Florida Life, Health, and Annuities
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All of the following are systems that support the sale of insurance through agents
and brokers... - Answer✅✅Independent Agency system
Career Agency System
Personal Producing General Agency System
Dividends from a stock company are paid to stockholders, whereas in a mutual
company, dividends are - Answer✅✅Paid to the policy owners
Who is considered the owner of a mutual insurance company? -
Answer✅✅Policyholders
Which of the following statements is correct when comparing participating policies
with non-participating policies? - Answer✅✅Premiums for participating policies are
usually higher than for non-participating policies
What is the purpose of insurance? - Answer✅✅To replace the uncertainty of risk
with guarantees.
, What type of agent may represent a number of insurance companies under
separate contractual agreements? - Answer✅✅independent agent
An applicant for life insurance must be informed of their rights under the fair credit
report act at what time? - Answer✅✅When the producer competes the insureds
application.
The governing body of a mutual insurance company is elected by the -
Answer✅✅Policy holders
The authority behind the requirements that an applicant for an Accident and
Healthy policy MUST be notified of an investigation concerning the applicant's
character, general reputation, and model of living is known as the - Answer✅✅Fair
Credit Reporting Act
An adjustable life policy owner may take all of the following actions without
providing proof of insurability - Answer✅✅Decrease the face amount
Decrease the premium paying period
Increase the premium paying period
Credit policies MUST be issued in which of the following forms? - Answer✅✅term
Which of the following policies guarantees to pay the face value either to the
beneficiary when the insured dies or to the insured at age 100? - Answer✅✅Whole
life
Which of the following reflects the definition of a Modified Endowment Contract
(MEC)? - Answer✅✅The guideline level premiums being the maximum level that
can be paid into a policy and still have it qualify as a life insurance contract
Which of the following statements is correct about credit life insurance? -
Answer✅✅It shall be issued in an amount not to exceed the total amount of
indebtedness
A 40-year-old insured who buys a single premium whole life policy and lives to age
85 will have paid a total out-of-pocket cost that is - Answer✅✅Less than the
premiums paid for the straight life policy
Investors-Originated Life Insurance( IOLI) is an arrangement in which the death of
insured benefits the - Answer✅✅owner
Under a group Credit Life policy, the amount of insurance on the life of a debtor is
limited to - Answer✅✅the total amount of the insured's loan
Which of the following features is typical of the term insurance? - Answer✅✅The
policy expires at the end of the policy period
, Which of the following features of a group term life policy enables an individual to
leave the group and continue his or her insurance without providing evidence of
insurability? - Answer✅✅Conversion privilege
Which of the following statements is correct about a limited pay life policy ? -
Answer✅✅Premium payments are limited to a specified number of a years
Which of the following statements is correct about a while life policy? -
Answer✅✅The policy owner may borrow against the cash value of the policy.
Which of the following items may be used to include coverage for children under
their parents insurance policy? - Answer✅✅Term rider
Which life insurance arrangement is used to circumvent state insurable insurable
interest statutes key person insurance ? - Answer✅✅Investor originated life
insurance
The concept of level premiums - Answer✅✅Charges more than needed in early
years
A policy that is overfunded, according to IRS tables, is classified as which of the
following types of policies? - Answer✅✅Modified Endowment Contract
An agent is required to register with the National association of Securities Dealer
(NASD) in order to sell - Answer✅✅Variable life
J, a 30 year old proposed insured, plans to retire at age 60 and wants to purchase
life insurance that offers level premiums and life protection. If J also wants the policy
to be puf up when J retires J should buy - Answer✅✅30 Pay Life
Under a Limited-Pay Life policy, the death benefit coverage usually continues -
Answer✅✅To age 100
Equity indexed life insurance - Answer✅✅•Is linked to an outside equity index, like
S&P 500.
•It is permanent insurance and the cash value accumulate at a guaranteed minimum
rate.
•If the return of the index exceeds the policy's guaranteed rate of return, the cash
value will reflect that of the index.
Variable whole life policy offers which of the following features - Answer✅✅A fixed,
level premium
Example of limited pay life policy is - Answer✅✅Life Paid-up at Age 65
215 Exam| Brand New Exam
Questions with 100% Correct Clear
Verified Answers| All Graded
A+|100% Guaranteed
Success|Latest Premium Update.
