Florida 2-15 exam
According to the NAIC Life Insurance Solicitation Model, when soliciting existence insurance, a
producer is needed to provide a prospect with a ______ and a _______ specific to the product
being marketed. - ANS-trendy buyer's manual; coverage precis
According to the NAIC Model Group Life Insurance Provisions, what is the same old grace
period? - ANS-30-31 days
All of the following statements are genuine regarding the incontestability of a life coverage
coverage EXCEPT - ANS-Once this era of time ends, an insurance corporation cannot contest
the validity of a policy and need to pay its loss of life advantages, even though a policyowner
had no insurable interest within the insured at the time of application.
All of the statements below bearing on organization lifestyles insurance are correct EXCEPT: -
ANS-If the coverage coverage is less than $75,000, employees do not have to document the
business enterprise-paid premiums as profits
An 'in pressure' existence coverage coverage instance is described as an instance this is
provided at any time after the policy that it depicts has been in force for as a minimum how
long? - ANS-1 Year
Barbara is currently in her Social Security 'blackout' length. Which answer BEST describes this
era? - ANS-The period after a surviving partner's youngest infant is no longer eligible and earlier
than the surviving spouse turns age 60, or age 50 if she or he is disabled.
Buy-Sell Agreements - ANS-Life insurance can also be used to fund a partnership or
organisation after the death of one in every of its companions or corporate shareholders.
Cross-Purchase Plan (Few Partners) - ANS-2 partners x 1 policy on each other = 2 general
policies
3 companions x 2 guidelines every = 6 overall policies
4 partners x 3 regulations every = 12 rules
Due to the historical mismanagement of worker retirement plans, which federal regulation did
Congress skip to guard worker retirement plans against misuse? - ANS-Employee Retirement
Income Security Act (ERISA)
, Entity Plan (Several Partners) - ANS-An entity plan is typically used if numerous companions
exist within a agency. Instead of every accomplice shopping multiple life regulations, the
organisation itself purchases a life coverage on every associate and serves as the policyowner
of every coverage.
Estate Conservation (Retention) - ANS-Income is derived handiest from interest received at the
predominant. Income is indefinite and creates a legacy for next of relatives or for charity.
For people who've reached their normal retirement age, their spouses are entitled a retirement
advantage this is same to what number of the retired employee's number one insurance
quantity (PIA)? - ANS-50%
How many days of professional nursing facility care will Medicare provide advantages earlier
than a each day copayment is needed? - ANS-20 days
How frequently does a Medicare enrollee pay his or her Medicare Part A deductible? -
ANS-Once every gain duration
Human Life Value Approach - ANS-An person's life in phrases of earning ability is calculated to
decide a existence coverage price to update such man or woman's income
If an coverage organization fails to offer right claims paperwork to the insured inside 15 days
from the time the insurance employer changed into notified of a declare, the insured: - ANS-can
publish evidence of loss in any form, explaining the incidence and extent of loss for which the
declare is submitted
In a 3 partner cross-purchase plan, what number of guidelines need to be bought on the way to
shield each accomplice against the lack of every other associate? - ANS-6
In a set existence agreement, proof of insurability is - ANS-required handiest after the
enrollment length ends.
In a certified company retirement plan, an worker is entitled to how many of the vested hobby in
blessings that accrue from his or her contributions? - ANS-one hundred%
In the event that a discern dies or becomes disabled, which rider lets in surviving infant
insurance to preserve till the child reaches a exact age? - ANS-Payor Rider
In the occasion that an insured becomes disabled due to loss of limbs or vision due to an
coincidence, what's going to an AD&D policy pay the insured? - ANS-A lump-sum benefit called
the 'capital sum'
According to the NAIC Life Insurance Solicitation Model, when soliciting existence insurance, a
producer is needed to provide a prospect with a ______ and a _______ specific to the product
being marketed. - ANS-trendy buyer's manual; coverage precis
According to the NAIC Model Group Life Insurance Provisions, what is the same old grace
period? - ANS-30-31 days
All of the following statements are genuine regarding the incontestability of a life coverage
coverage EXCEPT - ANS-Once this era of time ends, an insurance corporation cannot contest
the validity of a policy and need to pay its loss of life advantages, even though a policyowner
had no insurable interest within the insured at the time of application.
All of the statements below bearing on organization lifestyles insurance are correct EXCEPT: -
ANS-If the coverage coverage is less than $75,000, employees do not have to document the
business enterprise-paid premiums as profits
An 'in pressure' existence coverage coverage instance is described as an instance this is
provided at any time after the policy that it depicts has been in force for as a minimum how
long? - ANS-1 Year
Barbara is currently in her Social Security 'blackout' length. Which answer BEST describes this
era? - ANS-The period after a surviving partner's youngest infant is no longer eligible and earlier
than the surviving spouse turns age 60, or age 50 if she or he is disabled.
Buy-Sell Agreements - ANS-Life insurance can also be used to fund a partnership or
organisation after the death of one in every of its companions or corporate shareholders.
Cross-Purchase Plan (Few Partners) - ANS-2 partners x 1 policy on each other = 2 general
policies
3 companions x 2 guidelines every = 6 overall policies
4 partners x 3 regulations every = 12 rules
Due to the historical mismanagement of worker retirement plans, which federal regulation did
Congress skip to guard worker retirement plans against misuse? - ANS-Employee Retirement
Income Security Act (ERISA)
, Entity Plan (Several Partners) - ANS-An entity plan is typically used if numerous companions
exist within a agency. Instead of every accomplice shopping multiple life regulations, the
organisation itself purchases a life coverage on every associate and serves as the policyowner
of every coverage.
Estate Conservation (Retention) - ANS-Income is derived handiest from interest received at the
predominant. Income is indefinite and creates a legacy for next of relatives or for charity.
For people who've reached their normal retirement age, their spouses are entitled a retirement
advantage this is same to what number of the retired employee's number one insurance
quantity (PIA)? - ANS-50%
How many days of professional nursing facility care will Medicare provide advantages earlier
than a each day copayment is needed? - ANS-20 days
How frequently does a Medicare enrollee pay his or her Medicare Part A deductible? -
ANS-Once every gain duration
Human Life Value Approach - ANS-An person's life in phrases of earning ability is calculated to
decide a existence coverage price to update such man or woman's income
If an coverage organization fails to offer right claims paperwork to the insured inside 15 days
from the time the insurance employer changed into notified of a declare, the insured: - ANS-can
publish evidence of loss in any form, explaining the incidence and extent of loss for which the
declare is submitted
In a 3 partner cross-purchase plan, what number of guidelines need to be bought on the way to
shield each accomplice against the lack of every other associate? - ANS-6
In a set existence agreement, proof of insurability is - ANS-required handiest after the
enrollment length ends.
In a certified company retirement plan, an worker is entitled to how many of the vested hobby in
blessings that accrue from his or her contributions? - ANS-one hundred%
In the event that a discern dies or becomes disabled, which rider lets in surviving infant
insurance to preserve till the child reaches a exact age? - ANS-Payor Rider
In the occasion that an insured becomes disabled due to loss of limbs or vision due to an
coincidence, what's going to an AD&D policy pay the insured? - ANS-A lump-sum benefit called
the 'capital sum'
