FLORIDA LIFE INSURANCE/ ANNUITIES 2-14 STUDY SET EXAM WITH CORRECT AND VERIFIED ANSWERS

FLORIDA LIFE INSURANCE/ ANNUITIES 2-14 STUDY SET EXAM WITH CORRECT AND VERIFIED ANSWERS 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? - Correct Answer Errors and Omissions Insurance" "Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Correct Answer Waiver" "Non-contributory plans - Correct Answer Group insurance plans that do not require employees to pay a portion of policy premiums are referred to as:" "4 credits - Correct 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 - Correct Answer Under the 1035 policy exchange provision, which of the following will NOT receive favorable tax treatment?" "Stock - Correct Answer Which of the following insurers is best defined as a non-participating company?" "100% - Correct Answer A non-contributory group policy requires which percentage of eligible employees to be covered?" "This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - Correct Answer United States v. Southeastern Underwriters Association (1944)" "Tim was just hired today by MAB INC and wants to join the company's group insurance policy. What period of time is he currently in and when can he join the plan? - Correct Answer Probationary period, he can sign up after 90 days" "If Justin submitted an initial premium with his life insurance application, was provided a conditional receipt by the insurance company and was ultimately issued a policy as applied for, when would his insurance policy be considered in force? - Correct Answer The date of his application or the day he completed any required medical exam" "When dividends are issued, the policyowner has the following dividend options in utilizing a return EXCEPT: - Correct Answer Life Income Option" "Which two life insurance riders can Bill purchase to guarantee that his policy will continue without further commitment from him and that income will be paid to him if he becomes totally and permanently disabled? - Correct Answer Waiver of premium and Disability Income Riders" "In a contributory group plan, what percentage of eligible employees must be covered? - Correct Answer 75%" "Which statement regarding annuities is CORRECT? - Correct Answer Variable annuity units are fixed but the annuity payment will vary according to the value of the annuity unit." "In order to be considered currently insured and thus eligible for limited survivor benefits from Social Security, a worker must have earned ___ credits during the 13-quarter period ending with the quarter in which the worker died. - Correct Answer 6" "Social security is also known as: - Correct Answer Old Age Survivors and Disability Insurance (OASDI)" "Insurance is not intended to protect against? - Correct Answer Speculative Risk" "Under a family plan life insurance policy, coverage on the breadwinner is often provided by which of the following insurance types? - Correct Answer Whole Life" "Which of the following statements regarding annuity settlement or payout options is NOT true? - Correct Answer If the annuitant dies before the principal sum is depleted, the Refund Life Annuity Option will pay the entire annuity amount to the beneficiary in a lump sum payment or over scheduled installments." "The following statements regarding 401(k) retirement plans are correct EXCEPT: - Correct Answer Plans rarely have a matching contribution component by an employer" "All of the statements below pertaining to group life insurance are correct EXCEPT: - Correct Answer If the insurance coverage is less than $75,000, employees do not have to report the employer-paid premiums as income" "According to Florida Statues, entering into any agreement to commit any act of intimidation resulting in the business of insurance is known as: - Correct Answer Coercion" "William, age 67, has owned his life insurance policy for the past 15 years and has mailed his monthly premiums to his life insurance company. Last month he failed to mail the monthly payment on his premium due date as well as during his policy's grace period. As a result, which of the following scenarios will MOST likely occur? - Correct Answer The insurer will provide notification of impending lapse in coverage, and allow at least 21 additional days beyond the grace period to make a payment to prevent the policy from lapse" "Before executing an exchange of an annuity contract resulting from a recommendation to a senior consumer, an insurance agent should make reasonable efforts to obtain information from the applicant concerning the suitability of the recommendation on an approved form, which upon completion, must be signed by the applicant and agent. Within what period of time must an agent submit this form to the insurer once it is complete? - Correct Answer Within 10 days" "Shelly is considered to be terminally ill and has decided to sell her life insurance policy in exchange for living benefits to fulfill some final comforts and expenses before her death. In selling her life