100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Florida Statutes, Rules, and Regulations, Pertinent to Life Insurance Products 18% Study Questions with Correct Answers 100% Verified $7.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Florida Statutes, Rules, And Regulations, Pertinen
  4.  
  5. Florida Statutes, Rules, and Regulations, Pertinen

Exam (elaborations)

Florida Statutes, Rules, and Regulations, Pertinent to Life Insurance Products 18% Study Questions with Correct Answers 100% Verified
 11 views  0 purchase
  • Course
  • Florida Statutes, Rules, and Regulations, Pertinen
  • Institution
  • Florida Statutes, Rules, And Regulations, Pertinen

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....

[Show more]

Preview 2 out of 7  pages

Document information

  • July 24, 2024
  • 7
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Florida Statutes, Rules, and Regulations, Pertinen
  • Florida Statutes, Rules, and Regulations, Pertinen

Seller

avatar-seller
collinsmurimi

Content preview

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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller collinsmurimi. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67232 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.49
  • (0)
  Add to cart