Florida Life Insurance: Study Guide for the Licensing Exam Questions with Detailed Verified Answers

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Florida Life Insurance: Study Guide for
the Licensing Exam Questions with
Detailed Verified Answers

Question: IMPORTANT NUMBER FOR LIFE INSURANCE:
Free look period for life insurance policies.


Ans: 14 days


Question: Grace period, from second notice, to which a life policy-owner at
least 64 years of age is entitled. Free look period for Annuities and Variable
Annuities.


Ans: 21 days


Question: Grace period for industrial life insurance.


Ans: 28 days


Question: Grace period for life insurance. Notice agent must give
Department after felony conviction. Notice insurer must give Department of
change in appointed contact agent. Notice agent must give Department of
name or address change


Ans: 30 days

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Question: Time for conversion from group coverage. Grace period for Group
Life.


Ans: 31 days


Question: Grace period (total) for policy-owner age 64 or older.


Ans: 51 days


Question: Rollover IRA must be reinvested. Rule of Constructive Receipt.


Ans: 60 days


Question: Accidental Death must occur.


Ans: 90 days


Question: Notice insurer must give insureds if terminating all individual or
groups policies.


Ans: 180 Days


Question: Period in which an agent's commissions from controlled business
cannot exceed 50% Variable policies must report value to annuitant.


Ans: 12 months


Question: Incontestability period. Suicide Clause.