insurance policy, Shelly is referred to as a(n)_________and she will receive a percentage of her life policy's face amount in exchange for ownership of her policy. - Correct Answer Viator" "Which of the following is NOT a type of speculative risk? - Correct Answer Unemployment" "Which agency collects and provides reliable medical information regarding an applicant's health history? - Correct Answer The MIB" "Tonya failed to pay her life policy's premium on the date in which it is normally due and is currently 23 days late. As a result of her policy's grace period provision, which outcome will occur? - Correct Answer Tonya is within her grace period and can pay her premium up to 30 or 31 days after the date in which the premium is normally due; however, she does not need to pay back any outstanding loans to the insurer." "Which type of E&O policy provides permanent coverage for the actions of an agent during which time he or she was covered under such policy, regardless of when a lawsuit is filed against the agent? - Correct Answer Occurrence Policy" "In a group life contract, evidence of insurability is - Correct Answer Required only after the enrollment period ends." "Peril - Correct Answer For purposes of insurance, which of the following is NOT considered a hazard?" "The loss must be speculative - Correct Answer All of the following are characteristics of pure risk EXCEPT" "Twisting - Correct Answer When an agent persuades a client to cancel his or her current coverage for a policy from an entirely different company solely to produce another first year commission is called?" "Grace Period Provision - Correct Answer In the event a policy's premium is paid late, which of the following provisions will keep the policy in force for a short period of time thereafter to allow the policyowner to submit payment?" "Payor Rider - Correct Answer In the event that a parent dies or becomes disabled, which rider allows surviving child coverage to continue until the child reaches a specified age?" "30-31 days - Correct Answer According to the NAIC Model Group Life Insurance Provisions, what is the standard grace period?" "50% - Correct Answer For individuals who have reached their normal retirement age, their spouses are entitled a retirement benefit that is equal to what percentage of the retired worker's primary insurance amount (PIA)?" "Interest is not taxed upon withdrawal due its funding from post-tax dollars - Correct Answer Which of the following statements is CORRECT in regards to a Roth IRA?" "Fails the 7-Pay Test - Correct Answer An insurance contract becomes a Modified Endowment Contract (MEC) if which of the following occurs?" "Buy-Sell agreement - Correct Answer Which type of business life insurance 'buyout' agreement is used to purchase the interest of a deceased partner so that the business can continue to operate without financial interruption?" "The death of the insured due to an accident - Correct Answer In order for a beneficiary to receive double indemnity, which of the following scenarios must occur?" "Agents selling insurance products for an agency are not required to be individually licensed, as long as the agency itself is. - Correct Answer Which of the following statements regarding insurance agencies in Florida is INCORRECT?" "100% - Correct Answer When an employee makes contributions into a pension plan, what percentage of his or her own contributions are vested?" "Cash value - Correct Answer Which of the following is NOT associated with a term life policy?" "Pre-texting - Correct Answer As a provision of the Financial Services Modernization Act of 1999, attempts to obtain non-public personal information from consumers and customers under false pretenses is referred to as" "Extended Term option - Correct Answer Which of the following is NOT considered to be a life policy settlement option?" "Interest earned will be taxed, but premiums paid into the policy will not be taxed. - Correct Answer In the event that a policyowner surrenders his or her individual whole life policy, which outcome will likely occur?" "Occurence Policy - Correct Answer Which type of E&O policy provides permanent coverage for the actions of an agent during which time he or she was covered under such policy, regardless of when a lawsuit is filed against the agent?" "Deferred Vesting - Correct Answer Which of the following is NOT a retirement vesting schedule?" "Spendthrift Clause - Correct Answer Which of the following life policy clauses or provisions protects a life policy's proceeds against a beneficiary's creditors?" "Reviewing the applicants MIB file - Correct Answer A paramedical exam includes all of the following EXCEPT" "The employer - Correct Answer In an employer-related group life contract, an employee may choose any of the following individuals or entities to serve as his or her policy's beneficiary EXCEPT" "A broker - Correct Answer Raymond, a licensed insurance producer, solicits insurance through more than one insurer and negotiates on