FLORIDA LIFE INSURANCE EXAM
WITH COMPLETE SOLUTIONS
Mutual mInsurance mCompanies m- mcorrect manswers m-organized mand
mincorporated munder mstate mlaws. mNo mstockholders.
Mutual mcompanies m- mcorrect manswers m-Participating, mthey mpay mdividends.
Stock mcompany m- mcorrect manswers m-Owns mStock. mNonparticipating m(no
mdividends)
Risk mRetention mGroup m- mcorrect manswers m-Mutual mcompany mformed mto
minsure mppl min mthe msame mbusiness, moccupation, mprofession m(pharmacists,
mdentists, mengineers)
, Fraternal mBenefit mSocieties m- mcorrect manswers m-Non mprofit morganization,
mlodge msystem mthat mincludes mritualistic mwork, mand mmaintain ma mrep mform mof
mgov mwith melected mofficers.
FICA m- mcorrect manswers m-Made mup mof mSocial mSecurity mand mMedicare
Variable mProduct m- mcorrect manswers m-Dual mlicense. mOne mlicense missued mby
mFINRA m& mthe mother mLife m& mAnnuity m(issued mby mthe mstate)
Fair mCredit mReporting mAct m- mcorrect manswers m-Consumers mhave mthe mright
mto mquestion mwhat mis mon mtheir mcredit mreport
Domestic minsurer m- mcorrect manswers m-company mdoing mbusiness min mthe
mstate min mwhich mit mis mincorporated
Foreign minsurer m- mcorrect manswers m-company mlicensed m& mdoing mbusiness
min mstates mother mthan mthe mone min mwhich mit mis mincorporated
Buyers mGuides m- mcorrect manswers m-generic m(explain mvarious mtypes mof mlife
minsurance mproducts, mincluding mvariable mannuities)
Policy mSummaries m- mcorrect manswers m-Specific mto mthe mPolicy m- mids mthe
magent, minsurer, mpolicy, meach mrider, mand mincludes minfo mabout mpremiums,
mdividends, mbenefit mamounts, mcash msurrender mvalues, mpolicy mloan minterest
mrates, mand mlife minsurance mcost mindexes mof mthe mspecific mpolicy mbeing
mconsidered
National mAssociation mof mIns mCommissioners m(NAIC) m- mcorrect manswers m-
Encourage mUniformity, mAssist min madmin mof mlaws m& mregs, mProtect minterest
mof mpolicy mowners, mPreserve mstate mregulation
Warranty m- mcorrect manswers m-a mstatement mguaranteed mto mbe mtrue
Representation m- mcorrect manswers m-statement mby mclient m(best mof mtheir
mknowledge). mWe mgive mthe mclient mthe mbenefit mof mthe mdoubt
Concealment m- mcorrect manswers m-failure mby mapplicant mto mdisclose ma mknown
mmaterial mfact mat mtime mof mapplication
Insurable minterest m- mcorrect manswers m-Interest mmust mexist mat mthe minception
mof mthe mpolicy
Fiduciary m- mcorrect manswers m-a mperson mholds ma mspecial mFINANCIAL mtrust
mand mconfidence m(agent)
Producer m- mcorrect manswers m-Broker mor magent
Professional mLiability mIns m- mcorrect manswers m-protect magainst mlegal mliability
m(like mmalpractice mins)
WITH COMPLETE SOLUTIONS
Mutual mInsurance mCompanies m- mcorrect manswers m-organized mand
mincorporated munder mstate mlaws. mNo mstockholders.
Mutual mcompanies m- mcorrect manswers m-Participating, mthey mpay mdividends.
Stock mcompany m- mcorrect manswers m-Owns mStock. mNonparticipating m(no
mdividends)
Risk mRetention mGroup m- mcorrect manswers m-Mutual mcompany mformed mto
minsure mppl min mthe msame mbusiness, moccupation, mprofession m(pharmacists,
mdentists, mengineers)
, Fraternal mBenefit mSocieties m- mcorrect manswers m-Non mprofit morganization,
mlodge msystem mthat mincludes mritualistic mwork, mand mmaintain ma mrep mform mof
mgov mwith melected mofficers.
FICA m- mcorrect manswers m-Made mup mof mSocial mSecurity mand mMedicare
Variable mProduct m- mcorrect manswers m-Dual mlicense. mOne mlicense missued mby
mFINRA m& mthe mother mLife m& mAnnuity m(issued mby mthe mstate)
Fair mCredit mReporting mAct m- mcorrect manswers m-Consumers mhave mthe mright
mto mquestion mwhat mis mon mtheir mcredit mreport
Domestic minsurer m- mcorrect manswers m-company mdoing mbusiness min mthe
mstate min mwhich mit mis mincorporated
Foreign minsurer m- mcorrect manswers m-company mlicensed m& mdoing mbusiness
min mstates mother mthan mthe mone min mwhich mit mis mincorporated
Buyers mGuides m- mcorrect manswers m-generic m(explain mvarious mtypes mof mlife
minsurance mproducts, mincluding mvariable mannuities)
Policy mSummaries m- mcorrect manswers m-Specific mto mthe mPolicy m- mids mthe
magent, minsurer, mpolicy, meach mrider, mand mincludes minfo mabout mpremiums,
mdividends, mbenefit mamounts, mcash msurrender mvalues, mpolicy mloan minterest
mrates, mand mlife minsurance mcost mindexes mof mthe mspecific mpolicy mbeing
mconsidered
National mAssociation mof mIns mCommissioners m(NAIC) m- mcorrect manswers m-
Encourage mUniformity, mAssist min madmin mof mlaws m& mregs, mProtect minterest
mof mpolicy mowners, mPreserve mstate mregulation
Warranty m- mcorrect manswers m-a mstatement mguaranteed mto mbe mtrue
Representation m- mcorrect manswers m-statement mby mclient m(best mof mtheir
mknowledge). mWe mgive mthe mclient mthe mbenefit mof mthe mdoubt
Concealment m- mcorrect manswers m-failure mby mapplicant mto mdisclose ma mknown
mmaterial mfact mat mtime mof mapplication
Insurable minterest m- mcorrect manswers m-Interest mmust mexist mat mthe minception
mof mthe mpolicy
Fiduciary m- mcorrect manswers m-a mperson mholds ma mspecial mFINANCIAL mtrust
mand mconfidence m(agent)
Producer m- mcorrect manswers m-Broker mor magent
Professional mLiability mIns m- mcorrect manswers m-protect magainst mlegal mliability
m(like mmalpractice mins)
