214 Florida Insurance Questions And Correct Verified Answers

214 FLORIDA INSURANCE QUESTIONS AND
CORRECT VERIFIED ANSWERS
WhichA2typeA2ofA2insuranceA2protectsA2anA2agentA2andA2evenA2paysA2claimsA2ifA2aA2lawsui
tA2isA2broughtA2againstA2theA2agentA2asA2aA2resultA2ofA2failingA2toA2provideA2aA2serviceA2toA
2aA2client?A2-A2Ans--ErrorsA2andA2OmissionsA2Insurance


WhichA2ofA2theA2followingA2termsA2isA2knownA2asA2theA2voluntaryA2relinquishmentA2ofA2aA2
givenA2rightA2orA2privilege?A2-A2Ans--Waiver

ThisA2SupremeA2CourtA2caseA2placedA2theA2regulationA2ofA2insuranceA2withinA2theA2autho
rityA2ofA2theA2federalA2governmentA2byA2definingA2insuranceA2asA2aA2formA2ofA2interstateA2
commerce?A2-A2Ans--
UnitedA2StatesA2v.A2SoutheasternA2UnderwritersA2AssociationA2(1944)

TimA2wasA2justA2hiredA2todayA2byA2MABA2INCA2andA2wantsA2toA2joinA2theA2company'sA2gro
upA2insuranceA2policy.A2WhatA2periodA2ofA2timeA2isA2heA2currentlyA2inA2andA2whenA2canA2h
eA2joinA2theA2plan?A2-A2Ans--ProbationaryA2period,A2heA2canA2signA2upA2afterA290A2days

IfA2JustinA2submittedA2anA2initialA2premiumA2withA2hisA2lifeA2insuranceA2application,A2wasA2
providedA2aA2conditionalA2receiptA2byA2theA2insuranceA2companyA2andA2wasA2ultimatelyA2i
ssuedA2aA2policyA2asA2appliedA2for,A2whenA2wouldA2hisA2insuranceA2policyA2beA2considere
dA2inA2force?A2-A2Ans--
TheA2dateA2ofA2hisA2applicationA2orA2theA2dayA2heA2completedA2anyA2requiredA2medicalA2e
xam

WhenA2dividendsA2areA2issued,A2theA2policyownerA2hasA2theA2followingA2dividendA2option
sA2inA2utilizingA2aA2returnA2EXCEPT:A2-A2Ans--LifeA2IncomeA2Option

WhichA2twoA2lifeA2insuranceA2ridersA2canA2BillA2purchaseA2toA2guaranteeA2thatA2hisA2policy
A2willA2continueA2withoutA2furtherA2commitmentA2fromA2himA2andA2thatA2incomeA2willA2beA2
paidA2toA2himA2ifA2heA2becomesA2totallyA2andA2permanentlyA2disabled?A2-A2Ans--
WaiverA2ofA2premiumA2andA2DisabilityA2IncomeA2Riders

InA2aA2contributoryA2groupA2plan,A2whatA2percentageA2ofA2eligibleA2employeesA2mustA2beA
2covered?A2-A2Ans--75%


WhichA2statementA2regardingA2annuitiesA2isA2CORRECT?A2-A2Ans--
VariableA2annuityA2unitsA2areA2fixedA2butA2theA2annuityA2paymentA2willA2varyA2accordingA2t
oA2theA2valueA2ofA2theA2annuityA2unit.

InA2orderA2toA2beA2consideredA2currentlyA2insuredA2andA2thusA2eligibleA2forA2limitedA2survi
vorA2benefitsA2fromA2SocialA2Security,A2aA2workerA2mustA2haveA2earnedA2___A2creditsA2du
ringA2theA213-
quarterA2periodA2endingA2withA2theA2quarterA2inA2whichA2theA2workerA2died.A2-A2Ans--6

,SocialA2securityA2isA2alsoA2knownA2as:A2-A2Ans--
OldA2AgeA2SurvivorsA2andA2DisabilityA2InsuranceA2(OASDI)

InsuranceA2isA2notA2intendedA2toA2protectA2against?A2-A2Ans--SpeculativeA2Risk

UnderA2aA2familyA2planA2lifeA2insuranceA2policy,A2coverageA2onA2theA2breadwinnerA2isA2oft
enA2providedA2byA2whichA2ofA2theA2followingA2insuranceA2types?A2-A2Ans--WholeA2Life

WhichA2ofA2theA2followingA2statementsA2regardingA2annuityA2settlementA2orA2payoutA2opti
onsA2isA2NOTA2true?A2-A2Ans--
IfA2theA2annuitantA2diesA2beforeA2theA2principalA2sumA2isA2depleted,A2theA2RefundA2LifeA2A
nnuityA2OptionA2willA2payA2theA2entireA2annuityA2amountA2toA2theA2beneficiaryA2inA2aA2lump
A2sumA2paymentA2orA2overA2scheduledA2installments.