behalf of his clients; therefore, he is considered to be" "Non-Medical - Correct Answer Referred to as a _________ application, it is common for a health or life insurance policy to be issued to an applicant based solely on the medical information gathered from the application that is submitted by the applicant to the insurer." "National Association of Insurance Commissioners (NAIC) - Correct Answer Which agency has influenced the insurance industry by introducing uniform regulation 'models' for states to follow in an attempt to standardize multiple-state insurance laws?" "A beneficiary - Correct Answer Which of the following does not have the responsibility of acting as a fiduciary?" "The ratio between company losses and company revenue that determines an insurance company's revenues that must be maintained to cover annual claims by its policyowners. - Correct Answer Loss ratio is defined as" "No minimum - Correct Answer In the state of Florida, what is the minimum number of members required for a group life insurance policy?" "Controlled business - Correct Answer Sandra, who is a licensed agent and an employee at XYZ company, is writing an insurance policy on herself and a few of her co-workers since group benefits are currently not available. What type of business is she considered to be conducting?" "Substandard risk - Correct Answer Betty has a history of poor health and is currently taking four medications for high blood pressure and cholesterol. What type of risk is Betty if she were to apply for a health policy?" "The primary function of an Equity Index Annuity is to: - Correct Answer Link excess interest to the upward movement of an outside market index, such as the S&P 500, while maintaining a minimum guaranteed interest rate" "Speculative risk - Correct Answer Insurance is not intended to protect against?" "At the time of application - Correct Answer In determining the validity of an insurance contract, when must insurable interest be present?" "60 days - Correct Answer If an individual wants to transfer funds from their 401(k) plan into a Rollover IRA, what is the maximum allowed time in order to be eligible for a tax-free rollover?" "Annuity Funding plan - Correct Answer Which of the following qualified employer retirement plans is NOT recognized as a 'defined contribution' plan?" "40 credits - Correct Answer What is the full amount of Social Security credits needed to be fully insured for benefits?" "Long-term care rider - Correct Answer Which life rider allows for care in a convalescent or nursing home?" "Extended term option - Correct Answer If Jim decides to cancel his whole life insurance policy and uses his policy's cash value to purchase a term life policy with a face amount of equal value but with a likely shorter coverage period, he is utilizing which type of life insurance nonforfeiture option?" "Consideration Clause - Correct Answer Which provision or clause below will illustrate the frequency and amount of policy premiums?" "A term life policy builds cash value over the policy's term. - Correct 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. - Correct Answer In regards to group insurance, which statement below is INCORRECT?" "Central Medical Bureau (CMB) - Correct 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. - Correct Answer Which of the following is NOT required by the Fair Credit Reporting Act of 1970?" "Friends - Correct Answer Insurable interest exists between all of the following EXCEPT:" "The policy no longer meets the needs of the client - Correct Answer Which of the following reasons would justify a policy replacement?" "Usually 2 years, but in some states only 1 year - Correct 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?" "Revocable Designation - Correct 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 - Correct 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 - Correct 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 = ? - Correct 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 - Correct 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 - Correct 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 - Correct 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) - Correct 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?" "The FTC - Correct Answer Which of the following entities manages the National Do-Not-Call Registry?" "Actuary - Correct Answer Which of the following professions analyzes and predicts potential loss in order to set and maintain premium pricing for an insurance company?" "7 - Correct Answer Under a stock redemption corporate buy-sell agreement, how many policies must be written if the corporation is owned by 7 shareholders?" "Taft-Hartley Trust - Correct Answer Which of the following is established to fund a multiemployer plan?" "Misrepresentation - Correct Answer Overstating promises, using inaccurate or misleading information and guaranteeing insurance are types of:" "Interest-free option - Correct Answer The following