CH 6 FLORIDA STATUTES RULES AND
REGULATIONS PERTAINING TO LIFE
PRODUCTS EXAM QUESTIONS WITH
CORRECT ANSWERS
Advertising and Sales - ANSWER-the insurer who's policies are advertised is
responsible for all it's advertisements, regardless of who wrote, created, presented,
or distributed them.
Solicitation of insurance - ANSWER-means an attempt to persuade a person to buy
an insurance policy,and it can be done orally or in writing.
Florida Replacement Rule - ANSWER-applies when a life agent makes a life
insurance proposal and knows our should know that the purchase of such policy will
replace existing life insurance.
Replacement - ANSWER-Means any transaction in which new life insurance or a
new annuity is purchased and as a result, the existing life insurance or annuity has
been or will be
Replacing Insurer - ANSWER-is the company that issues new policy
Existing Insurer - ANSWER-is the company whose policy is being replaced
Duties of the replacing producer - ANSWER-Applicant must be presented a notice of
regarding replacement that is both signed by Applicant and producer, a copy must
be left with the Applicant.
Duties of the replacing producer - ANSWER-obtain a list of all life insurance and/or
annuity policies to be replaced including policy numbers and names of all companies
being replaced.
Duties of the replacing producer - ANSWER-leave the applicant with the original or
copy of written or printed communications used for presentation to the applicant.
Duties of the replacing producer - ANSWER-Submit to the replacing insurance
company a copy of the replacement notice with the application.
Each producer who initiates the application must submit - ANSWER-a statement
signed by applicant as to whether replacement of existing life insurance or annuity is
involved in the transaction; and as to whether the producer knows replacement is or
may be involved in the transaction.
duties of the replacing insurance company - ANSWER-Within a specified period of
time a policy summary or ledger statement containing policy data on the proposed
life insurance or annuity must be included.
, Replacing insurers - ANSWER-Send the applicant a completed comparison
information form containing information regarding the proposed insurance within 5
working days of the date of application and the Regarding Replacement are received
at the insurers home or regional office or the date its policy is issued, whichever is
sooner.
The Code of Ethics of the Florida Association of Insurance and Financial Advisers -
ANSWER-Establishes a broad outline defining appropriate and inappropriate
business behavior for life insurance agents.It also Establishes the activities of agents
as one of public trust.
Annuity Suitability factors - ANSWER-Age 45 and under no annuities;
Annually Income;
Tax status;
financial needs and timeline,
investment objections,liquidity needs and liquid net worth, existing assets,intended
use, to protect Income& estate,risk tolerance.
Disclosure - ANSWER-Every Applicant for a life insurance policy must be given a
written disclosure statement that provides basic information about the cost and
coverage of the insurance being solicited.
Senior Consumers - ANSWER-is a person age 65 or older.
Buyer's Guide - ANSWER-is a document that contains generic information about life
insurance policies.
Senior consumer - ANSWER-The insurer or agent does not have any obligation to a
senior consumer in relation to the recommendation if the consumer refuses to
provide relevant information as requested by insurer or agent.
Policy Summary - ANSWER-Written statement describing the elements of the policy
and includes key features conditions and restrictions of the policy being applied for.
Senior Consumer - ANSWER-an annuity contract issued to a senior consumer age
65 or older may not contain a surrender or deferred sales charge for a withdrawal of
money from an annuity exceeding 10% of the amount withdrawn.
Policy Summary - ANSWER-a written statement describing the features and
elements of the policy being issued, must be a separate document
Senior consumers - ANSWER-Insurer,managing general accounts,insurance
agencies, and agents must maintain records of information collected from senior
consumers and other information used in recommendations the were the basis for
insurance transactions for 5 years after the insurance transaction is completed by
the insurer.
Policy Summary - ANSWER-cannot be combat with a sales illustration
REGULATIONS PERTAINING TO LIFE
PRODUCTS EXAM QUESTIONS WITH
CORRECT ANSWERS
Advertising and Sales - ANSWER-the insurer who's policies are advertised is
responsible for all it's advertisements, regardless of who wrote, created, presented,
or distributed them.
Solicitation of insurance - ANSWER-means an attempt to persuade a person to buy
an insurance policy,and it can be done orally or in writing.
Florida Replacement Rule - ANSWER-applies when a life agent makes a life
insurance proposal and knows our should know that the purchase of such policy will
replace existing life insurance.
Replacement - ANSWER-Means any transaction in which new life insurance or a
new annuity is purchased and as a result, the existing life insurance or annuity has
been or will be
Replacing Insurer - ANSWER-is the company that issues new policy
Existing Insurer - ANSWER-is the company whose policy is being replaced
Duties of the replacing producer - ANSWER-Applicant must be presented a notice of
regarding replacement that is both signed by Applicant and producer, a copy must
be left with the Applicant.
Duties of the replacing producer - ANSWER-obtain a list of all life insurance and/or
annuity policies to be replaced including policy numbers and names of all companies
being replaced.
Duties of the replacing producer - ANSWER-leave the applicant with the original or
copy of written or printed communications used for presentation to the applicant.
Duties of the replacing producer - ANSWER-Submit to the replacing insurance
company a copy of the replacement notice with the application.
Each producer who initiates the application must submit - ANSWER-a statement
signed by applicant as to whether replacement of existing life insurance or annuity is
involved in the transaction; and as to whether the producer knows replacement is or
may be involved in the transaction.
duties of the replacing insurance company - ANSWER-Within a specified period of
time a policy summary or ledger statement containing policy data on the proposed
life insurance or annuity must be included.
, Replacing insurers - ANSWER-Send the applicant a completed comparison
information form containing information regarding the proposed insurance within 5
working days of the date of application and the Regarding Replacement are received
at the insurers home or regional office or the date its policy is issued, whichever is
sooner.
The Code of Ethics of the Florida Association of Insurance and Financial Advisers -
ANSWER-Establishes a broad outline defining appropriate and inappropriate
business behavior for life insurance agents.It also Establishes the activities of agents
as one of public trust.
Annuity Suitability factors - ANSWER-Age 45 and under no annuities;
Annually Income;
Tax status;
financial needs and timeline,
investment objections,liquidity needs and liquid net worth, existing assets,intended
use, to protect Income& estate,risk tolerance.
Disclosure - ANSWER-Every Applicant for a life insurance policy must be given a
written disclosure statement that provides basic information about the cost and
coverage of the insurance being solicited.
Senior Consumers - ANSWER-is a person age 65 or older.
Buyer's Guide - ANSWER-is a document that contains generic information about life
insurance policies.
Senior consumer - ANSWER-The insurer or agent does not have any obligation to a
senior consumer in relation to the recommendation if the consumer refuses to
provide relevant information as requested by insurer or agent.
Policy Summary - ANSWER-Written statement describing the elements of the policy
and includes key features conditions and restrictions of the policy being applied for.
Senior Consumer - ANSWER-an annuity contract issued to a senior consumer age
65 or older may not contain a surrender or deferred sales charge for a withdrawal of
money from an annuity exceeding 10% of the amount withdrawn.
Policy Summary - ANSWER-a written statement describing the features and
elements of the policy being issued, must be a separate document
Senior consumers - ANSWER-Insurer,managing general accounts,insurance
agencies, and agents must maintain records of information collected from senior
consumers and other information used in recommendations the were the basis for
insurance transactions for 5 years after the insurance transaction is completed by
the insurer.
Policy Summary - ANSWER-cannot be combat with a sales illustration
