Exam (elaborations)
2024 FLORIDA LIFE INSURANCE EXAM WITH CORRECT ANSWERS
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2024 FLORIDA LIFE INSURANCE EXAM WITH CORRECT ANSWERS
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2024 FLORIDA LIFE INSURANCEEXAM WITH CORRECT ANSWERS
Mutual Insurance Companies - CORRECT ANSWERS- organized and
incorporated under state laws. No stockholders.
Mutual companies - CORRECT ANSWERS- Participating, they pay dividends.
Fraternal Benefit Societies - CORRECT ANSWERS- Non profit organization,
lodge system that includes ritualistic work, and maintain a rep form of gov
with elected officers.
FICA - CORRECT ANSWERS- Made up of Social Security and Medicare
Fraternal life insurance organization - CORRECT ANSWERS- operates as a
corp, society, or association to provide life ins primarily for the mutual
benefit of its members and beneficiaries. Must have rituals and
representative form of government
Stock company - CORRECT ANSWERS- Owns Stock. Nonparticipating (no
dividends)
Risk Retention Group - CORRECT ANSWERS- Mutual company formed to
insure ppl in the same business, occupation, profession (pharmacists,
dentists, engineers)
License application process - CORRECT ANSWERS- Background check
Complete prelicensing
Pass state exam
FL Replacement Rule - CORRECT ANSWERS- Establishes the minimum
standards that must be followed
Can an agent divide a commission - CORRECT ANSWERS- only with an agent
who is licensed and appointed
Misrepresentation - CORRECT ANSWERS- a situation where one fails to
clearly bring to mind a fact or condition. Innocence may prevail, or an intent
to deceive or be unfair may exist.
Variable Product - CORRECT ANSWERS- Dual license. One license issued by
FINRA & the other Life & Annuity (issued by the state)
, Fair Credit Reporting Act - CORRECT ANSWERS- Consumers have the right to
question what is on their credit report
Domestic insurer - CORRECT ANSWERS- company doing business in the
state in which it is incorporated
Foreign insurer - CORRECT ANSWERS- company licensed & doing business in
states other than the one in which it is incorporated
Buyers Guides - CORRECT ANSWERS- generic (explain various types of life
insurance products, including variable annuities)
Policy Summaries - CORRECT ANSWERS- Specific to the Policy - ids the
agent, insurer, policy, each rider, and includes info about premiums,
dividends, benefit amounts, cash surrender values, policy loan interest rates,
and life insurance cost indexes of the specific policy being considered
National Association of Ins Commissioners (NAIC) - CORRECT ANSWERS-
Encourage Uniformity, Assist in admin of laws & regs, Protect interest of
policy owners, Preserve state regulation
Warranty - CORRECT ANSWERS- a statement guaranteed to be true
Representation - CORRECT ANSWERS- statement by client (best of their
knowledge). We give the client the benefit of the doubt
Concealment - CORRECT ANSWERS- failure by applicant to disclose a known
material fact at time of application
Insurable interest - CORRECT ANSWERS- Interest must exist at the inception
of the policy
Fiduciary - CORRECT ANSWERS- a person holds a special FINANCIAL trust
and confidence (agent)
Producer - CORRECT ANSWERS- Broker or agent
Professional Liability Ins - CORRECT ANSWERS- protect against legal liability
(like malpractice ins)
Fraud - CORRECT ANSWERS- Insurer reason to void a contract (2 years from
date insurance issued)
Fudiciary - CORRECT ANSWERS- special financial trust
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