life policy settlement options are available to the policy's beneficiary EXCEPT:" "Dividend - Correct Answer A return of premium that is paid out by mutual insurance companies at the end of the year as a result of either positive operating costs or other investment returns is also known as a:" "Accumulation Period - Correct Answer Which of the following defines the period during which funds grow in an annuity?" "50% - Correct Answer For individuals who have reached their normal retirement age, their spouses are entitled a retirement benefit that is equal to what percentage of the retired worker's primary insurance amount (PIA)?" "Floods - Correct Answer All of the following are considered hazards EXCEPT:" "Buy-Sell Agreement - Correct Answer Which type of business life insurance 'buyout' agreement is used to purchase the interest of a deceased partner so that the business can continue to operate without financial interruption?" "Viatical settlement Provider - Correct Answer An individual, company or legal entity that purchases ownership of a life insurance contract from a policyowner who, in return, receives compensation amounting to less than the policy's death benefit, usually 60%-80% of the policy's proceeds is known as a :" "A new application for insurance must be established - Correct Answer In the event that a life insurance policy has lapsed, which of the following actions is NOT required of the policyowner before an insurance company will reinstate the policy?" "If the insurance coverage is less than $75,000, employees do not have to report the employer-paid premiums as income - Correct Answer All of the statements below pertaining to group life insurance are correct EXCEPT:" "30 days - Correct Answer Within what amount of time must a licensed insurance agent report to the Florida Department of Financial Services that he/she has been found guilty of or has pleaded guilty to a felony or crime punishable by imprisonment of 1 year or more?" "Individual Life insurance - Correct Answer Which of the following insurance contracts must follow the Florida Life Solicitation Law?" "Pension Benefit Guaranty Corporation (PBGC) - Correct 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?" "Home service system - Correct Answer Although most insurers no longer use this marketing approach, lower-valued life insurance products, called 'industrial' life insurance, is still marketed through the" "once an insurance contract, including its provisions and riders, is constructed and provided in written form to the insured, it cannot be modified by any oral, or verbal, statements made by either party. - Correct Answer The 'parol evidence rule' states that" "Deferred Vesting - Correct Answer Which of the following is NOT a retirement vesting schedule?" "At the time of the application - Correct Answer Insurable interest is required" "required only after the enrollment period ends. - Correct Answer In a group life contract, evidence of insurability is" "Enrollment period; 30-31 days - Correct Answer Richard has worked at J&J Printing Inc. for the past three months and wants to join the company's contributory group insurance plan. Which answer BEST describes the period is he entering and how long does he have to apply without proof of insurability?" "6 - Correct Answer In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner?" "Fiduciary - Correct Answer A person in a position of financial trust is known as a" "Cash value - Correct Answer Which of the following is NOT associated with a term life policy?" "The McCarran-Ferguson Act defined insurance as a form of interstate commerce. - Correct Answer All of the following are true regarding the McCarran-Ferguson Act EXCEPT:" "A master contract is issued by the insurer to the employer, while employees are given certificates of insurance - Correct Answer In regards to group insurance, which of the following statements below is correct?" "Other (Additional) Insured(s) Rider - Correct Answer Which of the following life policy riders is also referred to as a 'child' rider?" "Living benefits - Correct Answer The cash value in a whole life policy is also considered to be the policy's:" "The final fund available to any one participant depends on total amounts contributed, plus interest and dividends earned - Correct Answer When pertaining to a defined contribution plan, all of the following are incorrect EXCEPT:" "Agents selling insurance products for an agency are not required to be individually licensed, as long as the agency itself is. - Correct Answer Which of the following statements regarding insurance agencies in Florida is INCORRECT?" "Once this period of time ends, an insurance company cannot contest the validity of a policy and must pay its death benefits, even if a policyowner had no insurable interest in the insured at the time of application. - Correct Answer All of the following statements are true in regards to the incontestability of a life insurance policy EXCEPT" "approving and issuing, or