FLA 0214 Final Exam questions

Common Disaster Clause provides that if both the insured and the sole named beneficiary were to die in a common accident, which of the following is true? - This clause provides the payment of proceeds to the insured's estate Under a life insurance policy the ___ has the authority to name the beneficiary? - owner B recently died and was insured with a life insurance policy for over five years. During the claims process, the insurer discovered that B had understated his age by 5 years at the time of application. In this situation, the insurer will - Pay the amount that the premium would have purchased at the correct age. Which Unfair Trade Practice involves an agent suggesting that an insurance policy is like a share of stock? *Twisting *Intimidation *Misrepresentation *Sliding - misrepresentation L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer discovers that L had understated her age on the application. Under the Misstatement of Age provision, the insurer will - adjust the death benefit to a reduced amount W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, the company discovered W's true age at issue had been 59. What would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim? - The proceeds would be reduced based on whatever the premium would have been if purchased at age 59 The financial services commission may hold hearings - for any reason deemed necessary In Florida, which agency is responsible for the rehabilitation or liquidation of insurers? - The Department of Financial Services All of the following entries are classified under the four principles areas of Florida insurance law EXCEPT - An agent's commission All of the following are Nonforfeiture Options EXCEPT - Automatic Premium Loan Option Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a contributory group Term Life plan to all its eligible employees? - Portion of the premiums paid for by the employer may be a tax deduction What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability? - Conversion