000x24 months = ? - ANSWER-Carl purchased an Immediate Annuity with a 5-year 'life with period
certain option,' which pays him $1,000 per month. Exactly 3 years after his policy start date Carl dies.
How much money will his beneficiary receive for the remainder of the policy?
His distribution payment amount will fluctuate depending on the return of interest at the time of each
distribution payment - ANSWER-Leon currently receives $650 per month from his variable annuity. Since
he is scheduled to receive payments from his variable annuity for the remainder of his life,
what will most likely occur to Leon's distribution payment amount as time goes on?
Conviction of a 3rd degree felony - ANSWER-Unauthorized entities acting as a licensed insurer in the
state of Florida are subject to the following possible consequences EXCEPT:
14 days for life policies and 21 days for annuities - ANSWER-Under Florida law, how long must an
individual be allowed to review a new life policy or annuity contract with the option of an unconditional
refund if not fully satisfied?
Pension Benefit Guaranty Corporation (PBGC) - ANSWER-Which federal organization was created under
ERISA to guarantee payments of pension benefits in defined benefit plans that terminate due to a lack of
funding to cover benefit payments?
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