All of the following are systems that support the sale of insurance through agents
and brokers... - Answer✅✅Independent Agency system
Career Agency System
Personal Producing General Agency System
Dividends from a stock company are paid to stockholders, whereas in a mutual
company, dividends are - Answer✅✅Paid to the policy owners
Who is considered the owner of a mutual insurance company? -
Answer✅✅Policyholders
Which of the following statements is correct when comparing participating policies
with non-participating policies? - Answer✅✅Premiums for participating policies are
usually higher than for non-participating policies
What is the purpose of insurance? - Answer✅✅To replace the uncertainty of risk
with guarantees.
, What type of agent may represent a number of insurance companies under
separate contractual agreements? - Answer✅✅independent agent
An applicant for life insurance must be informed of their rights under the fair credit
report act at what time? - Answer✅✅When the producer competes the insureds
application.
The governing body of a mutual insurance company is elected by the -
Answer✅✅Policy holders
The authority behind the requirements that an applicant for an Accident and
Healthy policy MUST be notified of an investigation concerning the applicant's
character, general reputation, and model of living is known as the - Answer✅✅Fair
Credit Reporting Act
An adjustable life policy owner may take all of the following actions without
providing proof of insurability - Answer✅✅Decrease the face amount
Decrease the premium paying period
Increase the premium paying period
Credit policies MUST be issued in which of the following forms? - Answer✅✅term
Which of the following policies guarantees to pay the face value either to the
beneficiary when the insured dies or to the insured at age 100? - Answer✅✅Whole
life
Which of the following reflects the definition of a Modified Endowment Contract
(MEC)? - Answer✅✅The guideline level premiums being the maximum level that
can be paid into a policy and still have it qualify as a life insurance contract
Which of the following statements is correct about credit life insurance? -
Answer✅✅It shall be issued in an amount not to exceed the total amount of
indebtedness
A 40-year-old insured who buys a single premium whole life policy and lives to age
85 will have paid a total out-of-pocket cost that is - Answer✅✅Less than the
premiums paid for the straight life policy
Investors-Originated Life Insurance( IOLI) is an arrangement in which the death of
insured benefits the - Answer✅✅owner
Under a group Credit Life policy, the amount of insurance on the life of a debtor is
limited to - Answer✅✅the total amount of the insured's loan
Which of the following features is typical of the term insurance? - Answer✅✅The
policy expires at the end of the policy period
, Which of the following features of a group term life policy enables an individual to
leave the group and continue his or her insurance without providing evidence of
insurability? - Answer✅✅Conversion privilege
Which of the following statements is correct about a limited pay life policy ? -
Answer✅✅Premium payments are limited to a specified number of a years
Which of the following statements is correct about a while life policy? -
Answer✅✅The policy owner may borrow against the cash value of the policy.
Which of the following items may be used to include coverage for children under
their parents insurance policy? - Answer✅✅Term rider
Which life insurance arrangement is used to circumvent state insurable insurable
interest statutes key person insurance ? - Answer✅✅Investor originated life
insurance
The concept of level premiums - Answer✅✅Charges more than needed in early
years
A policy that is overfunded, according to IRS tables, is classified as which of the
following types of policies? - Answer✅✅Modified Endowment Contract
An agent is required to register with the National association of Securities Dealer
(NASD) in order to sell - Answer✅✅Variable life
J, a 30 year old proposed insured, plans to retire at age 60 and wants to purchase
life insurance that offers level premiums and life protection. If J also wants the policy
to be puf up when J retires J should buy - Answer✅✅30 Pay Life
Under a Limited-Pay Life policy, the death benefit coverage usually continues -
Answer✅✅To age 100
Equity indexed life insurance - Answer✅✅•Is linked to an outside equity index, like
S&P 500.
•It is permanent insurance and the cash value accumulate at a guaranteed minimum
rate.
•If the return of the index exceeds the policy's guaranteed rate of return, the cash
value will reflect that of the index.
Variable whole life policy offers which of the following features - Answer✅✅A fixed,
level premium
Example of limited pay life policy is - Answer✅✅Life Paid-up at Age 65