declining, an application for insurance in a timely manner. - Correct Answer An agent's general responsibilities include all of the following EXCEPT" "Spendthrift provision - Correct Answer Mr. Baker has named his son as the beneficiary to his life insurance policy, but he is worried about his son's spending habits and the money his son might already owe when he receives the death benefit. Which policy provision, clause or rider best fits his situation?" "Other (Additional) Insured(s) Rider - Correct Answer Which of the following life policy riders is also referred to as a 'child' rider?" "Annual Renewable Term - Correct Answer What is the most common type of employment-related group life insurance?" "Twisting - Correct Answer The practice of inducing a policyowner through misrepresentation to forfeit or change insurance from one company to another to gain commission for an agent or agency is called:" "Aleatory - Correct Answer The concept that an insurance contract is dependent on an uncertain outcome and that one party may receive more value than given it is said to be:" "If the annuitant dies before the principal sum is depleted, the Refund Life Annuity Option will pay the entire annuity amount to the beneficiary in a lump sum payment or over scheduled installments. - Correct Answer Which of the following statements regarding annuity settlement or payout options is NOT true?" "Her insurer will issue a paid-up term life policy with the same face value as the original whole life policy and a term length based on the amount of cash value that the forfeited whole life policy can purchase. - Correct Answer Susan has been paying premiums on her whole life policy for the past 14 years. Recently, she decided to stop making payments, but did not select a nonforfeiture option. Since she did not select such option, what actions will her insurer take?" "25-year $85,000 Decreasing Term Life policy - Correct Answer Charles has a $85,000 25-year mortgage and wants to purchase a life insurance policy that would cover any outstanding balance on the mortgage if he were to pre-maturely die, which of the following policies would be the most logical for him to purchase?" "A receipt given to an applicant when an agent collects both the application and initial premium. Under a conditional receipt, the applicant is covered against loss, should it occur, before the policy becomes effective, on the 'condition' that the applicant is found to be insurable as applied for by the insurer's underwriting department upon completion of its underwriting process. - Correct Answer How is a conditional receipt BEST described?" "Preferred risk - Correct Answer Patricia has good health, good habits and even good credit. If she were to apply for an insurance policy, which classification would she most likely be labeled?" "Exclusion ratio - Correct Answer Which formula is used to compute the taxable portion of an annuity payment?" "Sliding - Correct Answer Representing to an applicant that a rider or policy add-on with the purchase of insurance is required by law is a form of:" "In a term life insurance contract, the policyowner has the right to take out loans against his or her policy's cash value, or use it as collateral on a loan. - Correct Answer All of the following are true in regards to the rights of ownership in a life insurance contract EXCEPT" "Family Needs Assessment - Correct Answer Which approach is more commonly used when assessing the correct amount of life insurance, taking into account medical deductibles, final expenses, surviving family maintenance income such as mortgage payments and cost-of-living expenses, as well as future income needs such as college tuition and spousal retirement income?" "National Association of Insurance Commissioners (NAIC) - Correct Answer Which agency has influenced the insurance industry by introducing uniform regulation 'models' for states to follow in an attempt to standardize multiple-state insurance laws?" "Her insurer will issue a paid-up term life policy with the same face value as the original whole life policy and a term length based on the amount of cash value that the forfeited whole life policy can purchase. - Correct Answer Susan has been paying premiums on her whole life policy for the past 14 years. Recently, she decided to stop making payments, but did not select a nonforfeiture option. Since she did not select such option, what actions will her insurer take?" "Adhesion - Correct Answer Which characteristic of insurance means that only one party, the insurer, defines and prepares the insurance contract, which is non-negotiable by the other party?" "Per stiripes rule - Correct Answer Benefits that are passed to a beneficiary's child or children in equal shares in the event that the beneficiary dies is known as the:" "Irrevocable Designation - Correct Answer Linda has decided to make her husband John the beneficiary to her life insurance policy. She has chosen a beneficiary designation that can only allow her