TheA2followingA2statementsA2regardingA2401(k)A2retirementA2plansA2areA2correctA2EXCEP
T:A2-A2Ans--
PlansA2rarelyA2haveA2aA2matchingA2contributionA2componentA2byA2anA2employer

AllA2ofA2theA2statementsA2belowA2pertainingA2toA2groupA2lifeA2insuranceA2areA2correctA2EX
CEPT:A2-A2Ans--
IfA2theA2insuranceA2coverageA2isA2lessA2thanA2$75,000,A2employeesA2doA2notA2haveA2toA2r
eportA2theA2employer-paidA2premiumsA2asA2income

AccordingA2toA2FloridaA2Statues,A2enteringA2intoA2anyA2agreementA2toA2commitA2anyA2actA
2ofA2intimidationA2resultingA2inA2theA2businessA2ofA2insuranceA2isA2knownA2as:A2-A2Ans--
Coercion

William,A2ageA267,A2hasA2ownedA2hisA2lifeA2insuranceA2policyA2forA2theA2pastA215A2yearsA2
andA2hasA2mailedA2hisA2monthlyA2premiumsA2toA2hisA2lifeA2insuranceA2company.A2LastA2m
onthA2heA2failedA2toA2mailA2theA2monthlyA2paymentA2onA2hisA2premiumA2dueA2dateA2asA2w
ellA2asA2duringA2hisA2policy'sA2graceA2period.A2AsA2aA2result,A2whichA2ofA2theA2followingA2s
cenariosA2willA2MOSTA2likelyA2occur?A2-A2Ans--
TheA2insurerA2willA2provideA2notificationA2ofA2impendingA2lapseA2inA2coverage,A2andA2allo
wA2atA2leastA221A2additionalA2daysA2beyondA2theA2graceA2periodA2toA2makeA2aA2paymentA2
toA2preventA2theA2policyA2fromA2lapse

BeforeA2executingA2anA2exchangeA2ofA2anA2annuityA2contractA2resultingA2fromA2aA2recom
mendationA2toA2aA2seniorA2consumer,A2anA2insuranceA2agentA2shouldA2makeA2reasonable
A2effortsA2toA2obtainA2informationA2fromA2theA2applicantA2concerningA2theA2suitabilityA2ofA2t
heA2recommendationA2onA2anA2approvedA2form,A2whichA2uponA2completion,A2mustA2beA2si
gnedA2byA2theA2applicantA2andA2agent.A2WithinA2whatA2periodA2ofA2timeA2mustA2anA2agentA
2submitA2thisA2formA2toA2theA2insurerA2onceA2itA2isA2complete?A2-A2Ans--WithinA210A2days


ShellyA2isA2consideredA2toA2beA2terminallyA2illA2andA2hasA2decidedA2toA2sellA2herA2lifeA2insu
ranceA2policyA2inA2exchangeA2forA2livingA2benefitsA2toA2fulfillA2someA2finalA2comfortsA2andA

, 2expensesA2beforeA2herA2death.A2InA2sellingA2herA2lifeA2insuranceA2policy,A2ShellyA2isA2refe
rredA2toA2asA2a(n)_________andA2sheA2willA2receiveA2aA2percentageA2ofA2herA2lifeA2policy'
sA2faceA2amountA2inA2exchangeA2forA2ownershipA2ofA2herA2policy.A2-A2Ans--Viator

WhichA2ofA2theA2followingA2isA2NOTA2aA2typeA2ofA2speculativeA2risk?A2-A2Ans--
Unemployment

WhichA2agencyA2collectsA2andA2providesA2reliableA2medicalA2informationA2regardingA2anA2
applicant'sA2healthA2history?A2-A2Ans--TheA2MIB

TonyaA2failedA2toA2payA2herA2lifeA2policy'sA2premiumA2onA2theA2dateA2inA2whichA2itA2isA2nor
mallyA2dueA2andA2isA2currentlyA223A2daysA2late.A2AsA2aA2resultA2ofA2herA2policy'sA2graceA2p
eriodA2provision,A2whichA2outcomeA2willA2occur?A2-A2Ans--
TonyaA2isA2withinA2herA2graceA2periodA2andA2canA2payA2herA2premiumA2upA2toA230A2orA231
A2daysA2afterA2theA2dateA2inA2whichA2theA2premiumA2isA2normallyA2due;A2however,A2sheA2d
oesA2notA2needA2toA2payA2backA2anyA2outstandingA2loansA2toA2theA2insurer.

WhichA2typeA2ofA2E&OA2policyA2providesA2permanentA2coverageA2forA2theA2actionsA2ofA2a
nA2agentA2duringA2whichA2timeA2heA2orA2sheA2wasA2coveredA2underA2suchA2policy,A2regard
lessA2ofA2whenA2aA2lawsuitA2isA2filedA2againstA2theA2agent?A2-A2Ans--OccurrenceA2Policy

InA2aA2groupA2lifeA2contract,A2evidenceA2ofA2insurabilityA2isA2-A2Ans--
RequiredA2onlyA2afterA2theA2enrollmentA2periodA2ends.

PerilA2-A2Ans--
ForA2purposesA2ofA2insurance,A2whichA2ofA2theA2followingA2isA2NOTA2consideredA2aA2haza
rd?

TheA2lossA2mustA2beA2speculativeA2-A2Ans--
AllA2ofA2theA2followingA2areA2characteristicsA2ofA2pureA2riskA2EXCEPT

TwistingA2-A2Ans--
WhenA2anA2agentA2persuadesA2aA2clientA2toA2cancelA2hisA2orA2herA2currentA2coverageA2for
A2aA2policyA2fromA2anA2entirelyA2differentA2companyA2solelyA2toA2produceA2anotherA2firstA2y
earA2commissionA2isA2called?

GraceA2PeriodA2ProvisionA2-A2Ans--
InA2theA2eventA2aA2policy'sA2premiumA2isA2paidA2late,A2whichA2ofA2theA2followingA2provision
sA2willA2keepA2theA2policyA2inA2forceA2forA2aA2shortA2periodA2ofA2timeA2thereafterA2toA2allowA
2theA2policyownerA2toA2submitA2payment?


PayorA2RiderA2-A2Ans--
InA2theA2eventA2thatA2aA2parentA2diesA2orA2becomesA2disabled,A2whichA2riderA2allowsA2sur
vivingA2childA2coverageA2toA2continueA2untilA2theA2childA2reachesA2aA2specifiedA2age?