to change beneficiaries with the written consent of her husband. This type of beneficiary designation is known as a(n):" "general buyer's guide; policy summary - Correct Answer According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed." "Fixed-Period Option - Correct Answer In the event a whole life policy is cancelled or lapses due to nonpayment, all of the following nonforfeiture options are available to the policyowner EXCEPT" "Extended term option - Correct Answer Which of the following is NOT considered to be a life policy settlement option?" "Insured - Correct Answer Which of the following is NOT involved in an annuity contract?" "State Guarantee Association - Correct Answer In the event an insurance company becomes insolvent, this type of association ensures unpaid claims will be paid for covered policyowners?" "general buyer's guide; policy summary - Correct Answer According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed." "Spendthrift provision - Correct Answer Mr. Baker has named his son as the beneficiary to his life insurance policy, but he is worried about his son's spending habits and the money his son might already owe when he receives the death benefit. Which policy provision, clause or rider best fits his situation?" "Guaranteed Insurability rider - Correct Answer Which rider, also known as an 'insurance protection' rider, states that at certain dates in the future, the insured can purchase additional insurance without evidence of insurability?" "Mutual - Correct Answer Which of the following insurers is considered a participating company?" "Analyzing risk - Correct Answer Which of the following is NOT a method of handling risk?" "A master contract is issued by the insurer to the employer, while employees are given certificates of insurance - Correct Answer In regards to group insurance, which of the following statements below is correct?" "Irrevocable designation - Correct Answer Linda has decided to make her husband John the beneficiary to her life insurance policy. She has chosen a beneficiary designation that can only allow her to change beneficiaries with the written consent of her husband. This type of beneficiary designation is known as a(n):" "Annuity Funding Plan - Correct Answer Which of the following qualified employer retirement plans is NOT recognized as a 'defined contribution' plan?" "Morbidity Rate - Correct Answer In reference to health insurance, which of the following is a factor when determining health insurance premiums?" "The insured always receives more from the contract than the insurer - Correct Answer An insurance contract is considered Aleatory for the following reasons EXCEPT:" "24 - Correct Answer How many hours of continuing education must a life and/or health insurance agent complete who has held an insurance license for a period of less than 6 years?" "Agents selling insurance products for an agency are not required to be individually licensed, as long as the agency itself is. - Correct Answer Which of the following statements regarding insurance agencies in Florida is INCORRECT?" "Mutual/Par - Correct Answer In addition to being a policyowner, Allison shares in her insurer's success and receives dividends from the company's annual profits. This is because she purchased an insurance policy through a ________ insurer, also referred to as a ________ company." "Extended term option - Correct Answer Linda now owns a $120,000 term life policy after she forfeited her whole life policy and reinvested its cash value. As described by her actions, which nonforfeiture option did Linda exercise?" "A term life policy builds cash value over the policy's term. - Correct Answer Which of the following statements describing term life insurance is INCORRECT?" "Fixed-period option - Correct Answer In the event a whole life policy is cancelled or lapses due to nonpayment, all of the following nonforfeiture options are available to the policyowner EXCEPT" "60 days - Correct Answer If an individual wants to transfer funds from their 401(k) plan into a Rollover IRA, what is the maximum allowed time in order to be eligible for a tax-free rollover?" "30 days - Correct Answer Within what period of time must an agent notify the Florida Department of Financial Services of any change in address?" "An agent is offering to pay the premium for the first two months of my policy if I purchase life insurance through him. - Correct Answer Which of the following is an example of sliding?" "1 year - Correct Answer An 'in force' life insurance policy illustration is defined as an illustration that is furnished at any time after the policy that it depicts has been in force for at least how long?" "Rebating - Correct Answer The act of refunding part of the commission, premium, services or anything of value to the purchaser as an inducement to buy an insurance policy is known as:" "A variable rate of growth and a variable benefit payable to the annuitant - Correct Answer Variable annuities are characterized by:"